Tethys Oil books the company’s first reserves in Oman

Tethys Oil books the company’s first reserves in Oman

Tethys Oil’s net working interest reserves in the Sultanate of Oman as per December 31, 2012, amounts to 14.3 million barrels of oil (“mmbo”) of proven and probable reserves. The reserves have been audited by independent petroleum consultant DeGolyer and MacNaughton.

Reserves (Audited)

Mmbo————————-1P—–2P——3P

Farha South Field, Oman—–4.2—12.5—15.7

Saiwan East Field, Oman—0.9—1.4—–2.5

B4EW3 discovery, Oman—-0.2—-0.4—–0.5

Total————————–5.3—-14.3—18.7

The reserves in the Farha South field are from the Barik reservoir section only. The reserves in the Saiwan East field and the B4EW3 area discovery are in the Khufai reservoir.

The review of the reserves in Oman has been conducted by independent petroleum consultant DeGolyer and MacNaughton (“D&M”). The report has been calculated using 2007 Petroleum Resources Management System (PRMS), Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).

The reserve report replaces the previous report by D&M regarding contingent resources. Tethys Oil’s net working interest resources oil base in the Sultanate of Oman as at December 31, 2011, amounted to 2.6 mmbo of 1C contingent resources, 9.8 mmbo of 2C and 12.4 mmbo of 3C.

Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 and 4 Ltd, has a 30 per cent interest in Blocks 3 and 4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L. (Oman branch) holding the remaining 50 per cent.

Tethys also holds indirect interests in reserves onshore Lithuania.

Source: Tethys Oil

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