Nostrum Withdraws Tethys Takeover Offer, AGR Proposes Share Deal

Central Asia-focused Tethys Petroleum Limited announced Wednesday that it has received a non-binding letter of intent from AGR Energy Holdings Limited to acquire $20 million worth of Tethys shares, at a price of C$0.165 per share, following the withdrawal of Nostrum Oil & Gas plc’s offer to acquire the entire issued share capital of Tethys together with a proposed $20 million interim funding transaction.

Tethys has warned that there is “no certainty” AGR’s proposal, which would also include a $5 million loan to support short-term liquidity, will result in a transaction. Nostrum withdrew its proposed offer, previously announced Sept. 23, to acquire the entire issued share capital of Tethys after Tethys' largest shareholder, Pope Asset Management, informed Nostrum that it did not support the deal.

Tethys Petroleum revealed Aug. 10 that a separate $47.7 million financing deal with AGR Energy, which the company's management previously said represented "a transformational deal for Tethys", had fallen through. Following the breakdown of talks with AGR, Tethys received interest from Nostrum Oil & Gas, despite rejecting Nostrum's original takeover approach in mid-July

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Oil, Gas Automation Workers Must Be Tr... (Oct 27)
 -  Sheth: Remote Working in Oil, Gas Will... (Oct 27)
 -  Virtual 3D Training Facilities Invoke ... (Oct 26)
 -  Knapp: Industry Should Hire Hackers to... (Oct 26)
 -  Oil, Gas Automation Sector Suffering F... (Oct 25)

Most Popular Articles

From the Career Center
Jobs that may interest you
SXL - Senior Counsel, Corporate Finance & Securities
Expertise: Accounting|Legal
Location: Newtown Square, PA
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours