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Monday, 21 July, 2008, 00:40 GMT | more prices >>

Tethys sells stocks for Oman cash

By Upstream staff

Tethys Oil will issue 4.8 million new shares in a private placement to raise Skr91.2 million ($15.3 million) to help development of its gas licences in Oman.

The issuance is aimed primarily at international investors in the Middle East, Asia and France.

The shares will have a price tag of Skr19 and in total correspond to approximately 25% of the current number of shares outstanding.

The company board said the private placement will broaden its capital base, benefiting its planned secondary listing on the Dubai International Financial Exchange.