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Tethys Oil's Acquistion of an Interest in Block 53 Pre-empted by Partners

Source: www.gulfoilandgas.com 1/25/2019, Location: Middle East

Tethys Oil announced that it had entered into an agreement to acquire a two percent participating interest in Block 53 onshore Oman. The closing of the acquisition was subject to government approval and the waiver of partner pre-emption rights. Tethys Oil has been informed by the seller that partner pre-emption rights have been exercised, and Tethys Oil will as a result not be able to complete the transaction.

"We are disappointed that we cannot complete this acquisition as Block 53 would have been a valuable complement to our existing asset base. Our long-term commitment to the Sultanate of Oman remains and we will continue to seek new projects and other growth opportunities," comments Tethys Oil's Managing Director Magnus Nordin.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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