Drilling of the Farha South -3 well on Block 3 onshore Oman has been completed. Preliminary production flow of 754 bopd was recorded from the horizontal reservoir section. Data recorded so far confirm the extension of the Farha structure's oil bearing sandstones and proves their productivity. Additionally, the results indicate the potential of previously unmapped oil bearing layers. Testing operations are continuing.
The Farha South-3 appraisal well onshore Oman has been drilled to a total depth of 2,723 metres, corresponding to a true vertical depth of 1,857 metres. Several additional sandstone stringers have been penetrated, some of which have good oil shows. The two main sandstone stringers, that produced oil in the 1986 Farha South-1 discovery, were penetrated both in the vertical pilot hole and in the subsequent horizontal sidetrack. The well has so far flowed 550 bbls of 40 deg API oil in 17.5 hours, corresponding to a production flow rate of 754 bopd. The oil is of very good quality with a low gas oil ratio.
"We are very happy with the results so far. The Farha South structure is about to exceed our expectations dramatically", says Magnus Nordin, Managing Director of Tethys Oil AB.
The drilling rig will now be moving to next well, Saiwan East-2.
Tethys has a 50 per cent interest in Block 3. CC Energy Development (Oman) SAL holds the remaining 50 per cent and is operator.
About Tethys Oil AB
Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets in the Middle East, North Africa and Europe. Tethys' strategy is to primarily invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk.
The company has interests in licences in Oman, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.
Website: www.tethysoil.com
For further information, please contact
Magnus Nordin
Managing Director
Phone +46 8 679 4995
magnus@tethysoil.com
PRESS CONTACTS:
Christopher Chu
Investor Relations
Grayling Global
Tel: +1-646-284-9426
Email: cchu@hfgcg.com |
Mr. Robert W. McMillen
Chairman
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7170
Fax: +971-4-409-7270
Email: rwm@maccapital.ae |
Mr. Gerhard Hametner
Director
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7177
Fax: +971-4-409 7277
Email: gh@maccapital.ae |
NOTES FOR THE EDITOR:
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- Tolhurst Group Limited Australia
- Quam Securities Co., Ltd. Hong Kong
- Killik & Co. United Kingdom
- Syrus Securities Plc. Thailand
- Banque Morval Switzerland
- Capital Partners Securities Co., Ltd. Japan
- Lloyd Edward-Jones France |
and a number of prominent international businessmen. Its website is www.maccapital.ae
In Dubai, its affiliate MAC Sharaf Securities (U.A.E.) LLC, is a fully licenced stock broker on the Dubai Financial Market (“DFM”) and the Abu Dhabi Securities Exchange (“ADX”) and its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
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