
Tethys Oil has suspended its Kunooz-1 exploration well in Block 58, onshore Sultanate of Oman. (Source: Shutterstock)
Swedish E&P Tethys Oil announced Dec. 12 it has suspended its Kunooz-1 exploration well in Block 58, onshore Sultanate of Oman.
The decision comes after flow testing failed to confirm the presence of commercially-viable hydrocarbons, Tethys said in a press release. The company conducted open hole testing of the Ara/Birba and Buah formations.
During drilling, oil shows were present in the Amin formation and testing confirmed the existence of “high-quality” reservoir rock, Tethys said. The reservoir is able to “maintain high productivity with water flows to surface,” Tethys said. Additionally, source rock and a petroleum system were found in the region.
Tethys Oil said the test gave a better understanding of the prospectivity of the play. The company will now focus on further evaluation efforts of the collected data.
Kunooz-1 is Tethys first exploration well on Block 58, drilled to a total depth of approximately 3,900 m. Drilling operations, which commenced Aug. 19, are expected to be ongoing for about 45 days, according to the company’s site.
Tethys also divested its entire direct and indirect holding of interests in Lithuania, the company said in a separate Dec. 13 release.
As a result of the sale, Tethys Oil has no remaining interests in Lithuania. No financial effect is expected from the divestment.
Recommended Reading
NatGas Rally Reaches 2024 Peak, Highest Price in Two Years
2024-12-19 - Analysts say the gas market remains volatile as prices surpass $3.50/MMbtu at the Henry Hub for the first time in about two years.
EIA: NatGas in Storage Drops for Second Week in a Row
2024-12-02 - Natural gas prices dip after a positive trend for most of November.
Diversified Inks NatGas Supply Contract with Gulf Coast LNG Facility
2024-10-24 - Diversified Energy will supply 40 Bcf to an unnamed Gulf Coast LNG facility over a three-year period.
NatGas Storage Drops Ahead of Predictions
2024-11-21 - U.S. Energy Information Administration's weekly report shows the first withdrawal of the fall, a week before the consensus forecast.
What's Affecting Oil Prices This Week? (Dec. 9, 2024)
2024-12-09 - For the upcoming week, Stratas Advisors believes the announced delay by OPEC+ will keep the price of Brent crude above $70, but not reach $73.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.