In light of Tethys Oil’s strong operational and financial performance as
well as the strong balance sheet, Tethys Oil’s board of directors has
set a new capital structure target for the company:
“Tethys Oil’s primary objective is to create shareholder value and in
doing so the company will have a balanced approach to growth and
shareholder distributions, with a long term capital structure target of
a zero net cash position.”
“We expect the production and the reserves in our core area, Blocks 3
and 4 onshore Oman, to continue to grow. The strong cash flows we expect
in combination with the strong balance sheet, will give ample room for
both continued investments in our core area and for other growth
opportunities as well as for cash distributions to shareholders and
share buy-backs” comments Tethys Oil’s managing director Magnus Nordin.
The new capital structure target replaces the previous targets:
* Debt/equity ratio of 30–40%
* Net debt /EBITDA of up to 2x
For further information, please contact
Magnus Nordin, Managing director, phone +46 8 505 947 00
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 9,000 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).