Tethys Oil boosts oil production in Oman

Date

8/18/2015 4:51:21 PM

(MENAFN- Muscat Daily) Muscat-

Tethys Oil said its second-quarter average daily production in Oman increased by eight per cent on a sequential basis.

Total production amounted to 858453 barrels in the second quarter corresponding to 9434 barrels per day.

In its second-quarter financial report Tethys said it sold 545019 barrels of oil after government take from Blocks 3 and 4 in Oman. The company said it sold 76 per cent more oil in the second quarter compared with 308892 barrels of oil sold in the first quarter.

And in light of the strong operational and financial performance as well as a strong balance sheet Tethys Oil's board has set new capital structure target for the company.

'We expect the production and reserves in our core area Block 3 and Block 4 onshore Oman to continue to grow. The strong cash flows we expect in combination with the strong balance sheet will give ample room for both continued investments in our core area and for other growth opportunities as well as for cash distributions to shareholders' said Magnus Nordin managing director of Tethys Oil.

Tethys Oil is a Swedish energy company whose core area is Oman where the company is one of the largest onshore oil concession holders with a current net production of in excess of 9000 barrels of oil per day. It also has exploration and production assets onshore Lithuania and France.

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