Tethys Finds Gas Pay in the Pierre Maubeuge 2 Well

The exploration well Pierre Maubeuge 2 (PLM-2) on the Attila license onshore France has been finalized at a total depth of 1,310 meters. About 10 meters of natural gas pay was penetrated. A production test is planned to be carried out in early 2008.

During the drilling gas shows were recorded in the Triassic formation. The well was subsequently logged and an 80-meter zone of gross pay was identified. Over this mainly limestone section, a total of 10.5 meters net natural gas pay was encountered. This result is sufficiently promising, and a decision to carry out a production test has been taken. This test is planned to be done early next year with a smaller and less expensive rig than the one used for the exploration drilling.

"The results so far are quit encouraging. It is however too early to draw any kind of commercial conclusions. First we need to carry out a production test", says Magnus Nordin, Managing Director of Tethys Oil.

The Attila license is located in the oil and gas producing Paris basin about 250 kilometers east of Paris. Tethys has a 40 per cent interest in the license with private French oil company Galli Coz S.A. having 60 percent and operatorship.