Tethys Acquires Odin Assets In Lithuania

To acquire interests in Lithuanian oil companies UAB Minijos Nafta & UAB LL Investicos, which hold Gargzdai license & Rietavas and Raiseiniai license, respectively, covering 4,000 square kilometers of Baltic Sedimentary Basin, gaining 700 BO/d, 6 MMBO 2P.

Tethys Oil AB agreed to acquire interests in Lithuanian oil companies UAB Minijos Nafta and UAB LL Investicos from Odin Energi A/S.

Minijos Nafta holds the Gargzdai license with proven and probable reserves in excess of 6.0 million barrels and 700 barrels per day of oil production. LL Investicos has the Rietavas and Raiseiniai licenses with known oil deposits as well as significant exploration upside, according to Tethys.

All licenses are onshore and cover some 4,000 sq km of the Baltic Sedimentary Basin. The interests will be held through Odin group companies giving Tethys a net indirect interest of 25% in Minijos Nafta and 20% in LL Investicos.

Together Tethys and Odin will have 50% of the shares in both companies. The remaining 50% of Minijos Nafta is owned by Lithuanian company Geonafta, which is part of the Polish Lotos group. The remaining 50% of LL Ivesticos is owned by private interests.

"The Lithuanian licenses strengthen a ‘second leg’ focused on Europe as a strategic complement to our Omani assets. These give exposure to production, appraisal opportunities and exploration. All three licenses are within the geologically highly interesting Baltic Basin and are covered by attractive fiscal terms." commented Tethys’ managing director Magnus Nordin.