Saturday, February 21, 2009

Tethys gets Swedish investors to invest $1.5mln in Oman oil exploration

Good news for Oman in this current climate. Swedish listed company Tethys Oil, a minor European O&G company, are sufficiently confident that the owners are investing an extra $1.5mln to pay their share of some drilling in blocks 3 & 4 in the Oman Mountains' southern foothills.

Don't know the terms of the fiscal deal they have, but I do hope they are successful. Their partner Greek based mega-ME conglomerate Consolidated Contractors Company Oman got involved in the fantabulously incredible Omagine! project for a whopping $50 mln to buy 12% and the right to be General Contractor. Ooops. (still, that was back in 2007)

Tethys Oil raises SEK13m through private placement
The Board of Directors of Tethys Oil AB has resolved to issue 1,300,000 new shares at a price of SEK10 through a private placement directed to approximately 10 Swedish and international investors.

The private placement is done with authorizations from the AGM held on May 8, 2008. The private placement is fully subscribed and the proceeds will amount to MSEK13 (approximately MUSD1.5) before issue costs.

A total of 1,300,000 new shares at a price of SEK10 corresponding to approximately 5.4% of the number of shares outstanding will be issued. After the private placement the number of shares in Tethys will amount to 25,280,086. The share capital of the company will increase by SEK216,667 to SEK4,213,348. The subscription price is in line with Tethys' current price on the stock market.

The proceeds from the private placement will be used to facilitate the ongoing work programme in Tethys' core area onshore Oman.

On re-reading these day the earlier press release for CCC's buy-in to Omagine! from just 2 years ago really paints a picture of the heady days when it seemed anything was possible real-estate wise.

Bank Muscat are project bank of choice.

Those were the days, eh?

NEW YORK, Dec. 18, 2007 (PRIME NEWSWIRE) --
Omagine, Inc. and its wholly owned
subsidiary Journey of Light, Inc. (the "Company") (OTCBB:OMAG) today announced that Consolidated Contractors International Company, S.A. (CCIC), an investment arm of Consolidated Contractors Group SAL ("CCG"), will invest nineteen million ten thousand Omani Rials (equivalent to US$49,426,000) in Omagine SAOC in
exchange for a twelve percent (12%) equity stake.

Omagine SAOC (the "Project Company"), presently being organized by the Company in the Sultanate of Oman, will design, develop, build, own and operate the Company's planned $1.5 billion plus tourism project -- OMAGINE -- which, when completed in four to five years, management expects to become Oman's prime destination for tourists, business travelers and the local population. An elegant and sophisticated integration of heritage, educational and cultural elements blended with entertainment, retail and hospitality elements, the Company expects that OMAGINE will set new standards. OMAGINE, and its jewel-like architecture, will be situated on the coast of the Gulf of Oman just ten minutes from Muscat; will boast over a kilometer of beach front; and will include commercial (retail, hotel, office) elements and over 3,000 matchless residences -- all in a stellar location.

Frank J. Drohan, the Company's president commented, "There is tremendous liquidity in the Gulf countries these days and we have been experiencing very extensive interest from a wide variety of investors anxious to invest in the Project Company. ...We believe OMAGINE will be the signature project for Oman and we and CCG are committed to the mission of delivering OMAGINE for our shareholders and for the people of the Sultanate of Oman."

Today's announcement follows the Company's news last week naming CCG's local Omani subsidiary, Consolidated Contractors Company Oman LLC ("CCC"), as OMAGINE's General Contractor, ... "Recent residential sales at other tourism projects in Oman have been extremely successful with very robust pricing levels occurring. Given the very energetic real estate market at present and the rapidly spreading knowledge about Oman's desirable tourism attributes, we want to be prudent and have our financial advisors and BankMuscat update our financial models and projections to current valuations to determine the amount of further capital, if any, required. ...


  1. Good News, Would encourage the FIs to come to Oman and be confident that we are different then other countries in the region. the reason is we didn't copy our neighbours and we are ot like chinees ...Cheers,,,, HardRock

  2. UD
    Is $1.5 Mil a bit too trivial? Is it big enough to shout through the window?

  3. It's probably not enough to mill a window.....


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