Tethys Petroleum: AGR Energy Calls in $7.5m Debenture

Tethys Petroleum Limited announces that it has received an Accelerated Repayment Notice from AGR Energy Limited No 1 (“AGR Energy”) in relation to the unsecured convertible debenture issued by Tethys to AGR Energy on 15 May 2015 (“Convertible Debenture”) notifying the Company of events of default and demanding repayment of the principal amount of US$7,500,000 and accrued interest of US$443,984.

As announced by the Company on November 19, 2015, it has entered into an interim convertible financing facility of up to US$15 million (the “Interim Financing Facility”) with Olisol Petroleum Limited (“OPL”), a wholly owned subsidiary of Olisol Investments Limited, part of the proceeds of which are to be used to repay the Convertible Debenture. As all of the condition precedents to the first drawdown under the Interim Financing Facility have been satisfied and a drawdown notice has been submitted to OPL, the Company intends to repay the Convertible Debenture as well as the outstanding US$5 million loan issued by Nostrum Oil & Gas plc on August 10, 2015, as soon as funds have been received from OPL.