Tethys Oil Secures Drilling Rig For Exploration Well Onshore Morocco

Tethys Oil Secures Drilling Rig For Exploration Well Onshore Morocco

Wednesday, August 20, 2008

A drilling rig contract for the drilling of an exploration well on the Bouanane licence onshore Morocco has been entered into by the operator Dana Petroleum plc on behalf of the partner group including Tethys Oil and Eastern Petroleum.The drilling rig, owned by Aladdin Middle East Ltd - Tethys' partner in Turkey - is an American built 2,000 horsepower model with a depth capacity of 5,000 meters. The rig is currently being mobilized from Turkey to Morocco. It will first drill a well for another operator in Morocco before being mobilized to Bouanane to drill the Tafejjart-1 exploration well.Tethys has a 12.5 per cent interest in the Bouanane licence and is carried for the first MUSD 12 of drilling cost."The Tafejjart-1 well offers an excellent risk reward for Tethys, with no cost for us up until 12 million dollars of drilling cost and a very large upside if the well encounters natural gas", comments Tethys' Managing Director Magnus Nordin.Dana is the operator of the Bouanane licence holding 50 per cent interest, with Tethys and Eastern holding 12.5 per cent each. The Moroccan state oil and mining company, ONHYM, has a carried 25 per cent interest.

Source: www.oilvoice.com