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Monday, 12 February 2018

Tethys Oil AB: Reserves and Contingent Resources update

Tethys Oil    

Published: 20:10 CET 12-02-2018 /GlobeNewswire /Source: Tethys Oil / : TETY /ISIN: SE0009161185

Tethys Oil AB: Reserves and Contingent Resources update

Tethys Oil's net working interest Reserves in Blocks 3&4 Oman as per 31 December 2017 amount to 15,559 thousand barrels of oil ("mbo") of proven Reserves (1P), 22,044 mbo of proven and probable Reserves (2P) and 32,414 mbo of proven, probable and possible Reserves (3P). Tethys Oil's net working interest resources oil base in Oman amounts to 10,129 mbo of 1C, 17,264 mbo of 2C and 27,328 mbo of 3C Contingent Resources.

 

Development of Reserves, Blocks 3&4 (Audited)

mbo

1P

2P

3P

Total 31 December 2016

14,222

21,408

29,729

Production 2017

-4,439

-4,439

-4,439

Discoveries

3,482

4,879

7,475

Revisions

2,294

196

-350

Total 31 December 2017

15,559

22,044

32,414

 

In 2017 Tethys Oil replaced 5,776 mbo of 1P Reserves, representing a 1P Reserve replacement ratio (i.e. percentage of 2017 production replaced) of 130 percent; replaced 5,075 mbo of 2P Reserves, representing a 2P Reserve replacement ratio of 114 percent; replaced 7,124 mbo of 3P Reserves, representing a 3P Reserve replacement ratio of 160 percent.

 

In addition to Reserves, Tethys Oil also announces Contingent Resources. The estimated Contingent Resources are contained in the recent discoveries made in 2017. Development of the Contingent Resources in the new discoveries will be contingent on the on-going appraisal programme and also a work programme and budget to access these resources.

 

Contingent Resources, Blocks 3&4 (Audited)

mbo

1C

2C

3C

Total 31 December 2017

10,129

17,264

27,328

 

The Company's 2017 and 2016 year-end Reserves reports were prepared by ERC Equipoise Limited ("ERCE") and DeGolyer and MacNaughton Canada Limited ("DMCL") respectively, as independent qualified Reserves evaluators. ERCE were engaged to prepare the 2017 year-end Reserves report following the closure of DMCL's office in Calgary.

 

The audits of the Reserves in Oman has been conducted using 2007 Petroleum Resources Management System (PRMS), sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).

 

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 00

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This information is information that Tethys Oil AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 20:10 CET on 12 February 2018.

 

Tethys Oil AB (publ)

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P Reserves of 22 mmbo and 2C Contingent Resources of 17 mmbo and had an average oil production of 12,162 barrels per day from Blocks 3&4 during 2017. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com



TETY_2018_02_12_2_eng



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Tethys Oil AB, Hovslagargatan 5B, 1 tr, Stockholm SE-111 48, Sweden
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