On 14 October 2017, Tethys Oil signed an Exploration & Production Sharing Agreement (EPSA) with the Omani Government for Block 49 (Montasar). The onshore block (15,439 sq km) is located in the SW of Oman along the border with Saudi Arabia. The EPSA has an initial three-year exploration period, with an optional extension period of another three years. In case a commercial discovery is made, the EPSA will be transformed in to a 15-year production licence, which can be extended for another five years.<P />The block has been awarded following the country's 2016 Licensing Round, which was launched in October 2016 and closed in February 2017. It was among a total of four blocks on offer, which are located in different parts of the country. <P />Block 49 is largely unexplored, with nine wells having been drilled within the block boundaries. So far there are no discoveries, however oil and/or gas shows have been reported in several wells. Among the legacy wells is the Dauka 1 (1955) NFW, which is the first exploration well ever drilled in Oman. The last well, Shisr 1, was drilled by Circle Oil in 2015. It was P&A well above the primary objective due to drilling difficulties that had not been encountered to the same extent in previous wells drilled in the area. It is understood the block contains liquid hydrocarbon potential and that there are currently two large mapped prospects. These are located within an area covered by 3D in the south of the block.<P />Tethys Oil operates the acreage with a 100% interest.
Oman, Block 49 (Montasar)