Flash note: $48m financing puts Tethys in control
Tethys has announced a proposed $47.7m equity raising from AGR Energy, a Kazakhstan-based investment fund. Subject to EGM, TSX and Kazakhstan approvals, the funds place Tethys on a stronger footing, allowing it to invest in its portfolio to generate free cash flows and enable possibly transformative exploration. We will review our valuation, but point investors to our recent note for details of our current 27p/share core NAV.Tethys Petroleum is an oil and gas exploration and production company focused on projects in Central Asia. Through its subsidiaries, Co. is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas resources in Kazakhstan, Tajikistan and Uzbekistan.
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