Brief: Tethys Oil Increases Interest In Block 56 And Assumes Operatorship

Tethys Oil AB

28/10/2020 11:54

Oct 28 (Reuters) - Tethys Oil AB  TETY.ST :
    * TETHYS OIL INCREASES INTEREST IN BLOCK 56 AND ASSUMES
OPERATORSHIP
    * TETHYS WILL ACQUIRE A 45 PERCENT INTEREST IN EXPLORATION
AND
PRODUCTION LICENSE COVERING BLOCK 56 ONSHORE OMAN
    * TRANSACTION WILL INCREASE TETHYS' INTEREST IN BLOCK 56
FROM 20
TO 65 PERCENT
    * WILL ASSUME OPERATORSHIP OF BLOCK FROM MEDCO, WHO WILL
RETAIN A
5 PERCENT INTEREST IN LICENSE
    * IN CONSIDERATION FOR 45 PERCENT INTEREST ACQUIRED, TETHYS
OIL
WILL PAY MUSD 5 TO MEDCO AND WILL ALSO CARRY MEDCO UP TO MUSD 2
OF FUTURE EXPENDITURE

Source text for Eikon:  ID:nWkrbhgh4c 
Further company coverage:  TETY.ST 

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