Tethys Oil Finds Rig or Danish Exploration Well



Tethys Oil has entered into a drilling contract with the Polish company, Oil and Gas Exploration Company Cracow Ltd, (Cracow) for the drilling of the Karelbo-1 exploration well on license 1/02 onshore Denmark. Cracow, as drilling contractor, will drill the well on behalf of Tethys and partners DONG E&P and Odin Energi AS using an American built IRI-750 rig.

The rig is currently working in Lithuania. It will be released to Tethys in late August/early September.

License 1/02 was awarded by the Danish government during the summer of 2002. Tethys Oil is the operator of the license with 70 percent interest. Partners are DONG E&P (20%) and Odin Energi A/S (10%).

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