Tethys Petroleum Limited announced Casey McCandless has been appointed as Interim CFO (Chief Financial Officer), following the resignation of Clive Oliver. Casey has worked at Pope Asset Management since 2003.

On January 17, 2020 Tethys announced a loan amendment agreement with one of its lenders to restructure the loan originally made to the Company by AGR Energy Limited No. 1 which had an outstanding balance of approximately USD 12.1 million, the key terms of which are described below: The lender provided a waiver of all past defaults; The maturity date was extended from June 30, 2017 to June 30, 2021; The outstanding loan balance was reduced from USD 12.1 million to USD 9.0 million; The Loan which bore a default interest rate of 18% no longer bears interest; and Twelve monthly repayments of $750,000 will be due commencing July 31, 2020. It was also announced that the monetary claims under the Loan were assigned by AGR Energy Limited No. 1 to a private individual in 2016. In conjunction with the Amendment Agreement, further assignments were made. Tethys announced that it has agreed and entered into a further loan amendment agreement with the new holder of the loan, the key terms of which are described below: Tethys shall have the option to either: Make a repayment of the outstanding balance in the amount of USD 3,000,000 on December 31, 2020, June 30, 2021 and December 31, 2021; or Make a repayment of USD 7,000,000 by August 25, 2020 upon which Tethys will receive a $2,000,000 early payment discount and the outstanding balance will be considered repaid in full.