Tethys Oil: Tidikas-1 Well Hits Oil Onshore Lithuania

Tethys Oil announced Wednesday that the Tidikas-1 exploration well on the Raseiniai license, onshore Lithuania, has encountered a combined oil column of almost 170 feet in two different lime stone formations.

Tidikas-1 is the second well drilled on the license in 2015. The first, Bedugnis-1, was completed in August and also recorded oil shows. Both wells were targeting Silurian reefs and carbonate features mapped by a 30 square mile 3D seismic study completed in 2014. The Tidikas-1 well will now be put on a long-term production test.

Magnus Nordin, managing director of Tethys Oil AB, commented in a company statement:

“We are quite encouraged by the well results so far. There are now clear indications that an active petroleum system exists within the Raseiniai license. We are looking forward to the results of the long term production tests from Tidikas-1 and the analysis of the cores from both Tidikas-1 and Bedugnis-1.”

The Raseiniai license covers 592 square miles onshore Lithuania. Tethys Oil has a 30 percent indirect interest in the license.



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