OREANDA-NEWS. December 16, 2011. Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) (LSE:TPL) announced that it has completed a previously announced private placement of 26,062,975 Ordinary Shares for gross proceeds of USD13,069,187 million (the "Offering").  Renaissance Capital, FirstEnergy Capital LLP and Quam Capital acted as joint book runners, reported the press-centre of KASE.

The Ordinary Shares were placed at a price of CAD0.52 (GBP0.32) each. The Ordinary Shares of the Company are listed on the Toronto Stock Exchange ("TSX") and the London Stock Exchange ("LSE") under the symbol ("TPL").

The net proceeds of the Offering will be used by Tethys to contribute towards the purchase of an additional 34% of shares in Seven Stars Energy Corporation ('SSEC'), the joint venture that owns the rights to the Bokhtar Production Sharing Contract in Tajikistan, and to carry out additional work on the Beshtentak oilfield in Tajikistan where Tethys has recently been flow testing a recompleted well at rates of over 600 barrels of oil per day. Currently Tethys owns 51% of the shares in SSEC and has an option (the "Option") to acquire a further 34% of SSEC from its partner. In addition, when the Option is exercised, the outstanding loan from Tethys to SSEC will be restructured. Tethys proposes to exercise the Option following completion of the Offering. After the completion of the exercise of the Option, Tethys will own 85% of the shares in SSEC.