Energy, Good for Business, Lithuania, Oil, Transport

The well, which targets a previously undrilled Cambrian sandstone, will also be extensively logged and cored in the Silurian and Ordovician shale sections, said Tethys Oil AB, Stockholm. The 2012 work program also includes two sidetracks and a 50 sq km 3D seismic survey, writes LETA/ELTA.

Tethys Oil said its share of production in Lithuania averaged 159 b/d of oil in the quarter ended March 31, 2012. Gargzdai gross production averaged 638 b/d.

Tethys Oil's share of reserves in Gargzdai, according to the agreement with Odin Energi AS, as of the end of 2011 were 700,000 bbl proved, 1.7 million bbl proved and probable, and 3 million barrels proved, probable, and possible.

Work programs for the Rietavas and Raiseiniai licenses have not been finalized, but reprocessing of seismic data continues. The Silale-1 well on Rietvas, which flowed 150 b/d from Cambrian when drilled in the 1980s, will be worked over.

Tethys' assets in Lithuania will be held through a 25 percent net indirect interest in UAB Minijos Nafta and a 20 percent net indirect interest in UAB LL Investicos. Minijos Nafta holds the Gargzdai license, and LL Iinvesticos holds Rietavas and Raiseiniai.