Tethys Oil Applies for Listing on Dubai Exchange
Posted: 01 October 2007
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The Board of Directors of Tethys Oil today decided to apply for a secondary listing of the Company’s shares on the Dubai International Financial Exchange (DIFX).
Following last summer’s successful drilling operations on Block 15 onshore Oman , Tethys Oil has decided to increase its activities in the Arabian Gulf region including establishing a presence in the Gulf Region’s financial markets. For Tethys Oil this is a vital step in securing increased participation in one of the world’s most dynamic and fastest growing areas – an area which is also home to some of the world’s largest reserves of oil and natural gas.
"Successfully testing some 2500 barrels of oil equivalents per day from the Jebel Aswad well onshore Oman has lead to an increased focus on the gulf region for Tethys Oil. A DIFX listing is a natural step to increase Tethys Oil’s visibility in the region with a view to obtain additional projects as well as an ability to tap into the region’s financial markets for future project funding," comments Tethys Oil’s Managing Director Magnus Nordin.
DIFX offers a newly established market place set up to international stock exchange standards with state of the art trading technology and English language based agreements. A DIFX secondary listing should offer an excellent complement for trading Tethys Oil’s shares in addition to the Company’s primary listing on First North in Stockholm .
Tethys will file an application for a secondary listing of the Company’s shares with the DIFX shortly with a view to have its shares admitted for trading on the DIFX within some 30 days |
