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Tethys Appoints John Bell As New Executive Chairman

|Includes: Tethys Petroleum, Ltd. (TETHF)

Tethys Petroleum (TSE:TPL)(LON:TPL) said it has appointed John Bell as its new executive chairman, with its executive committee now made up of Bell, CEO Julian Hammond and CFO Denise Lay.

The news comes just a week after the Central Asia-focused oil and gas company decided to overhaul its board following the requisition of an EGM by shareholder Pope Asset Management that called for the removal of most of the company's previous directors.

Pope Asset Management, which owns 17.3% of the oil company, called the meeting and proposed David Botting, David Roberts, John Bell and David Henderson be appointed as replacement directors. These Pope-nominated directors were appointed with immediate effect on November 18, while those remaining directors named in the requisition stepped down.

Previous executive chairman David Robson and executive director Liz Landles resigned in early November following the requisition of the EGM that called for their removal.

CEO Julian Hammond said: "The appointment of John Bell as Executive Chairman significantly strengthens our Executive team. John brings over 30 years' experience in the international energy sector and has significant board level and corporate governance experience having served as a director on several boards both private and listed.

"Denise Lay and I look forward to working closely with John and the other new non-executive directors to implement the Board's strategy and bring value to shareholders."

Bell previously worked as VP or managing director at BP, Statoil and Suncor Energy.

Tethys also announced board committee appointments on Thursday, and said it has resolved to discontinute the mandate of the strategic risk committee, with future board level decisions on strategic risk being reserved for the board.

The company recently announced it is expecting a "step change" in revenue when it brings additional gas production in Kazakhstan on stream in the first quarter of next year.The Central Asia-focused oil and gas producer revealed the update in a statement announcing its third quarter financial results.

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Its key asset is the Bokhtar contract area in Tajikistan, where Total and China National Petroleum Company (CNPC) farmed in last summer. Bokhtar is estimated to contain some 27.5bn barrels of oil equivalent.