Tethys bought the interest from UK company Rosehill Energy for 15 million of its ordinary shares, valuing the sale at about $6.5 million.
Average net daily production to Rosehill in January was 913 barrels per day of oil, but Tethys is looking to work over existing wells and introduce a dedicated gas lift system to increase output.
Chief executive David Robson said: "We believe there is significant scope to increase this production through relatively low-cost techniques using our own drilling and workover equipment, and also by purchasing or leasing some new equipment to introduce gas lift.
"We
