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Lithuania is located by the Baltic Sea in the eastern part of Europe and covers an area of 65,300 square kilometres. The neighbours include Latvia in the north, Belarus in the east and Poland and Russia (Kaliningrad) in the south.
Tethys Oil holds indirect interests in three Lithuanian licences. All licences are onshore and cover some 4,000 square kilometres of the Baltic Sedimentary Basin. Tethys Oil has an indirect ownership of 25 per cent in the producing Gargzdai licence, and 30 per cent in both the Rietavas and Raseiniai exploration licences. Tethys Oil acquired the company’s first interest in Lithuania early in 2012.
The Gargzdai licence is located in the western part of Lithuania on the Baltic coast and covers an area of 884 square kilometres. The licence is producing in excess of 100 barrels of oil per day net to Tethys Oil. The oil produced at the Gargzdai licence has a density of about 42 degrees API.
The Rietavas licence is located east of Gargzdai and covers an area of 1,594 square kilometres. The exploration licence is valid until 2017. The Rietavas licence has oil discoveries in the Cambrian sandstones and is yet quite unexplored.
The Raseiniai licence is the most eastern of Tethys Oil’s licence interests in Lithuania. The licence covers an area of 1,535 square kilometres. The exploration licence is valid until 2017. The Raseiniai licence covers a so far unexplored trend of Silurian reefs similar to, but expected to be of larger size, than the Ordovician reefs found on Gotland. The Silurian/ Ordovician shale section is present also in the Rietavas licence.