Tethys: Mobilization Begins for Oman Re-entry Well

Dalma Land Rig 3 commenced mobilization to Tethys Oil (Oman) Limited's Block 15 on Sunday 25 March, 2007. The re-entry is expected to commence on or about April 2 and is expected to last some 40 days.

Dalma Land Rig 3 will be mobilized from Block 44, located about 90 kilometers away from Block 15. The mobilization and the rig up of the 115 rig loads and 11 camp loads are expected to take 8 – 10 days. Originally built in 1986 and completely refurbished in 1997, Land Rig 3 is a 46-meter-high and 2,000-horsepower National manufactured rig with many years drilling experience in Oman.

The re-entry is planned to laterally appraise two separate limestone reservoirs using horizontal drilling and underbalanced drilling technology.

Tethys Oil (Oman) Limited is the Operator and holds 40-percent interest on Block 15.

Tethys Oil is a Swedish company focused on exploration for and production of oil and natural gas. Tethys aims to maintain a well balanced portfolio of high risk/high reward exploration opportunities coupled with lower risk exploration and appraisal development assets. The company has interests in licenses in Oman, Denmark, Morocco, Spain, Turkey and France.