Tethys, Oman Partner to Spud Farha South-3 in Feb, Appraise East Saiwan

Tethys' Oman Concessions
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Tethys will participate in a two well drilling program during spring of 2009 on Blocks 3 and 4 onshore Oman. Preparations to drill the first well -- Farha South-3 on Block 3 -- are ongoing. The well is estimated to spud in the first week of February. The second well -- East Saiwan-2 on Block 4 -- is scheduled to follow as soon as Farha South-3 has been finalized.

Mobilization at the Farha South-3 well location is ongoing. A total of 110 truckloads have moved the 2,000 horsepower Dalma-4 rig to the drilling location where it is currently being assembled. Drilling target is the Lower Bashair sandstone formation at a depth of around 1,900 meters. Farha South-3 will be drilled 1.2 km South East of the Farha South-1 oil discovery. Based on data from previous operators, it is estimated that the Farha South structure could contain some 8 to 10 million barrels of recoverable oil. The discovery well tested a total of 260 bbl of 40 degree API oil from the Lower Bashair formation in 1986. Farha South-3 will be drilled as a vertical pilot hole to test the lateral continuity of the Lower Bashair sandstone after which a 700 metres horizontal sidetrack is planned to be drilled to boost productivity.

Once Farha South-3 has been finalized, Tethys and partner will appraise the heavy oil discovery of East Saiwan on Block 4. When drilled in 2005, the well East Saiwan-1 logged about 42 meters of oil saturated limestones and sandstones. Although the section was evaluated by electric logs it was never drill stem tested. Previously, this oil was considered immobile; however, recent technical studies indicate that it potentially could be produced. Based on current data, calculations show that the East Saiwan area could contain more than 1 billion barrels of oil in place.

Tethys has a 50% interest in Blocks 3 and 4. Consolidated Contractors Energy Development (Oman) Ltd holds the remaining 50% and is operator.


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