Tethys affiliate Jylland Olie Aps, part of the Danish Odin Group, has
participated in a farmout to Chevron Corporation relating to the Rietavas
license onshore Lithuania. Following the transaction, Tethys indirect interests
in the Rietavas license will be reduced from 20% to 14% in consideration for
cash and a comprehensive work programme.
Chevron has further obtained an option to acquire additional interest in the
Rietavas license at a predetermined price, to be exercised within three years.
If the option is exercised, Tethys indirect interest in the Rietavas license
will be reduced to 5.6%.
The work programme, to be fully funded by Chevron, is primarily designed to
evaluate the license for shale gas/oil potential and includes 2D and 3D seismic
surveys as well as the drilling of multiple wells. Notwithstanding that shale
exploration is the main objective of the work programme, the conventional oil
potential of the Rietavas license will also be appraised.
“We are delighted that Chevron joins the exploration effort in Lithuania and we
are looking forward to interesting results,” comments Tethys Managing Director
Magnus Nordin.
For further information, please contact
Magnus Nordin, Managing Director, phone +46 70 576 6555; magnus@tethysoil.com
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. Tethys Oil also has
exploration and production assets onshore France, Lithuania and Sweden.
The shares are listed on First North (TETY) in Stockholm. Remium AB is
Certified Adviser.
Website: www.tethysoil.com