Sweden’s Tethys Oil has Acquired a majority interest in Block 56, an onshore concession located in the southeastern part of the Sultanate of Oman, according to the Oman Observer.
The deal allows for Tethys Oil to acquire an additional 45% interest in the license covering Block 56, up from 20% originally. If approved by the necessary authorities, Tethys’ interest will rise to 65%, making the company the majority shareholder.
According to a statement from Tethys, the company said: “Testing operations of three previously drilled wells were successfully completed in Q1 2020. One of the wells confirmed the presence of an active petroleum system with a crude oil quality of 20-25 degrees API and medium viscosity, although the commercial viability is yet to be determined.”
Block 56 is spread over an area of 5,808 square km and is located some 200 km south of the adjoining Blocks 3 & 4 in which Tethys Oil has a non-operating 30% interest. The output from the two aforementioned blocks presently averages around 45,000 barrels per day (bbl/d).