Tethys Petroleum Limited announced that it has signed a legally binding amendment to the $15 million convertible debt facility entered into on November 19, 2015 with Olisol Investments Limited and its wholly owned subsidiary, Olisol Petroleum Limited, setting out amended terms to the Interim Facility and consequential changes to the transaction documentation between the companies. Once certain conditions precedent are satisfied, which are expected in the near future, the previously announced initial changes to the board of directors of the Company will come into effect. Upon successful first draw down of the Kazakh Loan and conversion of the circa $6.25 million under the Interim Facility into equity, the Board will be comprised of the following five directors. Adeola Ogunsemi, non-executive director and Chairman of the Audit
Committee; Williams Paul Wells, non-executive director; Alexander Abramov, non-executive director; One additional non-executive independent director designated by Olisol; and The one remaining Board seat to be filled by a candidate who satisfies the legal and regulatory requirements of the Company and whose appointment is agreed by Tethys and Olisol. At that time, as required under the agreement, John Bell, David Henderson, David Roberts and Jim Rawls will step down from the Board.