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Tethys Oil - All share offer at SEK 58.7/sh

13 september 2024

<a id="bm-comp-a760436d-36d9-4053-9d24-50a60e50c2f6" name="bm-comp-a760436d-36d9-4053-9d24-50a60e50c2f6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a760436d-36d9-4053-9d24-50a60e50c2f6" style="vertical-align: top; width:100.000000%;"><ul><li>Roc Oil Company bids SEK 58.7/sh for Tethys Oil</li><li>Offer in-line with ABGSC valuation, independent committee recommends the offer</li><li>Bid seems likely to be accepted</li></ul></td></tr></table><a id="bm-comp-d595fd03-92c0-486c-8da1-dfe6378f493e" name="bm-comp-d595fd03-92c0-486c-8da1-dfe6378f493e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d595fd03-92c0-486c-8da1-dfe6378f493e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Roc Oil Company bids SEK 58.7/sh for Tethys Oil</h3><p>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 G&#246;ran K&#228;llebo, 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.</p><h3 class="bm-h3">Offer in-line with ABGSC valuation, independent committee recommends the offer</h3><p>The bid of SEK 58.7/sh, compares to our risked NAV of SEK 64/sh, consisting of SEK 41/sh for block 3&amp;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.</p><h3 class="bm-h3">Bid seems likely to be accepted</h3><p>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.</p><br /><table id="bm-img-0e45a2e2-0eef-41bb-8a97-f3f38c38fd65" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Tethys Oil SOTP</td></tr><tr><td><img bm-img-encrypt="0e45a2e2-0eef-41bb-8a97-f3f38c38fd65" bm-img-original-height="374" bm-img-original-width="1633" bm-img-svg="image:image_upload/81561_4dc103c8-7cfd-42db-b1bb-fe9d8a0e57b8.svg" bm-img-width-hint="100%" id="bm-id-0e45a2e2-0eef-41bb-8a97-f3f38c38fd65" src="https://abgsc.bluematrix.com/images/image_upload/81561_4dc103c8-7cfd-42db-b1bb-fe9d8a0e57b8_733.png" svg="/nas/web/clients/abgsc/images/image_upload/81561_4dc103c8-7cfd-42db-b1bb-fe9d8a0e57b8.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>

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