Grand Cayman, Cayman Islands--(Newsfile Corp. - September 3, 2019) - The Board of Directors of Tethys Petroleum Limited (TSXV: TPL.H) ("Tethys" or the "Company") today announces that Mattias Sjoborg has decided to step down from the role of Chief Executive Officer ("CEO") with immediate effect but will remain a member of the Board. The other Board members wish to express their appreciation to Mr. Sjoborg for his excellent contribution to Tethys as CEO during which time the group significantly increased its revenues and further streamlined its cost structure.
The board also announces Clive Oliver as its new CEO. Mr. Oliver is also Chief Financial Officer and joined the Company in August 2013. This change is primarily being made as a cost saving initiative and the Board feels combining these roles is appropriate at this time given Mr. Oliver's experience and knowledge of the business and the Company's current stage of development where operational management is located in Kazakhstan.
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.
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