Tethys Petroleum Ltd announce management change

Tethys Petroleum Ltd has announced that following the closure of the Guernsey office, Denise Lay's employment with Tethys in her position as CFO has ended by reason of redundancy after six years with the company. Denise was offered the chance to continue in her role as CFO based outside of Guernsey but due to her personal circumstances she was unable to relocate as would have been required. Denise has been working with the Company to manage a smooth transition and closure of the Guernsey Office. The Company is grateful to Denise for her hard work over the years and she will be missed by colleagues.

Clive Oliver has taken on responsibility for the finance function as acting CFO. Previously, Oliver was Vice President Finance and has been with the company for two years. Oliver will continue in his role as Corporate Secretary.

Oliver joined Tethys from Essar, where he held the position of Director of Financial Operations and Controller of their Infrastructure business (EPC and Ports and Terminals) leading up to IPO and in Essar Energy plc, a FTSE 250 integrated oil and gas and power generation business. Oliver qualified as a Chartered accountant with Deloitte & Touche, Australia in 1994 before re-locating to London where he was a Senior Manager in the Financial Services Practice. Between leaving Deloitte and joining Essar, Oliver held a number of senior finance positions with Charles Taylor plc, a LSE main market listed services business, including Group Financial Controller, Deputy Group Finance Director and Finance Director of the largest operating division.

A process of optimisation and restructuring has been on-going within Tethys recently. Over the last 7 months the company has closed its Washington, Toronto, Beijing, Dubai and Guernsey Offices as well as relocating and downsizing the Georgia Office and Tajikistan Offices.

Edited from press release by Angharad Lock

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