Saturday, 27 November 2021 11:42 GMT

Tethys Petroleum launches review to 'refresh and refocus' its business

Tethys Petroleum (LON:TPL TSE:TPL) is launching a review of its business to address concerns of its major shareholders.

It is to be a comprehensive review of the company’s costs efficiencies strategy and corporate governance Tethys said.

Tethys believes this will refresh the company and help it re-focus on business objectives in a more effective and efficient manner.

Nevertheless Tethys said the company’s stated objectives – to explore for large upside potential whilst producing hydrocarbons to generate cashflow – will remain. This is the unanimous view of the board it added.

The company does however recognise that it will have to address certain issues in order to optimise its business model.

Tethys told investors that stakeholders will be kept abreast of the review’s progress once the initial phase is complete.

Chairman Dr David Robson said: “We are firmly of the opinion that the potential of the Company's assets geopolitical presence and operating team is not reflected in the current share price. 

“We are confident that the proposed change agenda combined with the continued implementation of the company's commercial and operational strategy will help to address this and allow the company to build a bright future in the interests of its shareholders employees and the host governments of the countries in which it works."

He added: "I firmly believe that Tethys has excellent assets in areas that we know well and can operate effectively through our long-term relationships and ability to do business in the states of the former Soviet Union.”

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