– GUERNSEY, St. Peter Port – Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) is pleased to announce that it has agreed to appoint Bill Wells to the Board as a Non-Executive Director subject to and upon closing of the recently announced US$47.7million financing.
William P. Wells, 56, is President at Pope Asset Management, LLC, which is a 19.0%(1) shareholder in the Company. Pope has committed to subscribe for a further 100,000,000 new ordinary shares as part of the previously announced US$47.7 million financing, which upon closing will take Pope’s shareholding to approximately 26.6%(2). Mr Wells’ appointment to the Board is also subject to obtaining the necessary clearances from the TSX.
Bill Wells is the founder and primary portfolio manager for Pope Asset Management. He had previously worked in the Private Wealth Management division of Goldman Sachs, where he was a vice-president working primarily with family groups throughout the southeastern United States. Bill had been at Goldman Sachs since his graduation from the Amos Tuck School of Business at Dartmouth College in 1985. Bill attended the University of Mississippi on a National Merit Scholarship and graduated with honors in 1980.
Separately, David Botting plans to retire from the Board on August 10, 2015 after 9 months of service. It is anticipated that the appointment of Bill Wells would fill the vacancy resulting from David Botting’s retirement from the Board.
John Bell, Executive Chairman of Tethys said: “The turnaround is moving apace. In that context, I would welcome Bill Wells to the Board of Tethys as a Non- executive Director upon closing of the recent $47.7m refinancing transaction we announced with AGR Energy and see his joining the Board as another strong endorsement of the refinancing transaction. I look forward to working with Bill and my other Board colleagues to drive Tethys forward for the benefit of all shareholders.”
“I would like to thank David for his significant contribution and wish him well in his future endeavours.”
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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