Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL) (LSE:TPL)) announces that following the closure of the Guernsey Office, Denise Lay’s employment with Tethys in her position as CFO has ended by reason of redundancy after six years with the Company. Denise was offered the chance to continue in her role as CFO based outside of Guernsey but due to her personal circumstances she was unable to relocate as would have been required. Denise has been working with the Company to manage a smooth transition and closure of the Guernsey Office. The Company is grateful to Denise for her hard work over the years and she will be missed by colleagues.
Clive Oliver has taken on responsibility for the finance function as acting CFO. Previously Clive was Vice-President Finance and has been with the Company for two years. Clive will continue in his role as Corporate Secretary.
Clive joined Tethys from Essar, where he held the position of Director of Financial Operations and Controller of their Infrastructure business (EPC and Ports and Terminals) leading up to IPO and in Essar Energy plc, a FTSE 250 integrated oil and gas and power generation business. Clive qualified as a Chartered accountant with Deloitte & Touche, Australia in 1994 before re-locating to London where he was a Senior Manager in the Financial Services Practice. Between leaving Deloitte and joining Essar, Clive held a number of senior finance positions with Charles Taylor plc, a LSE main market listed services business, including Group Financial Controller, Deputy Group Finance Director and Finance Director of the largest operating division.
A process of optimisation and restructuring has been on-going within Tethys recently. Over the last 7 months the company has closed its Washington, Toronto, Beijing, Dubai and Guernsey Offices as well as relocating and downsizing the Georgia Office and Tajikistan Offices.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information”. Such forward-looking statements reflect our current views with respect to future events, including the existence of significant potential in both exploration and in discovered deposits in Central Asia and the Caspian Region and the rapid development of this oil and gas area. The forward-looking statements are based on the assumption that significant potential exists in both exploration and in discovered deposits in Central Asia and the Caspian Region and that this oil and gas area continues to rapidly develop. These forward-looking statements are subject to a number of risks and uncertainties, including the risk that significant potential in both exploration and in discovered deposits do not exist in Central Asia and the Caspian Region and that this oil and gas area does not continue to rapidly develop. See our Annual Information Form for the year ended December 31, 2014 for a description of risks and uncertainties relevant to our business, including our exploration activities. The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
CAMARCO (Financial PR)
Billy Clegg / Georgia Mann
+44(0)203 757 4983