Nostrum confirms further approach to Tethys

Nostrum Oil & Gas confirmed that it has made a further approach to Tethys Petroleum about a possible offer for the company at C$0.2185 per Tethys share.

Following the approach, Tethys and Nostrum have negotiated a $5m loan financing in order to support the short-term liquidity of Tethys, during the period in which any formal offer may be implemented, Nostrum said. Tethys has also agreed to grant exclusivity to Nostrum until 25 August 2015, for the purposes of conducting due diligence.

Nostrum said the statement was not an announcement of a firm intention to make an offer for Tethys, adding that there can be no certainty any offer will be made, nor as to the terms on which any offer might be made.