Tethyda Ltd., a subsidiary of Tethys Petroleum Ltd., Guernsey, U.K., (Toronto: TPL) plans to acquire a subsidiary from Rosehill Energy Plc Castletown, U.K., for US$6.5 million in cash.
Tethys will issue 15 million shares valued at approximately US$0.42 each.
The subsidiary holds Rosehill’s entire interest in the production enhancement contract for the North Urtabulak oil field in Uzbekistan. The field is in the northern portion of the Amu-Darya Basin and is the second largest oil field in Uzbekistan.
Average net daily production in January was 913 barrels of oil per day.
Tethys chief executive David Robson says, “This gives us a country entry into Uzbekistan through the purchase of a project that has an existing experienced in-country operations team with a good working knowledge of the field and surrounding area. We will build on this position to evaluate other projects in Uzbekistan, which is internationally known as having substantial oil and gas potential.”
The subsidiary receives 50% of all incremental production of each individual well it works on for the first three years of production, and the Uzbek State Oil Co. receive 50%.
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