Tethys Oil Provide Operational Update in Oman

Source: www.gulfoilandgas.com 4/23/2012, Location: Middle East

Drilling and development continue as planned on Blocks 3 and 4 onshore Oman, and production volumes are at record levels. Infrastructure construction is making good progress with additional pipeline constructions and major units being put into place.

On the Farha South field on Block 3, a total of 11 wells were drilled and completed during the first quarter of 2012. Of these, five were exploration/appraisal wells drilled into the Barik reservoir of previously undrilled fault blocks resulting in the discovery of three new oil bearing blocks. Two of the blocks drilled where found to be dry. As at March 31 2012, a total of eleven fault blocks are in production with several more planned to be drilled in 2012.

Four production wells were drilled and completed in previously drilled blocks to increase production and two water injections wells were drilled and completed.

Construction of the permanent facilities continue. The first part of the pipeline connecting Farha South with Saiwan East was completed in February and has been functioning without interruption. New and larger tanks for oil storage at Saiwan have been completed as has the laying of the pipeline connecting Saiwan with the Alam station, the connection point to the national transportation system. Final installations are in progress and it is expected that the time plan will hold and that the Saiwan to Alam part will be operational before the end of the second quarter.

"Tethys is at its strongest point ever operationally. With producing assets in two countries and significant exploration potential, we now feel ready to leave First North behind and aim for a listing on the main market. It is our intention to apply for a listing on the Nasdaq OMX Nordic exchange as soon as practical, but certainly within twelve months from now," comments Tethys Managing Director Magnus Nordin.


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