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Tethys makes u-turn on Nostrum offer

Market news
Market news

Tethys Petroleum said it has been approached with a renewed offer from Nostrum Oil & Gas.

The move follows the announcement that a $47.7million financing with AGR Energy holdings and related clawback of shares by Pope Asset Management will now not proceed.

The latest potential offer from Nostrum Oil & Gas has been made for the entire issued and to be issued share capital of Tethys.

Last month, Tethys had knocked back a takeover bid from Nostrum Oil & Gas after citing allegiance with AGR Energy.

Following this approach, both companies have negotiated a $5million loan financing in order to support the short-term liquidity of Tethys during the period where any formal offer may be implemented.

Tethys said there was “no certainty” any formal offer will be made by Nostrum for the entire issued and to be issued share capital of the company.

John Bell, executive chairman of Tethys, said:”With the latest news around the previously announced financing with AGR Energy, the Board of Tethys has engaged in positive discussions with Nostrum and we are very pleased to have secured additional financing from Nostrum to meet our near term liquidity needs.

“We look forward to working closely with Nostrum over the coming weeks in connection with its indicative possible offer for Tethys.”

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