Tethys Oil increases interest in Block 56 and assumes operatorship
Tethys Oil, through its wholly owned subsidiary Tethys Oil Oman Onshore Limited, has entered into an agreement with Medco Arabia Ltd (“Medco”), a wholly owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia, whereby Tethys will acquire a 45 percent interest in the exploration and production license covering Block 56 onshore Oman. The transaction will increase Tethys’ interest in Block 56 from 20 to 65 percent. Tethys Oil will assume operatorship of the block from Medco, who will retain a 5 percent interest in the license. The transaction is subject to government approval.In