Tethys Petroleum Limited completed the acquisition of 56% stake in Blocks XIA, XIM and XIN for $7.6 million.
The transaction is subject to appropriate Georgian government consent and on the waiver of any pre-emptive rights the Georgian government may have, together with satisfactory completion of Tethys' due diligence, as well as other conditions precedent including rescheduling of the work programs on Blocks. The transaction is expected to close in third or fourth quarter of the year 2013. Ben Brewerton and Natalia Erikssen of FTI Consulting acted as public relations advisor for the transaction.
Tethys Petroleum Limited (TSX:TPL) completed the acquisition of 56% stake in Blocks XIA, XIM and XIN for $7.6 million on January 2, 2014. Tethys Petroleum has cancelled the acquisition of 100% stake in Block VIII and XIG. The transaction has been approved by the Georgian government.