A total of ten wells were completed during the second quarter 2012, of which the three wells that were drilled into the Barik reservoir of previously undrilled fault blocks have reported the latest discovery.

Five production wells were drilled and completed in previously drilled blocks and two water injections wells were drilled and completed.

The drilling program is now underway with two rigs and in the coming months additional exploration wells are planned to be drilled also in Block 4.

Tethys Oil managing director Magnus Nordin said the second quarter saw a 100% success rate when drilling new fault blocks.

"Out of three drilled three were found to be oil bearing. Again 3D seismic proves to be the key to success," Magnus added.

"We are hopeful that these new discoveries will have a material impact on our resources/reserve base, and we have asked our independent auditors DeGolyer and MacNaughton to make an updated audit as per June 30."

The company plans to announce this study in August.

At the end of June, 14 fault blocks are in production with more planned to be drilled by the end of 2012.

CC Energy Development is the operator of Blocks 3 and 4 with 50% while Tethys has a 30% stake and Mitsui E&P Middle East holds 20%.

 

 

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