Tethys Oil AB has increased its indirect interest in the Rietavas licence
onshore Lithuania from 14% to 30% as joint venture partner Chevron elects to
leave the licence. The work programme, focused on evaluation of the licence
area for conventional and unconventional hydrocarbon potential, continues as
planned and is not affected by Chevron’s exit. The work programme is fully
funded from available funds within the joint venture company LL Investicos. In
addition, after adjustments amongst the shareholders, Tethys’ interest in the
Raiseiniai licence onshore Lithuania has increased from 26% to 30%.
Tethys Oil has indirect interests in three onshore Lithuanian licences: The
Gargzdai licence (25%), the Raiseiniai licence (30%) and the Rietavas license
(30%).
For further information, please contact
Magnus Nordin, Managing Director, phone +46 70 576 6555; magnus@tethysoil.com
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Tethys Oil AB (publ)
Tethys Oil is a Swedish energy company focused on exploration and production of
oil and natural gas. Tethys Oil’s core area is Oman, where the company is one
of the largest onshore oil and gas concession holders with a production of some
7,000 barrels of oil per day. Tethys Oil also has exploration and production
assets onshore France and Lithuania. The shares are listed on NASDAQ OMX
Stockholm (TETY) in Stockholm.
Website: www.tethysoil.com
