Tethys Oil : Prospective Resources in the South Lahan area of Block 58
April 12, 2024 at 08:06 am EDT
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Published: 2024-04-12 14:00:00 CEST
Tethys Oil AB
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Prospective Resources in the South Lahan area of Block 58
Tethys Oil's third-party prospective resources audit of the South Lahan area on Block 58, onshore Sultanate of Oman, has been completed. Six identified prospects hold an estimated combined unrisked recoverable prospective resource potential of 251.5 mmbo (Pmean). The audit was performed by Merlin Energy Resources Ltd.
The six prospects, yet to be individually named, were identified following Tethys Oil's new and improved 3D-seismic acquisition of the South Lahan area on Block 58 in 2022. The prospects' structures are intrasalt carbonate stringers within the Ara Group, a play that is proven and producing light oil in the nearby Harweel area on neighbouring Block 6.
Combined, the six prospects are estimated to hold unrisked recoverable prospective resources of 251.5 million barrels of oil "mmbo" (Pmean). The estimated combined risked recoverable prospective resources are 23.8 mmbo (Pmean). See the table below for more detailed information.
Combined with the previously disclosed audited prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil's unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbo (Pmean). In total, the estimated risked recoverable prospective resources for Tethys Oil's audited identified prospects on Block 58 are 61.2 mmbo (Pmean). See the full report attached to this press release for more detailed information.
Based on existing discoveries made in the region it is noted that in certain geological circumstances, gas accumulations are possible. As such, Merlin has included an alternativeprospective gas resources table for the South Lahan Ara stringer prospects. The alternative unrisked prospective gas resources of the combined prospects are 2 trillion cubic feet (Pmean) which, with a conversion factor of 6,000 cubic feet to one barrel of oil equivalent, corresponds to 337 million barrels of oil equivalents (unrisked Pmean).
Tethys Oil is currently conducting final preparations ahead of the rig mobilisation for the drilling of the first exploration well on Block 58, Kunooz-1 in Fahd. Tethys Oil also plan to drill a second exploration well on the block later in 2024, either in Fahd or South Lahan depending on the results of Kunooz-1. The location for the first exploration well in South Lahan is expected to be selected based on further analysis of the finalised prospect inventory in the coming weeks.
"We are delighted to have established unrisked recoverable prospective resources of well over 400 mmbo on Block 58. We are now looking forward to testing this potential with the drill bit, beginning with Kunooz-1 in Fahd", says Magnus Nordin, Managing Director of Tethys Oil.
PROSPECT
FORMATION
STOIIP (MMbbls)
RECOVERABLE (MMbbls)
RISKED
Pmean REC
(MMbbls)
P90
P50
P10
Pmean
P90
P50
P10
Pmean
Pg
SL1
Ara A2C
79.9
290.9
677.5
341.9
14.1
54.3
144.7
68.6
0.10
6.8
SL2
Ara A2C
26.7
81.1
183.4
94.8
4.8
15.2
38.4
18.9
0.14
2.6
SL5
Ara A2C
60.3
218.8
506.2
256.1
10.8
41.0
108.0
51.7
0.10
4.9
SL6
Ara A2C
58.0
210.0
491.4
247.3
10.2
39.3
101.8
49.2
0.06
2.8
SL9*
Ara A2C
46.3
159.8
371.3
188.4
8.3
29.4
77.4
37.5
0.11
4.0
SL9*
Ara A5C
5.6
16.2
34.8
18.3
1.0
3.0
7.3
3.7
0.10
0.4
SL10
Ara A2C
29.4
92.6
212.5
109.2
5.3
17.5
45.0
21.9
0.11
2.3
The audit report is available in its entirety as an attachment to this press release.
Tethys Oil is an oil exploration and production company with focus on onshore areas with known oil discoveries. The company's core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 21.7 mmbo and net working interest 2C Contingent Resources of 15.5 mmbo and had an average oil production of 8,818 barrels per day during 2023. The company's shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com
Attachments:
Audit Of Prospective Resources Selected Prospects Block 58 Oman.pdf
Prospective Resources in the South Lahan area of Block 58.pdf
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Tethys Oil AB published this content on
12 April 2024 and is solely responsible for the information contained therein. Distributed by
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Tethys Oil AB is a Sweden-based energy company. The Company is focused on oil and gas exploration and production onshore areas with known discoveries. Its core area of focus is the Sultanate of Oman, where the Company holds licence interests in three onshore blocks. Tethys Oil has licences in three countries altogether: Oman, Lithuania and France. Two of the licenses are in production, namely Blocks 3 & 4 in Oman and Gargzdai in Lithuania. During 2013 the Company also had licenses in Sweden, however, they have expired and were not renewed. As of December 31, 2013, the Company had 10 wholly owned subsidiaries active in Sweden, Gibraltar, Switzerland and the British Virgin Islands, such as Tethys Oil Denmark AB, Tethys Oil Spain AB and Tethys Oil Turkey AB, among others.