Tethys Petroleum Limited (United Kingdom) changes directors
26.08.09 17:57
/KASE, August 26, 09/ - Tethys Petroleum Limited (Channel Islands), common
shares of which are listed on the special trading floor of the Regional
Financial Center of Almaty, provided Kazakhstan Stock Exchange (KASE) with
a press release dated August 24, 2009:
Quotation beginning
ST. PETER PORT, GUERNSEY, CHANNEL ISLANDS: Monday, August 24,
2009, Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL) today
announced changes to its Board of Directors, these changes becoming effective
on September 1, 2009.
Colin Smith, currently non?executive director and Chairman of the Company's
Audit Committee, will step down due to other business commitments and be
replaced as non? executive director and Chairman of the Audit Committee by
Marcus Rhodes.
Paul Murphy, currently non?executive director, will step down due to other
business commitments and be replaced as non?executive director by James
Rawls.
The appointment of the new directors is subject to acceptance by the Toronto
Stock Exchange.
Dr David Robson, Chairman of Tethys said, "On behalf of myself and the Board I
would like to thank Colin and Paul for all their hard work and commitment to the
Company since before flotation, and wish them well with their other activities
which I know are taking up a considerable amount of their time. I have really
appreciated their insight and contribution to Tethys over the past three years.
I welcome Marcus and James to our Board. They bring with them excellent skills
and experience which I believe will complement the strengths of our other Board
members and help provide further guidance in moving the Company forward at
this exciting time."
BACKGROUND INFORMATION ON THE NEW DIRECTORS
MARCUS RHODES (48) is a Chartered Accountant and experienced auditor. He
spent some 17 years working in Eastern Europe and the former Soviet Union,
most recently as an Audit Partner with Ernst & Young in their Moscow office.
Marcus has worked with a wide variety of clients in many industry sectors
including retail and consumer products, paper and pulp, pharmaceuticals, hotels,
iron & steel manufacture, aluminium manufacture and mining, as Audit Partner,
Head of the Audit Practice, Head of Retail and Consumer Products and Advisory
Partner in respect of structural and reporting issues relating to audit
committees. He was also the Partner responsible for establishing the Arthur
Andersen practice in Uzbekistan and has worked on and been responsible Audit
Partner on a number of Russian related IPO's and advised on Eurobond and Russian
bond issues. Marcus is currently an independent consultant and also serves as
Head of the Audit Committee and non? executive director for three leading
Russian companies in the food, beverage and restaurant sectors, these companies
being listed on the New York Stock Exchange, London Stock Exchange and the
Russian Stock Exchange.
He holds a B.Sc. (Hons) degree in Economics and Economic history from the
Loughborough University (England) and is a Member of the Institute of Chartered
Accountants of England and Wales.
JAMES RAWLS (57) - is a registered Petroleum Engineer with over 35 years
industry experience in engineering and finance; he is currently the owner and
manager of Rawls Resources Inc., a private oil and gas exploration company.
James worked for Exxon Company USA in onshore and offshore development as
a Senior Project Engineer, and later went on to a successful career in banking
as manager of the Energy Lending Department of Deposit Guarantee National Bank.
In the early 1990's he moved back into oil and gas exploration as president of
Hughes-Rawls Corporation. Since that time, both in association with others as
well as in entities owned individually, Mr. Rawls has been involved in drilling
oil and gas wells both offshore and onshore, in the United States and elsewhere.
He is currently involved both in exploration and private investments.
James served or has served on the public company boards of Redcliffe
Exploration Inc., Harcor Energy Inc., Tikal Resources Corporation and Aquest
Energy, Ltd., as well as on the boards of numerous private companies,
professional and philanthropic organizations.
He holds a BS degree (distinction) in Petroleum Engineering from Mississippi
State University and was named a Distinguished Fellow of the Bagwell School of
Engineering in 2007.
Tethys is focused on oil and gas exploration and production activities in
Central Asia with activities currently in the Republics of Centrals Asia
Kazakhstan, Tajikistan and Uzbekistan. See our Annual Information Form for
the year ended December 31, 2008, and other filings for a description of risks
and uncertainties relevant to our business, including our exploration and
development activities.
For more information please contact:
Sabin Rossi
Vice President Investor Relations
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1, Canada
Office: +1 416 572 2065
Fax: +1 416 572 2201
E-mail: info@tethyspetroleum.com
Website: www.tethyspetroleum.com
In Kazakhstan
Ardak Akanov
Managing Director
PG Communications
Kazakhstan, Almaty, Samal-2, Business Center Satty
Office phone/fax: +7 (727) 272 8867, +7 (727) 272 8237, +7 (727) 272 7745
E-mail: development@pressclub.kz
Quotation end
[2009-08-26]