Tethys Oil to repurchase shares


The Annual General Meeting (”AGM”) on 18 May 2016 resolved to authorize
the Board of Directors to decide on repurchase of own shares. The Board
of Directors has, based on the authorization, decided to initiate the
repurchasing program. The main reason of the repurchasing program is to
give the company flexibility regarding its equity and thereby optimize
the capital structure of the company. Repurchased shares may also be
used as payment for, or financing of, acquisitions of companies or
businesses or in connection with handling of incentive programs.


The repurchase of shares may only take place on Nasdaq Stockholm and
only at a price within the price interval prevailing at any given time.
Purchases may be made at one or more occasions up until the AGM in 2017,
and by a maximum of so many shares that the company’s holding of own
shares after the purchase amounts to not more than of one-tenth of all
the shares in the company.

 

Tethys Oil currently holds 1,104,169 shares in custody.

 

For the complete authorization, please refer to Tethys Oil’s website,
www.tethysoil.com.

 

For further information, please contact

Magnus Nordin, managing director, phone +46 8 505 947 00

Morgan Sadarangani, CFO, phone +46 8 505 947 01

 

The information in this press release has been made public by the
Company in accordance with the Securities Market Act and/or the
Financial Instruments Trading Act.

 

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on exploration and
production of oil. Tethys Oil’s core area is the Sultanate of Oman,
where the company is one of the largest onshore oil concession holders
with a current net production in excess of 12,000 barrels of oil per
day. Tethys Oil also has exploration and production assets onshore
Lithuania and France. The shares are listed on Nasdaq Stockholm (TETY).

www.tethysoil.com

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P Reserves of 25 mmbo and 2C Contingent Resources of 13 mmbo and had an average oil production of 11,767 barrels per day from Blocks 3&4 during 2018. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY).