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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 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.