Tethys Oil announces the commencement of drilling operations of the Tafejjart-1 well on the Bouanane licence onshore Morocco. Drilling target is potential natural gas in the very large Taffejart structure. Tethys has a 12.5 percent net working interest, and is carried by the Operator through MUSD 12 of total expenditure in the licence.
The 2,000 horsepower drilling rig of Aladdin Middle East has spudded the Tafejjart-1 exploration well onshore Morocco. The Bouanane licence is located in the northeast part of the country. Drilling operations are expected to last for two to three month.
"Tethys is delighted to participate in this classical wildcat well. This is a project with a huge upside but with small economic risk for Tethys", comments Tethys' Managing Director Magnus Nordin.
Dana Petroleum plc is the Operator of the Bouanane licence and in charge of the drilling.
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:
|
- 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.
|
