Tethys Oil farms into Block 56 Exploration and Production license onshore Oman
Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Oman Onshore Limited (“Tethys Oil”), has entered into an agreement with Biyaq Oil Field Services (“Biyaq”) to acquire a 20 percent interest in the Exploration and Production license covering Block 56 onshore Oman. The transaction is subject to Government approval.Block 56 (the “Block”) covers an area of 5,808 km2 in the south-eastern part of Oman some 200 km south of Blocks 3&4. 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.