• Roc Oil Company bids SEK 58.7/sh for Tethys Oil
• Offer in-line with ABGSC valuation, independent committee recommends the offer
• Bid seems likely to be accepted

Roc Oil Company bids SEK 58.7/sh for Tethys Oil

Today, 13 September 2024, Roc Oil Company Pty Limited, announced a public cash offer to the shareholders of Tethys Oil AB to tender all their shares in Tethys to the offeror at a price of SEK 58.70/sh in cash, valuing the company at SEK 1.894b. The offered price of SEK 58.7/sh is 89% above yesterday's closing price of SEK 31/sh, and 77% above the last 90 days average price of SEK 33/sh. Lansdowne Partners Austria GmbH, Magnus Nordin (CEO of Tethys), and Göran Källebo, holding 16.86% of Tethys' shares, have committed to accepting the bid, subject to conditions. The acceptance period for the offer is expected to commence on or around 28 October 2024 and expire on or around 2 December 2024.

Offer in-line with ABGSC valuation, independent committee recommends the offer

The bid of SEK 58.7/sh, compares to our risked NAV of SEK 64/sh, consisting of SEK 41/sh for block 3&4, SEK 18/sh in contingent resources and SEK 4 in net cash. Note that our NAV does not include any value to Tethys' other exploration blocks (49, 56, 58). On 5 February 2024, Tethys' board announced a strategic review of its Oil and Gas assets, considering various proposals, thus today's announcement is not a surprise. The independent bid committee recommends the offer as the best alternative to maximise shareholder value.

Bid seems likely to be accepted

As the offer is much in-line with our current valuation, represents a substantial premium to yesterday's close (89%), and the biggest the shareholder, Lansdowne Partners Austria, has committed to the offer, we believe it is likely that the bid will be accepted.