Biyaq Oil Field Services has agreed to farm out a 20% interest to Tethys Oil in Mudawrat block 56, 5,808 sq km mostly onshore Eastern Flank + Oman Tertiary Basin. The USD 9.5 MM cash-and-carry deal is subject to govt approval and will result in partnership becoming Medco (op) 50%, Intaj 25%, Tethys 20% + Biyaq 5%.
Tethys Oil announced that it had signed an agreement with Biyaq Oil Field Services (->5%, Medco Arabia op. 50%, Intaj LLC 25%), to acquire a 20% interest in the Block 56 (Mudawrat). 