/KASE, December 2, 11/ - Tethys Petroleum Limited (Channel Islands), whose
common shares are officially listed at Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press-release of November 29, 2011:
quote
Tethys Petroleum Limited ("Tethys" or the "Company" (TSX:TPL) (LSE:TPL)) today
announced that it expects to complete a private placement of 26,062,975 Ordinary
Shares for gross proceeds of USD13,069,187 million (the "Offering") (USD/CAD
$1:$1.037), subject to regulatory approval. The Company has received orders for
the USD13,069,187 million maximum amount of the Offering. These new Ordinary
Shares represent 10% of the current issued share capital of the Company.
The Ordinary Shares have been placed at a price of CAD0.52 (GBP0.32) each. The
Ordinary Shares of the Company are listed on the Toronto Stock Exchange and the
London Stock Exchange under the symbol "TPL" and the placement is subject to
approval by the Toronto Stock Exchange and admission of the Ordinary Shares
issued pursuant to the offering to the official list of the financial services
authority and to trading on the London Stock Exchange. The private placement is
scheduled for completion on or about December 14, 2011.
The net proceeds of the Offering will be used by Tethys to contribute towards
the purchase of an additional 34% of shares in Seven Stars Energy Corporation
('SSEC'), the joint venture that owns the rights to the Bokhtar Production
Sharing Contract in Tajikistan, and to carry out additional work on the
Beshtentak oilfield in Tajikistan where Tethys has recently been flow testing a
recompleted well at rates of over 600 barrels of oil per day. Currently Tethys
owns 51% of the shares in SSEC and has an option (the "Option") to acquire a
further 34% of SSEC from its partner. In addition, when the Option is
exercised, the outstanding loan from Tethys to SSEC will be restructured. Tethys
proposes to exercise the Option following completion of the Offering. After the
completion of the exercise of the Option, Tethys will own 85% of the shares in
SSEC.
unquote
The full version of the press-release is available on KASE website, at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_291111.pdf
[2011-12-02]