Middle East Economic Survey

VOL. XLIX

No 24

12-Jun-2006

OMAN

Swedens Tethys Acquires 40% Stake In Omans Block 15

Swedens Tethys Oil announced on 5 June it had acquired a 40% interest in Block 15 onshore northern Oman, which contains two discovery wells and estimated oil in-place of more than 50mn barrels, with an expected recovery ratio of between 5% and 20%. Tethys acquired all outstanding shares of GotOil Resources (Oman) from Maha Resources for $600,000 and 400,000 Tethys shares. In addition...