Tethys Lists on LSE

- Tethys Lists on LSE

Monday, July 25, 2011
Tethys Petroleum Ltd.

Tethys Petroleum announced that its entire issued ordinary share capital has been admitted to the standard category of the Official List of the Financial Services Authority and has commenced trading on the main market of the London Stock Exchange under the ticker symbol "TPL". Depository interests, representing Tethys Petroleum ordinary shares, have been admitted to CREST. Shareholders wishing to trade securities in the Company electronically on the London Stock Exchange can trade depository interests representing Tethys Petroleum ordinary shares in CREST.

The primary listing for the ordinary shares of the Company will continue to be the Toronto Stock Exchange in Canada and the Company will continue to retain its secondary listing on the Kazakhstan Stock Exchange.

The Company is not raising any funds or issuing any new shares in connection with its listing in London and, accordingly, the interests of existing shareholders of the Company will not be diluted as a result of Admission. There will remain 260,629,769 ordinary shares of the Company in issue.

Dr David Robson, Chairman, President and Chief Executive Officer of Tethys Petroleum commented, "Our listing on the main LSE exchange represents a further major stage in the development of our company and will, we believe draw attention to our progress to UK and international investors."

Tracey Pierce, Director of Equity Primary Markets at London Stock Exchange Group, said, "We are delighted to welcome Tethys to the London Stock Exchange's Main Market today. This listing will give the company exposure to the world's most international market and to an unrivalled source of liquidity and new investors. Tethys' admission to the Exchange reinforces London's attractiveness to companies which have global reach and ambitions."

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Tullow Lists Shares on Ghana Stock Exchange

- Tullow Lists Shares on Ghana Stock Exchange

Tuesday, May 31, 2011
Tullow Oil plc

Tullow announced its plans for a secondary listing of its shares on the Ghana Stock Exchange (GSE) and an offering of 4,000,000 Tullow shares in Ghana.

The offer of Tullow shares on the GSE will give everyone in Ghana the opportunity to apply for shares in Tullow and to share in the future performance of Tullow's operations across its global portfolio of assets. This listing and share offer further demonstrates Tullow's long-term commitment to Ghana.

The share price for the offer will be announced on Monday, June 13, 2011. Shares can be applied for between June 13, 2011 and July 4, 2011 through Tullow's sponsoring broker, IC Securities (Ghana) Limited or visiting any branch of Standard Chartered or Agricultural Development Bank in Ghana or the office of any of the authorized receiving agents.

Tullow expects to publish a prospectus which further describes the secondary listing and share offer under Ghanaian law on 13 June 2011. Any decision to invest in shares which form part of the offer should only be made on the basis of information set out in that prospectus.

Commenting, Aidan Heavey, Chief Executive, said, "Tullow is fortunate to have played a pivotal role in delivering First Oil from the word-class Jubilee field, offshore Ghana. We would like everyone in Ghana to have the opportunity to invest in the future performance of Tullow, especially as we embark upon further exciting exploration and development activities in Ghana and across our global portfolio. With the support of the Ghana Stock Exchange, the Securities and Exchange Commission and Ghanaian advisers and banks, we are making our shares accessible to anyone in Ghana who wishes to take part in the share offer."

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China Short Lists 6 Firms for First Shale Gas Auction

China Short Lists 6 Firms for First Shale Gas Auction

Tuesday, April 26, 2011
Dow Jones Newswires
by Jing Yang

China has short listed six domestic firms to participate in the nation's first shale gas auction, which has been postponed to May, an official with the Ministry of Land and Resources said Tuesday.

Shale gas, which recent technologies have started liberating from relatively impermeable rock, could help China to slow its growing reliance on imported energy. Chinese companies have been gaining know-how in the shale gas drilling from pioneering U.S. partners. The auction marks a move to exploit on a large scale the clean-burning fuel, of which it has identified massive reserves.

The six firms--PetroChina, China Petroleum & Chemical, Cnooc, Shaanxi Yanchang Petroleum Group, China United Coal Bed Methane and Henan Provincial Coal Seam Gas Development and Utilization--will bid for eight shale gas blocks, the official said.

The ministry will likely hold at least one more auction later this year, which could allow more companies, such as Sinochem Group and China Zhenhua Oil Co., to participate. As these two companies don't yet have domestic mining licenses, they can't bid in the current tender, he said.

Technical advances allowing the development of shale gas have transformed the U.S. energy sector in recent years, prompting a wave of merger-and-acquisition activity and sharply reducing reliance on gas imports.

Earlier this year, Cnooc Ltd. bought into several shale oil and gas leases in the U.S. owned by Chesapeake for $570 million in cash, following a similar deal in October.

A recent report from the U.S. Energy Information Administration showed that China holds 1,275 trillion cubic feet of technically recoverable shale gas reserves, the largest in the world.

The nation has invited U.S. and European companies into its tightly controlled onshore gas acreage in order to gain technical know-how. The firms that win blocks in the upcoming auction will also be allowed to work with foreign companies.

PetroChina completed the drilling of China's first horizontal shale gas well last month in Sichuan province. Horizontal shale gas wells are more productive and have proven to be more commercially viable compared with vertical wells.

Production of unconventional gas, such as coal bed methane and shale gas, is expected to reach 20 billion cubic meters annually by 2020, while output of conventional natural gas will rise to 200 billion cubic meters a year, the Research Institute of Economics and Technology of China National Petroleum Corp. forecast in an annual report earlier this year.