Company Information for Tethys Oil

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Company Statement

Since its formation in 2001, Swedish explorer Tethys Oil has assembled a portfolio of projects that span Europe, North Africa and the Middle East. 2008 will see the company, which is listed on the First North exchange in Stockholm, busy with seismic and drilling work on its exploration, appraisal and development projects. The company also plans a secondary listing on the Dubai International Financial Exchange (DIFX).

Operations and Technology

In Oman, the company plans to bring the Jebel Aswad discovery in Block 15 onstream by July 2009. Tethys entered Oman in May 2006 when it paid US$600,000 for GotOil Resources (Oman) Ltd: this now looks like an astute decision. It re-entered an existing well on the Jebel Aswad field in April 2007, which then flow tested 11 million cubic feet of gas per day and almost 800 barrels of 57-degree API condensate per day. The plan is to bring the field onstream in 2009 through three wells at a rate of 600 bpd of condensate and 6 million cf/d of gas, with full production of 20 million cf/d and more than 1,500 bpd of condensate due in October 2010 (net to Tethys). This adds up to the equivalent of 12,000 bpd, of which Tethys would have a 40 per cent share (5,000 boepd). 

In the last quarter of 2007, the company added to its holdings in Oman with the acquisition of a 50 per cent interest in Blocks 3 and 4, which together cover over 30,000 sq km. This makes Tethys the second largest onshore land holder in Oman. Block 3 is home to the South Farha oil discovery with an estimated 4-6 million barrels of recoverable oil. Some 27 wells have been drilled on the blocks, of which 18 encountered oil shows. 

Tethys has an extensive exploration portfolio. In Morocco, the company has a 12.5 per cent interest in the Bouanane Exploration Permits, where there are plans to drill an exploration well in either late 2008 or early 2009. In Turkey, the company is exploring in the Thrace and Ispandika areas. An exploration well is planned in the Thrace area in 2008, targeting a shallow natural gas prospect. There has been little work in the Ispandika area due to the local security situation, which worsened in 2007. 

In France Tethys has a 40 per cent interest in the Attila licence in the Paris Basin. In October 2007 the company found about 10 metres of natural gas net pay in the Pierre Maubeuge-2 exploration well, which it plans to test in 2008.

In Spain, the Swedish company has two main projects, Sedano and Cameros. The Sedano project took a hit when the Hontomin-4 well in the Huermeces licence came in dry. The Cameros project, in the Ebro basin of northern Spain, is home to a large natural gas prospect that may be drilled in 2008. 

In December 2007 the company expanded its portfolio when it was awarded the Gotland Storre licence covering the Swedish Baltic island of the same name. This is Sweden’s only proven oil region but remains very underexplored.

Board of Directors and Key Management

Chairman & Chief Operating Officer	Vincent Hamilton
Chief Executive Officer	Magnus Nordin
Director	John Hoey
Director	Håkan Ehrenblad
Director	Jan Risberg
Director	Jonas Lindvall

Company Address Blasieholmsgatan 2a Stockholm, Sweden SE-111 48 Telephone: +46 8 679 49 90 Facsimile: + 46 8 678 89 01 Website: http://www.tethysoil.com

Additional Address/Key Contact Technical office Tethys Oil 4 Rue de Rive, 5 th floor CH-1204 Geneva Switzerland Phone: +41 22 318 86 00 Fax: +41 22 318 86 09

Major Shareholders

Clients Account DCS	2,603,100	10.86%
SIX Sis AG	2,597,615	10.83%
Vincent Hamilton	2,021,213	8.43%
BNP Paribas (Suisse) S.A.	1,944,200	8.11%
John Hoey	1,317,828	5.50%
Magnus Nordin	1,288,856	5.38%
Jonas Lindvall	1,168,000	4.87%
Bank Julius Baer und Co AG	995,008	4.15%
Lorito Holdings Ltd	879,408	3.67%
Jan Risberg	655,766	2.73%

Related News

24/08/09 - Tethys Oil Withdraws From Spain, Turkey And Morocco As Drilling Successes Give Its Oman Projects Priority Status
18/02/09 - Tethys Oil Completes Placing To Progress Omani Work Programme As Farha South-3 Drills Ahead

Most Recent Statement

09/12/09 - EAST SAIWAN-2 TESTING OPERATIONS TO COMMENCE
20/10/09 - 3D SEISMIC SURVEY TO COMMENCE
28/09/09 - AUTUMN WORK PROGRAMME ONSHORE OMAN AGREED
03/09/09 - TETHYS TO RECEIVE MSEK 13,6 FROM WARRANT SUBSCRIPTION
20/08/09 - TETHYS OIL: REPORT FOR THE PERIOD 1 JANUARY 2009 – 30 JUNE 2009
04/08/09 - TETHYS OIL: THE TAFEJJART-1 EXPLORATION WELL ONSHORE MOROCCO CONCLUDED