GRAND CAYMAN, CAYMAN ISLANDS — (Marketwired) — 11/27/14 — Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) is pleased to announce that the Board of Directors of the Company (the “Board”) has unanimously resolved to appoint John Bell as the new Executive Chairman of the Company, with effect from 26 November 2014.
Following the appointment of John Bell as Executive Chairman, the Executive Committee of the Board now consists of John Bell, Julian Hammond and Denise Lay.
Board Committee Appointments
The Company is also pleased to announce the following appointments of directors to Board Committees, with effect from 26 November 2014:
David Botting has been appointed to the Audit Committee, to serve alongside Marcus Rhodes and James Rawls. Marcus Rhodes will continue to serve as Chairman of this Committee.
David Henderson and David Roberts have been appointed to the Reserves Committee to serve alongside James Rawls, with David Roberts being appointed to serve as Chairman of this Committee.
David Botting and David Roberts have been appointed to the Compensation and Nomination Committee, with David Botting being appointed to serve as Chairman of this Committee.
The Board has also resolved to discontinue the mandate of the Strategic Risk Committee, with future Board level decisions on strategic risk being reserved for the Board.
Julian Hammond, Chief Executive Officer, commented, “The appointment of John Bell as Executive Chairman significantly strengthens our Executive team. John brings over 30 years– experience in the international energy sector and has significant board level and corporate governance experience having served as a director on several boards both private and listed. Denise Lay and I look forward to working closely with John and the other new non-executive directors to implement the Board–s strategy and bring value to shareholders.”
Further information on each of the directors can be found on the Company–s website at .
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information”. Such forward-looking statements reflect our current views with respect to future events, including the significant potential of exploration and discovered deposits, and are subject to certain assumptions. See our Annual Information Form for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration activities. The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Contacts:
Tethys Investor Relations
Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations
Tethys Petroleum Limited