Tethys Petroleum Limited (TSX:TPL) agreed to acquire 56% stake in Blocks XIA, XIM and XIN and 100% stake in Block VIII and XIG for $12.7 million in stock on July 8, 2013. Tethys Petroleum Limited will issue 12 million ordinary shares in Tethys for the acquisition of 56% stake in Blocks XIA, XIM and XIN and will fund $4.4 million carry on the next $10 million work program. Tethys Petroleum Limited will issue 8 million shares in Tethys for the acquisition of 100% stake in Block VIII and XIG.

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.