Tethys Reports on Saiwan East-2 Well in Oman

Drilling of the Saiwan East-2 well on Block 4 onshore Oman has commenced. The objective of the well is three oil zones found in an earlier well, Saiwan East-1. That well was drilled in 2005 by the previous license holders to a depth of 1,333 meters and logged about 42 meters of oil saturation in the Miqrat, Amin and Buah formations. The well was not tested due to the low gravity of the oil encountered. Saiwan East-2 will be drilled 12 kilometers from the discovery well Saiwan East-1.

Tethys has a 50% interest in Block 4. CC Energy Development (Oman) SAL holds the remaining 50% and is operator.