(MENAFN- ProactiveInvestors) ()() has decided to overhaul its board following the requisition of an EGM by shareholder Pope Asset Management that called for the removal of most of the company's directors.
Pope Asset Management which owns 17.3% of the oil company called the meeting and proposed David Botting David Roberts John Bell and David Henderson be appointed as replacement directors.
The board has resolved to appoint these directors nominated with immediate effect it said.
To make room for these new members those remaining directors named in the requisition that had announced their intention to step down have now tendered their resignation.
Tethys recently announced the departure of executive chairman David Robson and executive director Liz Landles following the requisition of the EGM that called for their removal alongside all other directors except chief executive Julian Hammond and two non-execs Marcus Rhodes and James Rawls.
The board is now comprised of the four nominated directors alongside Hammond Rhodes Rawls and Denise Lay who stayed on with the company even though she was one of the directors Pope originally wanted to remove.
The company said the decision to appoint the nominated directors ends the period of continuing uncertainty for investors and also saves on the costs and time involved in convening an EGM.
Bell Henderson and Roberts all have more than 30 years of experience in the oil and gas industry. Bell worked as VP or managing director at Statoil and Energy while Henderson is currently president of WBH Energy Partners. Roberts is the managing director of Woodfall Consulting a consultancy he founded in 1999 that is focused on the analysis of drilling performance in the global oil industry.
Meanwhile Botting has more than 35 years of experience in investment banking and the financial services industry and currently manages the Botting Family Funds which is focused on the oil and gas media and retail sectors.
On Friday Tethys said it is expecting a "step change" in revenue when it brings additional gas production in Kazakhstan on stream in the first quarter of next year.The Central Asia-focused oil and gas producer revealed the update in a statement announcing its third quarter financial results.
It posted a loss for the period from continuing operations of US$2.4 million a decrease of 51 percent from the same period last year. Oil and gas revenue fell to US$7.3 million from US$9.1 million. CFO Lay said cost reduction is a key focus for the company and a comprehensive plan of cost reductions which will be phased has already commenced the results of which will be realized over the coming months.
In September the company launched a review of its business to address concerns of its major shareholders which included a review of its costs efficiencies strategy and corporate governance.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Its key asset is the Bokhtar contract area in Tajikistan where Total and China National Petroleum Company (CNPC) farmed in last summer. Bokhtar is estimated to contain some 27.5bn barrels of oil equivalent.
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