NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL)(LSE:TPL) announces that it has received a non-binding letter of intent from AGR Energy Holdings Limited (“AGR Energy”) in connection with a potential US$20 million equity fundraising at a price of C$0.165 per share and potential US$5 million loan to support short-term liquidity. In addition to the equity fundraising AGR Energy would also be granted an option by the Company to subscribe for further newly issued shares for up to US$20 million of shares at the same subscription price.
Following the announcement of the withdrawal of Nostrum Oil & Gas PLC (“Nostrum”) from its proposed offer to acquire the entire issued share capital of Tethys together with a proposed US$20 million interim funding transaction and the expiry of the exclusivity period with Nostrum at 11:59 p.m. on October 6, 2015, the Company is considering potential alternative proposals. There can be no certainty that any alternative proposal will result in a transaction, nor as to the terms on which any such transaction resulting from an alternative proposal may be finalised.
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.
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to alternative proposals. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements, including the fact that there is significant uncertainty that discussions in respect of any alternative proposal will lead to a definitive agreement on terms acceptable to the Company, or at all.
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
CAMARCO (Financial PR)
Ginny Pulbrook / Billy Clegg / Georgia Mann
+44(0)203 757 4983