The objective of the well is three oil zones found in an earlier well, Saiwan East-1.
That well was drilled in 2005 by the previous license holders to a depth of 1,333 metres and logged about 42 metres of oil saturation in the Miqrat, Amin and Buah formations.
The well was not tested due to the low gravity of the oil encountered. Saiwan East-2 will be drilled 12 kilometres from the discovery well Saiwan East-1.
Tethys has a 50% interest in Block 4. CC Energy Development (Oman) SAL holds the remaining 50% and is operator.
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Tethys Oil commences drilling on East Saiwan in Oman
- Oman: Saturday, April 25 - 2009 at 10:10
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Drilling of the Saiwan East-2 well on Block 4 onshore Oman has commenced.
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Posted by Siba Sami AmmariSaturday, April 25 - 2009 at 10:10 UAE local time (GMT+4)
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About Tethys Oil AB:
Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets in the Middle East, North Africa and Europe. Tethys' strategy is to primarily invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk.
The company has interests in licences in Oman, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.
About MAC Capital Limited.:
MAC Capital Limited is regulated by the Dubai Financial Services Authority and is a member of the DIFX. The group's shareholders include international stock brokers, investment banks and private banks, including:
- Tolhurst Group Limited Australia
- Quam Securities Co., Ltd. Hong Kong
- Killik & Co. United Kingdom
- Syrus Securities Plc. Thailand
- Banque Morval Switzerland
- Capital Partners Securities Co., Ltd. Japan
- Lloyd Edward-Jones France
and a number of prominent international businessmen.
In Dubai, its affiliate MAC Sharaf Securities (U.A.E.) LLC, is a fully licenced stock broker on the Dubai Financial Market ("DFM") and the Abu Dhabi Securities Exchange ("ADX") and its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
For further information, please contact:
Magnus Nordin
Managing Director
Tethys Oil
Phone +46 8 679 4995
Christopher Chu
Investor Relations
Grayling Global
Tel: +1-646-284-9426
Mr. Robert W. McMillen
Chairman
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7170
Fax: +971-4-409-7270
Mr. Gerhard Hametner
Director
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7177
Fax: +971-4-409 7277
Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets in the Middle East, North Africa and Europe. Tethys' strategy is to primarily invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk.
The company has interests in licences in Oman, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.
About MAC Capital Limited.:
MAC Capital Limited is regulated by the Dubai Financial Services Authority and is a member of the DIFX. The group's shareholders include international stock brokers, investment banks and private banks, including:
- Tolhurst Group Limited Australia
- Quam Securities Co., Ltd. Hong Kong
- Killik & Co. United Kingdom
- Syrus Securities Plc. Thailand
- Banque Morval Switzerland
- Capital Partners Securities Co., Ltd. Japan
- Lloyd Edward-Jones France
and a number of prominent international businessmen.
In Dubai, its affiliate MAC Sharaf Securities (U.A.E.) LLC, is a fully licenced stock broker on the Dubai Financial Market ("DFM") and the Abu Dhabi Securities Exchange ("ADX") and its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
For further information, please contact:
Magnus Nordin
Managing Director
Tethys Oil
Phone +46 8 679 4995
Christopher Chu
Investor Relations
Grayling Global
Tel: +1-646-284-9426
Mr. Robert W. McMillen
Chairman
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7170
Fax: +971-4-409-7270
Mr. Gerhard Hametner
Director
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7177
Fax: +971-4-409 7277
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