Tethys Oil is set to receive a new exploration licence for an onshore block by the Ministry of Oil and Gas of the Sultanate of Oman.
Block 49 is located in the South West of the Sultanate bordering Saudi Arabia and covers an area of 15,439km², where no significant exploration has taken place until now.
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Once the licence is granted, the company, through its subsidiary Tethys Oil Montasar, will be the operator of the block, with a 100% interest.
The company has secured access to more than 11,000km of 2D seismic data that has been acquired by previous operators.
Tethys Oil managing director Magnus Nordin said: “The Block covers an area with known oil shows, has a limited initial financial risk and offers several as yet immature but potentially very prolific play concepts.
“As operator of the block, we are confident our Omani experience will be well suited to make Block 49 into a success.”
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By GlobalDataOil shows were reported at several of the nine wells, which have been drilled within the block boundaries.
Under the exploration and production sharing agreement (EPSA), the company can carry out exploration for three years, with an option to further extend it by another three years.
If the company makes a commercial oil or gas discovery, the EPSA will be transformed into a 15-year production licence, which can be extended for an additional period of five years.
Furthermore, in the event of a commercial discovery, Oman Government Company has a right to acquire up to a 30% interest in Block 49 by reimbursing past expenditure.
The initial scope of work includes geological studies, seismic acquisition and processing and exploratory drilling.
