Tethys Oil : The Board of Directors' proposal for dividend to the Annual General Meeting 2024
March 27, 2024 at 12:05 pm EDT
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Published: 2024-03-27 16:50:00 CET
Tethys Oil AB
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The Board of Directors' proposal for dividend to the Annual General Meeting 2024
The Board of Directors proposes to the Annual General Meeting 2024 that no dividend for the financial year 2023 is to be paid. The Company is in the process of assessing the capital requirements across its asset portfolio and is also conducting a strategic review of the composition of the Group's portfolio of oil and gas assets. Upon conclusion of the assessment of capital requirements and the strategic review, the Board aims to revisit the matter of shareholder distributions.
The parent company has distributable earnings (unrestricted equity) of MSEK 869.0 on 31 December 2023. As per 31 December 2023, the Group's and the parent company's equity ratio amounted to 88.7 percent and 98.0 percent, respectively.
Despite the parent company's and Group's solid financial position there remain uncertainty regarding both the near- and long-term capital requirements relating to the development of the Company's portfolio of oil and gas assets, and until such time that these are fully understood the Board of Directors cannot confidently assess the Company's ability to pay a dividend for the year 2023.
In parallel, the Group is conducting a strategic review of its portfolio of oil and gas assets with the aim of rebalancing the asset mix and increasing the visibility of the assets fair market value.
Upon conclusion of the assessment of capital requirements and the strategic review the Board aims to revisit the matter of shareholder distributions.
Tethys Oil's Annual General Meeting 2024 is to be held in Stockholm on 15 May 2024.
Tethys Oil is an oil exploration and production company with focus on onshore areas with known oil discoveries. The company's core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 21.7 mmbo and net working interest 2C Contingent Resources of 15.5 mmbo and had an average oil production of 8,818 barrels per day during 2023. The company's shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com
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The Board of Directors proposal for dividend to the Annual General Meeting 2024.pdf
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Tethys Oil AB is a Sweden-based energy company. The Company is focused on oil and gas exploration and production onshore areas with known discoveries. Its core area of focus is the Sultanate of Oman, where the Company holds licence interests in three onshore blocks. Tethys Oil has licences in three countries altogether: Oman, Lithuania and France. Two of the licenses are in production, namely Blocks 3 & 4 in Oman and Gargzdai in Lithuania. During 2013 the Company also had licenses in Sweden, however, they have expired and were not renewed. As of December 31, 2013, the Company had 10 wholly owned subsidiaries active in Sweden, Gibraltar, Switzerland and the British Virgin Islands, such as Tethys Oil Denmark AB, Tethys Oil Spain AB and Tethys Oil Turkey AB, among others.
TETHYS OIL AB 
