Therefore, the preliminary interpretation of the well data indicated that the gas discovered at this location is not considered to be in commercial quantities. The well has been plugged. The well was operated by Dana Petroleum.
Interests in the Bouanane petroleum permits are held by Dana Petroleum (E&P) Limited 50% (operator), Office National des Hydrocarbures et des Mines (ONHYM, 25%), Eastern Petroleum (Cyprus) Limited (12.5%) and Tethys Oil (12.5%). Tethys Oil has a share of 16.66% of all expenditures on the license above $12 million.
“This wildcat came in very close to prognosis. Several of the necessary criteria for a successful exploration well were fulfilled, and with better porosity in the reservoir it would have been a success. However Tethys Oil now intends to withdraw from the licence in order to focus even more on the company’s projects in Oman,” says Magnus Nordin, managing director of Tethys Oil.
