Tethys increases interest in licence onshore Lithuania

Tethys Oil has increased its interest in the Rietavas licence onshore Lithuania from 14% to 30%. Joint venture partner Chevron has elected to leave the licence.

The work programme, which focused on evaluation of the licence area for conventional and unconventional hydrocarbon potential, will continue as planned. The programme is fully funded from available funds within the joint venture company LL Investicos.

Additionally, following adjustments among 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%).

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/07072014/tethys_oil_increases_interest_in_lithuanian_onshore_licence_212/