Tethys Petroleum Limited

Tethys Petroleum Limited

June 11, 2015 12:40 ET

Tethys Petroleum Limited: Results of Annual General and Special Meeting and Board Changes

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - June 11, 2015) - Tethys Petroleum Limited ("Tethys" or "the Company" (TSX:TPL) (LSE:TPL)) announces the results of its Annual General and Special Meeting of Shareholders ("AGM") held on June 11, 2015 and the appointment of Adeola Ogunsemi as a new director of the Company.

Results of Annual General and Special Meeting

All resolutions put to shareholders at the AGM were passed on a poll at the meeting.

Prior to the AGM, Denise Lay, Julian Hammond and Marcus Rhodes decided to withdraw their candidacy for re-election to the board of directors of the Company (the "Board"). As a result, resolutions 5.1 to 5.3 were withdrawn from the business of the meeting.

In order to ensure that at no time a majority of directors of the Company were resident in the UK as required under the Company's current articles of association, David Botting also withdrew his candidacy for election and resolution 5.8 to elect David Botting as a director of the Company was withdrawn from the business of the AGM. As over 99% of the proxy votes received from shareholders in advance of the meeting voted in favour of the election of David Botting as a director of the Company, at a Board meeting held after the conclusion of the AGM, following the appointment of Adeola Ogunsemi (further details below), the Directors of the Company resolved to appoint David Botting to the Board with immediate effect.

Details of the voting on a poll on those resolutions voted on at the AGM including votes represented by proxies are as follows:

Resolution For Against Withheld
1. Amendment to the Company's Articles of Association 129,038,646
2. Approval to give the Board authority to de-list from the Toronto Stock Exchange 125,908,928
3. Approval of Unallocated Options Available for Grant 128,120,212
5.4. Re-elect James Rawls as a Director 129,491,930
5.5. Elect John Bell as a Director 133,264,091
5.6. Elect David Roberts as a Director 133,268,091
5.7. Elect David Henderson as a Director of the Company 133,252,091
6. Appointment of Auditors 145,060,128

Appointment of Adeola Ogunsemi as a New Director

Tethys is pleased to announce the appointment by the Board of Adeola Ogunsemi as a new non-UK resident, independent non-executive director of the Company to fill the vacancy left by Marcus Rhodes on the Audit Committee. Such appointment will take effect from June 11, 2015.

Adeola Ogunsemi is the Chief Financial Officer of Oando Energy Resources, an exploration and production company listed on the Toronto Stock Exchange. His experience includes more than 16 years in accounting and finance. He was with BP America for five years, rising to become Assistant Controller, and has extensive experience in joint venture accounting, financial reporting, process improvement, and internal control evaluation and design, as well as financial management.

Before joining BP America, he worked for Northern Illinois Gas in Chicago, USA, for four years, where he rose to become the Head of Disbursement. He also worked for the Chicagoland Chamber of Commerce and Midas International in Illinois, USA in accounting and treasury roles.

He obtained a Master of Business Administration (MBA) in Finance and Strategic Management from the University of Chicago's Graduate School of Business in 2003 and a Bachelor of Science in Accounting and Finance from DePaul University in Chicago in 2000. He has been a member of the American Institute of Certified Public Accountants for 16 years and is also an Associate Chartered Accountant in Nigeria.

As a result of the aforementioned changes of directors of the Company, the Board consists of John Bell, Jim Rawls, David Henderson, David Roberts, David Botting and Adeola Ogunsemi.

About Tethys

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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