Scandoil  

Tethys completes strategic acquisition in Georgia and exits Uzbekistan


Published Jan 3, 2014
Tethys Petroleum Limited

Tethys Petroleum Limited has received the appropriate Georgian governmental consent for the acquisition of a 56% interest in Blocks XIA, XIM and XIN (Project "Iberia") in eastern Georgia. Tethys also announced that it will exit Uzbekistan.

The amendments to the Production Sharing Contracts (PSCs) have been declared effective and will now be registered with the appropriate State bodies.

Tethys will not complete at this time the previously announced acquisition of Blocks VIII and XIG (Project "Tamar") as Tethys does not believe that all of the conditions relating to this acquisition will be fulfilled, and deciding instead to focus investment and resources at this time on the Iberia blocks where both conventional and unconventional resources are better defined at present. The 8,320,000 ordinary shares previously issued with respect to this project will be cancelled, resulting in the current shares outstanding being 299,557,744.

Tags: Tethys Petroleum Limited




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml