Tethys Oil, through its wholly owned subsidiary
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
"We are excited to partner with Tethys to evaluate an oil-rich basin for both conventional and unconventional potential," said
Block 49 covers an area of 15,439 km[2] onshore the South West of the Sultanate of
The initial three-year exploration phase for Block 49 has been extended with one year and runs until
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This information is information that
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
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https://mb.cision.com/Main/17744/3234459/1333073.pdf
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