ROC Oil Company Pty. Ltd Acquires Tethys Oil

Swedish upstream energy firm Tethys Oil, now majority-owned by Australia's Roc Oil Company Pty Ltd (ROC), has de-listed from Nasdaq Stockholm as part of ROC's plans to take the company private. Tethys Oil holds interests in several onshore upstream assets in Oman, which will transfer to ROC upon completion and ratification of the acquisition by Omani authorities.

As of December 18, 2024, the deadline for Tethys Oil shareholders to transfer their shares, over 90% had been acquired by ROC. This follows ROC's all-cash offer of 58.70 Swedish Krona (SEK) per share, totaling approximately 1.894 billion SEK (around $180 million) for all outstanding shares. Settlement of the offer was completed last week.

For the remaining shares, ROC plans to initiate a compulsory redemption and has requested Tethys Oil to apply for de-listing from Nasdaq Stockholm, with the last trading day set for January 10, 2025.

Tethys Oil's key asset is a 30% non-operating stake in Blocks 3&4 in eastern Oman, accounting for nearly all its hydrocarbon production.Additionally, it owns and operates exploration Blocks 49 and 58 in southern Oman, and holds a 65% operating stake in exploration Block 56.

This acquisition marks ROC's entry into the Middle East's energy sector. Headquartered in New South Wales, Australia, ROC has operations in China, Southeast Asia, and Australia, covering the full spectrum of upstream activities from exploration to production. ROC's parent company is Fosun International Limited, a large investment group with substantial operations and business interests in China and internationally.

Source : Aussie firm acquires Oman-focused Tethys Oil - Oman Observer