/KASE, December 13, 11/ - Tethys Petroleum Limited (Channel Islands),
common shares of which are officially listed on Kazakhstan Stock Exchange
(KASE), provided to KASE the following press release of December 9, 2011:
quotation
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) (LSE:TPL)
today announced that it has completed a previously announced private
placement of 26,062,975 Ordinary Shares for gross proceeds of US$13,069,187
million (the "Offering"). Renaissance Capital, FirstEnergy Capital LLP and
Quam Capital acted as joint book runners.
The Ordinary Shares were placed at a price of CAD0.52 (GBP0.32) each.
The Ordinary Shares of the Company are listed on the Toronto Stock
Exchange ("TSX") and the London Stock Exchange ("LSE") under the
symbol ("TPL").
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.
ends
The press release full version is available on KASE website at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_091211.pdf
[2011-12-13]