Swedish independent Tethys Oil has agreed to acquire a 20% non-operating stake in Oman’s Block 56 from local firm Biyaq Oilfield Services for $9mn.  The exploration block is operated by Indonesia’s Medco Enerji (50%). Tethys’ press release indicates that 11 wells have been drilled in the block with 10 striking oil, albeit none in commercial quantities.

For Tethys, the move – which is still subject to government approval – will see the firm expand its...