Tethys Spuds Oman Well, Applies for Gotland License

Tethys Oil AB announced that the Jebel Aswad re-entry well in Oman was spudded during Easter. As of Monday evening, the drilling had reached 75 meters where cement plugs were being drilled. Drilling operations are expected to last for approximately 40 days. Tethys Oil (Oman) Limited is the operator and holds 40 percent interest on Block 15.

Tethys also submitted a license application on the Baltic island of Gotland in Sweden.

For about a year Tethys has had an option to acquire a 30-percent interest in a license on the Baltic island of Gotland. The license is known as "Norra Gotland." This option has been prolonged in stages and will expire at the end of October this year. Tethys has, however, concluded that the "Norra Gotland" license alone is too small to warrant a project. Tethys has therefore submitted an application to the Swedish Mining Inspector requesting a license to explore for oil and gaseous hydrocarbons over a larger area of the northern island. While the application now submitted is pending, Tethys will continue to evaluate the merits of the existing option.

Based on data Tethys has evaluated, there is no evidence that systematic exploration for hydrocarbons has taken place on Gotland since the 1980s. Tethys is convinced that new technology will prove to be very important when applied to reinterpreting existing data and conducting supplemental surveys.

Tethys Oil is a Swedish company focused on exploration for and production of oil and natural gas. The company has interests in licenses in Oman, Denmark, Morocco, Spain, Turkey and France.

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