Central Asia-focused Tethys Petroleum reported Monday a series of strategic acquisitions in the Republic of Georgia.
Tethys said that it is acquiring a 56-percent interest in production sharing contracts covering blocks XIA, XIM and XIN in eastern Georgia, close to the country's capital Tbilisi. In a separate transaction, Tethys is acquiring a 100-percent interest in both Block VIII and Block XIG, which are located near Tbilisi and in the Kartli area further west of the capital.
The XIA, XIM and XIN blocks will cost Tethys $9.6 million, while Block VIII and Block XIG will cost $6.4 million. Both payments will be made in Tethys shares.
Tethys Executive Chairman Dr. David Robson commented in a company statement:
"We are excited to acquire these world class assets with significant potential for conventional and non-conventional oil and gas production. This strategic move into Georgia, a country with a very good business climate and good operating environment, as operator with a substantial acreage position and existing strong local partners is a very attractive opportunity.
"The independent evaluation carried out suggests potential of several billion barrels of oil in this acreage with direct access to world markets and very attractive commercial terms. These transactions significantly strengthen Tethys' diversified portfolio adding to our projects in Central Asia and allowing us to continue to deliver shareholder value."
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