Tethys increases interest in Rietavas licence onshore Lithuania


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

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).