Surrender of warrants
GRAND CAYMAN, CAYMAN ISLANDS - Tethys Petroleum Limited (“Tethys” or the “Company”) announces that the lender under the US$6 million loan financing announced by the Company on January 16, 2015 has today exercised its option to surrender the 35,600,000 warrants that it holds in Tethys for the US$2.1 million surrender value. As explained in the January press release, this US$2.1 million surrender value will be added to the outstanding principal amount of the loan and be repayable on the 2 year maturity date or earlier in circumstances where there is an event of default or a change of control giving rise to early repayment of this loan.
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.
For more information please contact:
CAMARCO (Financial PR)
Billy Clegg / Georgia Mann
+44(0)203 757 4983