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Swedish firm targets 200 mmbo of hydrocarbon prospects in Oman Blocks 56, 58

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MUSCAT: Swedish upstream energy firm Tethys Oil says its exploration and appraisal activities during 2023 are targeted at unlocking more than 200 million barrels of potential crude oil (mmbo) deposits in Blocks 56 and 58 onshore Oman. This follows the completion of prospect maturation studies carried out in the Fahd area of Block 58 in Q4 of last year which led to the identification of three prospects distributed across the Buah, Khufai and Ara formations. In Block 56, an extended well test targeting a promising oil discovery has been commissioned, it said.

Awarded in 2020 with a 100 per cent interest share, Block 58 is Tethys Oil’s latest addition to its portfolio. The block has several high-potential leads spread over the South Lahan and Fahd areas. In 2022, significant exploration steps were taken, culminating in the identification of three drillable prospects with a total of 184 mmbo unrisked prospective resources in Fahd.

The block showed potential as both previous wells had encountered hydrocarbon shows and multiple play concepts were believed to exist within the block boundaries, including plays familiar to Tethys Oil, with several leads identified. Based on further analysis of the legacy data, Tethys Oil has focused its exploration activities on two areas of the block — Fahd and South Lahan.

On the other hand, Block 56 is a promising exploration and appraisal block for which Tethys Oil has been the operator since 2021 with a 65 per cent interest share. In 2022, five wells were drilled in Al Jumd ahead of a 2023 extended well test and in the ‘Central Area’ seismic studies continued in preparation for a 2023 exploration drilling targeting some 50 mmbo unrisked resources.

In total, eleven wells were drilled on Block 56 prior to Tethys Oil assuming operatorship in 2021, ten of which encountered oil or oil shows. Under Tethys Oil’s operatorship the focus of the exploration and appraisal activities has been on two different areas of Block 56, Al Jumd and the Central Area.

Meanwhile, Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman, in March 2023 amounted to 288,002 barrels of oil, corresponding to 9,290 barrels of oil per day.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for the month of March 2023 was $80.92 per barrel. The OSP, as published by Sultanate of Oman’s Ministry of Energy and Minerals, is the benchmark price for Tethys Oil’s monthly oil sales excluding trading and quality adjustments.

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.

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