Tethys Oil : The Board of Directors' Proposal for Dividend to the Annual General Meeting 2024

Source: www.gulfoilandgas.com 3/27/2024, Location: Middle East

The Board of Directors proposes to the Annual General Meeting 2024 that no dividend for the financial year 2023 is to be paid. The Company is in the process of assessing the capital requirements across its asset portfolio and is also conducting a strategic review of the composition of the Group’s portfolio of oil and gas assets. Upon conclusion of the assessment of capital requirements and the strategic review, the Board aims to revisit the matter of shareholder distributions.

The parent company has distributable earnings (unrestricted equity) of MSEK 869.0 on 31 December 2023. As per 31 December 2023, the Group’s and the parent company’s equity ratio amounted to 88.7 percent and 98.0 percent, respectively.

Despite the parent company’s and Group’s solid financial position there remain uncertainty regarding both the near- and long-term capital requirements relating to the development of the Company’s portfolio of oil and gas assets, and until such time that these are fully understood the Board of Directors cannot confidently assess the Company’s ability to pay a dividend for the year 2023.

In parallel, the Group is conducting a strategic review of its portfolio of oil and gas assets with the aim of rebalancing the asset mix and increasing the visibility of the assets fair market value.

Upon conclusion of the assessment of capital requirements and the strategic review the Board aims to revisit the matter of shareholder distributions.

Tethys Oil’s Annual General Meeting 2024 is to be held in Stockholm on 15 May 2024.


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