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 has an indirect ownership of 25 per cent in the producing Gargzdai licence.


The Gargzdai licence is located in the western part of Lithuania on the Baltic coast and covers an area of 884 square kilometres. The oil production on the licence amounted to 99 barrels of oil per day net to Tethys Oil in 2017. The oil produced at the Gargzdai licence has a density of about 42 degrees API.

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P Reserves of 25 mmbo and 2C Contingent Resources of 13 mmbo and had an average oil production of 11,767 barrels per day from Blocks 3&4 during 2018. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY).