Tethys Petroleum to acquire Kura basin block interests

08/05/2013
Tethys Petroleum Ltd. will acquire interests in and become operator of several production sharing contract areas in the Kura basin near Tbilisi in eastern and central Georgia. Through subsidiaries, Tethys will acquire a 56% interest in PSCs covering blocks XI-A, XI-M, and XI-N (Project Iberia) in eastern Georgia near Tbilisi. In a separate transaction Tethys Petroleum will acquire a 100% interest in PSCs covering blocks VIII and XI-G (Project Tamar) near Tbilisi and in the Kartli area farther west. The blocks cover a combined area of more than 6,400 sq km. The transactions are subject to approval of appropriate Georgian authorities and other conditions including rescheduling of the work p...
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