Tethys Oil is acquiring 20% WI in Block 56, onshore Oman from Biyaq for US$9.5 mm in a combination of cash and carry. To date 11 wells have been drilled on the Block and all but one have encountered oil or oil shows, although none have been determined to be commercial. The initial three-year exploration phase has been extended until December 2020 and the partners have the option to enter into a second exploration phase ending in December 2023.
30 Oct 2019
FLASH: Farm in transaction in Oman
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FLASH: Farm in transaction in Oman
Tethys Oil AB (0A1V:LON) | 4,800 0 0.0% | Mkt Cap: 1,587m
- Published:
30 Oct 2019 -
Author:
Taro Kiley -
Pages:
2
Tethys Oil is acquiring 20% WI in Block 56, onshore Oman from Biyaq for US$9.5 mm in a combination of cash and carry. To date 11 wells have been drilled on the Block and all but one have encountered oil or oil shows, although none have been determined to be commercial. The initial three-year exploration phase has been extended until December 2020 and the partners have the option to enter into a second exploration phase ending in December 2023.