MUSCAT: Swedish upstream energy firm Tethys Oil, now majority-owned by Roc Oil Company Pty Ltd (ROC) of Australia, has de-listed from Nasdaq Stockolm as part of the new owner’s plans to take the company private.

Tethys Oil has interests in a number of upstream onshore assets in the Sultanate of Oman — interests that will transfer to the new owner once the acquisition process is completed and ratified by Oman’s authorities.

As of December 18, 2024, the deadline for Tethys Oil shareholders to transfer their shares to the new buyer, more than 90 per cent of the former’s shares had passed into the hands of ROC.

It follows an all-cash proposal by ROC offering Tethys’ shareholders 58.70 Swedish Krona (SEK) in cash per share, amounting to a total value of 1.894 billion SEK (approximately $180 million) for all outstanding shares in the Swedish firm. Settlement of the Offer was completed last week.

As for the outstanding shares not transferred to the new company, ROC announced that it would initiate a compulsory redemption of these shares. It also requested Tethys Oil to apply for the de-listing of the shares from Nasdaq Stockholm. The last day of trading in Tethys Oil shares on Nasdaq Stockholm is January 10, 2025.

With Tethys Oil’s acquisition, ROC is set to make its debut in Oman’s upstream energy sector

Predominantly Oman-focused Tethys Oil has a 30 per cent non-operating stake in Blocks 3&4 in eastern Oman, which is its flagship asset accounting for almost all of its current hydrocarbon production from Oman. It also owns and operates the exploration Blocks 49 and 58 located in the south of the country, as well as the exploration Block 56 which it operates with a 65 per cent ownership stake.

With Tethys Oil acquisition, ROC will be making its debut in the energy sector of the Middle East. Headquartered in New South Wales (Australia), ROC has a presence in China and South-East Asia, besides Australia. The company operates across the full range of upstream business activities from exploration and appraisal to development and production delivery.

ROC’s parent company is Fosun International Limited, a large investment group with substantial operations and business interests in China and internationally. Fosun International is listed on the Hong Kong Stock Exchange.

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