Co.'s Oil Well Success Points to Resource Growth
Research Report

Sweden's Tethys Oil AB (TETY:SSE;TETY:STO) has encountered oil at its Menna-1 prospect well on Block 56 in Oman, according to analyst Stephane Foucaud of Auctus Advisors in a January 8 research note, fueling increased recovery expectations in the area.

The Menna site shares geological characteristics with Tethys' existing Al Jumd field around 30 kilometers away, which is already slated for development.

Foucaud sees 3-5 million barrels of potentially recoverable oil at Menna based on testing underway at the well.

Further appraisal drilling at the nearby Sarha-3 location aims to help define wider producible volumes for what the analyst views as a "key area for production and reserves growth in 2024."

With additional testing pending, Foucaud remains upbeat on Tethys Oil's resource expansion possibilities in Oman.

He reiterated a Buy rating and eyed over a 125% implied total return from the current level as exploration continues unlocking further barrels and de-risking development.

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Disclosures for Auctus Advisors, Tethys Oil AB, January 8, 2024

Tethys Oil AB (“Tethys” or the “Company”) is a corporate client of Auctus Advisors LLP (“Auctus”). Auctus receives, and has received in the past 12 months, compensation for providing corporate broking and/or investment banking services to the Company, including the publication and dissemination of marketing material from time to time.

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Author The research analyst who prepared this research report was Stephane Foucaud, a partner of Auctus.

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