Tethys increases interest in Rietavas licence onshore Lithuania
Tethys Oil AB has increased its indirect interest in the Rietavas licence onshore Lithuania from 14% to 30% as joint venture partner Chevron elects to leave the licence. The work programme, focused on evaluation of the licence area for conventional and unconventional hydrocarbon potential, continues as planned and is not affected by Chevron’s exit.
The work programme is fully funded from available funds within the joint venture company LL Investicos. In addition, after adjustments amongst the shareholders, Tethys’ interest in the Raiseiniai licence onshore Lithuania has increased from 26% to 30%.
Tethys Oil has indirect interests in three onshore Lithuanian licences: The Gargzdai licence (25%), the Raiseiniai licence (30%) and the Rietavas license (30%).