Tethys to Withdraw from Onshore Bouanane License

Bouanane License
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The Tafejjart-1 well (TAJ-1) in the Bouanane license, onshore Morocco, has been concluded at a depth of 3,274 meters (measured depth below ground level).

Indications of gas were obtained during drilling of the primary Ordovician sandstone target. However, cuttings information and wireline log data indicated poor reservoir quality with low porosity. Therefore, the preliminary interpretation of the well data indicated that the gas discovered at this location is not considered to be in commercial quantities. The well has been plugged. The well was operated by Dana Petroleum.

Interests in the Bouanane Petroleum Permits are held by Dana Petroleum (E&P) Limited 50% (Operator), ONHYM (25%), Eastern Petroleum (Cyprus) Limited (12.5%) and Tethys Oil AB (12.5%). Tethys has a share of 16.66% of all expenditures on the license above MUSD 12.

"This wildcat came in very close to prognosis. Several of the necessary criteria for a successful exploration well were fulfilled, and with better porosity in the reservoir it would have been a success. However Tethys now intends to withdraw from the license in order to focus even more on the company's projects in Oman," said Magnus Nordin, Managing Director of Tethys Oil AB.

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