Tethys Petroleum (LON:TPL,TSE:TPL) has announced that Clive Oliver, formerly vice-president of finance, is taking over the role of chief financial officer.
It comes amid the closure of the companies office in Guernsey, where Denise Lay had been CFO for the previous six years.
The company said that Lay’s employment has come to an end, due to redundancy, and that she had been offered the chance to relocate and continue her role.
“A process of optimisation and restructuring has been on-going within Tethys recently,” the company said in a statement.
Tethys – which is based operationally in Kazakhstan and central Asia – has in the last 7 months closed offices in Washington, Toronto, Beijing, Dubai and Guernsey, and it has also relocated and downsized offices in Georgia and Tajikistan.
The company last week moved closer to being taken over by Nostrum Oil & Gas (LON:NOG) after agreeing terms, at a premium price for shareholders, of a potential deal.
A newly signed - albeit non-binding - letter of intent has laid out the terms upon which Nostrum would acquire Tethys. Nostrum proposes a share-based deal which would value Tethys at C$0.147, a premium of 63% at the time.
The LOI says both Nostrum and Tethys shall use “all commercially reasonable endeavours” to execute the deal.