News

November 25, 2008

Swedish Junior Tethys Oil Has No Real Reason To Feel Gloomy

Tethys Oil is a Swedish junior company interested in looking for assets to develop. It was formed in 2004 to concentrate on exploring and developing neglected fields in Western Europe because of the low political risk. Having enjoyed mixed success in Denmark and France, it cast its net wider and now has interests in licences in Oman, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm.

It happens that Oman has come good for Tethys in the past year. It is now the core business and to date eclipses its other interests. It comes as a little surprising therefore to find that the company’s report for the period January 2008 - September 2008 starts off on a somewhat downbeat note.

The usually genial and optimistic CEO Magnus Nordin and Chairman Vince Hamilton say in the report: “The third quarter 2008 was a turbulent one for the financial markets globally. The turmoil...