Tethys Oil shareholders approve share split, free warrants and private placement

Tethys is one of the largest onshore oil and gas concession holders in Oman and its shares are listed on the First North (OMX Nordic Exchange) in Sweden.

The company holds exploration and development assets in Oman, Turkey, Spain, France, Morocco and Sweden. Following the successful oil drilling test programs in July 2007 on Block 15, onshore Oman (in which Tethys has a 40% interest), Tethys acquired a 50% interest in Oman Blocks 3 and 4. The combined concession area in Oman is over 30,000 square kilometers. Tethys now intends to develop these sites using funds raised from the proposed private placement.

The restructuring involved the splitting of the company's share capital in the ratio of three new shares for every share held and the issuance of free rights warrants to existing shareholders. The Private Placement, which is being led by the company's financial advisor, MAC Capital Limited, will raise more than SEK90m in new funds. If the application to list on the DIFX is approved, it will be the first Swedish company to list on the exchange, the first oil company to list on the exchange and will also be leading the first listing of warrants on the DIFX.

Magnus Nordin, Managing Director of Tethys, said:

"We anticipate that the co-operation between Bourse Dubai and OMX will assist us to broaden our shareholder base and will strengthen our relationships with investors in the Gulf. A secondary listing on the DIFX will complement our primary listing on the First North OMX Nordic Exchange and is logical given the presence of company assets in the region and the success of our drilling operations in Oman. Of all of our exploration and production sites in seven countries, we are truly excited about the production potential of Block 15 in Oman."

"Tethys' listing on the DIFX will allow investors based in the Middle East to trade the shares through their local brokerage accounts. We expect a number of high-quality primary and secondary listings to follow the DP World listing and a rapid growth in interest from local and international investors alike," commented MAC's founder and Chairman, Robert W. McMillen.

MAC Capital Limited is regulated by the Dubai Financial Services Authority. Its sister company is MAC Sharaf Securities (U.A.E.) LLC, which has brokerage membership on the Abu Dhabi Stock Market and the Dubai Financial Market.