Tethys has conducted a tender for drilling rigs and is currently negotiating with rig contractors for suitable rigs to re-enter the Jebel Aswad and Wadi Saylah wells in block 15, Oman.

In parallel contracting for associated services is ongoing from Tethys’ operations office in Muscat which is now fully staffed in anticipation of increased activity during 2007. Tethys is operator of Block 15 with a 40% interest through its wholly owned subsidiary Tethys Oman Limited.

Spain, Huermeces – Operator Ascent Resources gears up to drill Hontomin well

Tethys has a 50% interest in the Huermeces license onshore Spain where operator Ascent Resources plans to drill the Hontomin-4 appraisal well as soon as a rig which Saturday spudded a stratigraphic well for Ascent in Italy can be moved to the Spanish location.

Turkey, Ispandika Licence - New partner and stratigraphic well being drilled

In the Ispanika area onshore southeastern Turkey, Tethys and operator Aladdin Middle East Ltd have been joined by US group Terralliance as a new joint venture partner. Tethys maintains a 10% interest in the license. Given the comparative shortage of seismic, the partners have decided to drill a shallow stratigraphic (geological research) well to better understand the near surface litholgy in the area. The shallow well is expected to be completed in January.