So the jury is still out on the Thameen-1 well, but irrespective of what the data analysis will tell us over the coming weeks and months, the well is a solid operational success. Thameen -1 has firmly re-established Tethys Oil as an upstream operator and the results to date have significantly upgraded the prospectivity of Block 49. Through the farmout to EOG Resources, completed during the quarter, Tethys Oil’s cost for the well was negligible and EOG adds a wealth of expertise and experience to the joint venture which will come in handy in unlocking the hydrocarbon potential of Block 49 that Thameen-1 suggests is there.
And the operating responsibilities do not end with the drilling of the Thameen-1 well. During the quarter Tethys Oil also assumed operatorship of the very promising Block 56, after closing the farmin transaction with Medco for an additional 45 percent interest in the license, bringing Tethys Oil’s interest to 65 percent. Block 56 holds the Al Jumd discovery, an area which will be the object of an appraisal program of up to three wells later in the year, and a string of leads in the central part of the Block. A seismic campaign to further evaluate these is currently being designed.
While on the subject of designing seismic surveys it is well worth mentioning that we are in the same process on our third operated Block, Block 58. That Block holds several very interesting leads that we are eager to upgrade to prospects with the help of additional seismic.
“We are very encouraged by the progress so far and it is great news for the overall prospectivity of the Block. Now we have to be patient for another three weeks as we await the test results,” said Tethys Oil AB’s managing director Magnus Nordin.
Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Montasar Ltd, is the operator of the Block and holds a 50% working interest in the exploration and production sharing agreement covering the Block.
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