Block 56 in focus In continuation of the three-well drilling campaign on Block 56 that was finalised in Q1, the area is subject to testing and further appraisal drilling for the remainder of 2022. The six-month production testing of the Al Jumd wells is expected to commence in Q3 and will be a key event. We continue to see Block 56 as important for increasing and diversifying production beyond the existing Block 3&4. We believe any supportive commentary on the output and potential of these wells will be seen as positive for investors.
P/NAV 0.55x, discounts USD 50/bbl. Tethys’ share price has declined following the recent market weakness for listed E&Ps. At the current price, we estimate a discounted oil price of USD 50/bbl and a P/NAV of 0.55x based on the ABGSC oil price deck.
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