Brief: Tethys Oil Signs New Exploration Block Onshore Oman

Tethys Oil AB

05/07/2020 08:30

July 5 (Reuters) - Tethys Oil AB  TETY.ST :
    * TETHYS OIL SIGNS NEW EXPLORATION BLOCK ONSHORE OMAN
    * GOVERNMENT OF OMAN AND TETHYS OIL HAS ENTERED INTO
EXPLORATION
AND PRODUCTION SHARING AGREEMENT (EPSA) FOR BLOCK 58 ONSHORE
OMAN
    * TETHYS OIL WILL THROUGH ITS WHOLLY OWNED SUBSIDIARY TETHYS
OIL
QATBEET LIMITED BE OPERATOR OF BLOCK AND HOLD A 100% LICENSE
INTEREST.
    * EPSA FOR BLOCK 58 COVERS AN INITIAL EXPLORATION PERIOD OF
THREE
YEARS WITH AN OPTIONAL EXTENSION PERIOD OF ANOTHER THREE YEARS
    * IN CASE OF COMMERCIAL OIL OR GAS DISCOVERY, EPSA WILL BE
TRANSFORMED INTO 15 YEAR PRODUCTION LICENSE WHICH CAN BE
EXTENDED FOR ANOTHER 5 YEARS
    * IN CASE OF COMMERCIAL DISCOVERY, AN OMAN GOVERNMENT CO HAS
RIGHT
TO ACQUIRE UP TO 30% INTEREST IN BLOCK 58 AGAINST REFUNDING OF
PAST EXPENDITURE

Source text for Eikon:  ID:nWkr33wHq8 
Further company coverage:  TETY.ST 
    

 ((Reuters.Briefs@thomsonreuters.com;))