Sweden’s Tethys Oil increased its stake in Oman’s Block 56 this week from 20% to 65%, also assuming operatorship from Indonesia’s Medco for $5mn. Medco will retain a 5% stake in the southern Oman exploration acreage, which Tethys entered in late 2019 (MEES, 1 November 2019). Medco drilled three wells in Q1 – one of which produced 20-25° API crude, but commerciality has yet to be determined.

The Swedish minnow has built up a mini empire in Oman, where output from its sole producing asset, CCED’s Blocks 3&4, topped 45,000 b/d (13,500 b/d net) prior to Opec+ cuts. Tethys has 30%. The firm also has operating stakes in two further exploration assets; Blocks 49 and 58 (MEES, 10 July). (CONTINUED - 110 WORDS)