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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Tethys Oil AB (publ)    TETY   SE0014399424


Delayed Quote. Delayed NASDAQ OMX STOCKHOLM - 01/22 11:29:37 am
54.65 SEK   -2.06%
01/20TETHYS OIL : Share buy-backs in Tethys Oil
01/13TETHYS OIL : Share buy-backs in Tethys Oil
01/12TETHYS OIL : chairman Geoffrey Turbott declines re-election
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Tethys Oil : enters into farmout agreement with EOG Resources over Block 49 onshore Oman

11/10/2020 | 07:16am EST

Tethys Oil, through its wholly owned subsidiary Tethys Oil Montasar Ltd ("Tethys"), has entered into an agreement with EOG Resources Oman Block 49 Limited ("EOG"), a wholly owned subsidiary of EOG Resources, Inc., for EOG to obtain a 50 percent interest in the Exploration and Production Sharing Agreement ("EPSA") covering Block 49 onshore Oman ("the Block") which comprises 15,439 km[2] (approximately 3.8 million acres). Under the agreement, EOG will also have the option to assume operatorship of the Block and increase its interest to 85 percent for any operation relating to unconventional hydrocarbon resources. The agreement is subject to government approval.

EOG will acquire access to the data from several thousand line kilometers of 2D seismic grids, two recently acquired seismic surveys (2D and 3D), nine exploration wells plus additional geotechnical studies and reports. As consideration for both the 50 percent interest and access to data, EOG will refund all costs incurred on the Block and fund the Thameen-1 exploration well, up to a combined amount of MUSD 15. 

Tethys will continue as operator for the first exploration period including the drilling of the Thameen-1 well. After the commitments for the first period have been satisfied, EOG will have the option to take over operations of the block and increase its interest to 85 percent for any operation relating to unconventional hydrocarbon resources. Should EOG exercise its option, Tethys would retain a 15 percent interest. The agreement includes consideration if the option is exercised and in the case of commercial development of unconventional hydrocarbon resources. The parties would retain 50 percent each of any operations relating to conventional hydrocarbon resources. 

"We are delighted to have reached this agreement with one of the world's foremost experts when it comes to unconventional hydrocarbons and very happy to welcome EOG as a partner in joining us in the pursuit of hydrocarbons in Block 49" says Tethys Oil's Managing Director Magnus Nordin.

"We are excited to partner with Tethys to evaluate an oil-rich basin for both conventional and unconventional potential," said William R. "Bill" Thomas, Chairman and Chief Executive Officer of EOG Resources, Inc. "This agreement expands EOG's footprint in Oman which also includes Block 36, and provides us with an attractive opportunity to explore a basin with significant potential upside for the company." 

Block 49 covers an area of 15,439 km[2] onshore the South West of the Sultanate of Oman. Tethys Oil was awarded Block in 2017. After three years of seismic work, including reprocessing of older seismic data and processing and interpretation of seismic data from two new campaigns, Tethys is ready to drill the Thameen-1 well. The well is expected to spud in mid-December 2020 and to be drilled to a depth of close to 4,000 meters to evaluate three potential reservoir targets.

The initial three-year exploration phase for Block 49 has been extended with one year and runs until December 2021. The EPSA holders can elect to enter into a second exploration phase of an additional three years.

For further information, please contact
Magnus Nordin, Managing Director, phone +46 8 505 947 00


This information is information that Tethys Oil AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 13:15 CET on 10 November 2020.

Tethys Oil AB (publ)
Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. The company's core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 26.1 mmbo and net working interest 2C Contingent Resources of 13.5 mmbo and had an average oil production of 12,832 barrels per day from Blocks 3&4 during 2019. The company's shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com



(c) 2020 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
EOG RESOURCES, INC. -0.31% 54.86 Delayed Quote.10.01%
TETHYS OIL AB (PUBL) -2.06% 54.65 Delayed Quote.11.08%
All news about TETHYS OIL AB (PUBL)
01/20TETHYS OIL : Share buy-backs in Tethys Oil
01/13TETHYS OIL : Share buy-backs in Tethys Oil
01/12TETHYS OIL : chairman Geoffrey Turbott declines re-election
01/12TETHYS OIL : chairman Geoffrey Turbott declines re-election
01/11TETHYS OIL : Production update December 2020
01/05TETHYS OIL : Share buy-backs in Tethys Oil
01/04TETHYS OIL : spuds exploration well on Block 49 onshore Oman
2020TETHYS OIL : Share buy-backs in Tethys Oil
2020TETHYS OIL : Production update November 2020
2020TETHYS OIL : Share buy-backs in Tethys Oil
More news
Financials (USD)
Sales 2020 90,2 M - -
Net income 2020 -15,1 M - -
Net cash 2020 45,0 M - -
P/E ratio 2020 -31,0x
Yield 2020 9,58%
Capitalization 215 M 215 M -
EV / Sales 2020 1,89x
EV / Sales 2021 1,30x
Nbr of Employees 22
Free-Float 83,2%
Duration : Period :
Tethys Oil AB (publ) Technical Analysis Chart | TETY | SE0014399424 | MarketScreener
Technical analysis trends TETHYS OIL AB (PUBL)
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 4
Average target price 8,35 $
Last Close Price 6,59 $
Spread / Highest target 46,4%
Spread / Average Target 26,7%
Spread / Lowest Target -1,39%
EPS Revisions
Managers and Directors
Petter Magnus Nordin Managing Director & Director
Geoffrey Turbott Chairman
Petter Hjertstedt Chief Financial Officer
Fredrik Robelius Chief Technical Officer
Per Brilioth Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LIMITED8.64%44 921
EOG RESOURCES, INC.10.01%32 004