Tethys Oil AB (OM:TETY) commences an Equity Buyback Plan for 2,199,555 shares, representing 6.65% of its issued share capital, under the authorization approved on May 10, 20023.

Tethys Oil AB (publ) (OM:TETY) commences share repurchases on May 30, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 10, 2023. As per the mandate, the company is authorized to repurchase up to 2,199,555 shares, representing 6.65% of its issued share capital, such that its holding in treasury does not exceed 10% of all the shares in the company. The purpose of the program is to provide flexibility regarding its equity and thereby optimize its capital structure.

The repurchases may also enable own shares to be used as payment for, or financing of, an acquisition of a company or a business or in connection with the handling of incentive programs. The program will be valid till the next Annual General Meeting in 2024. As of April 5, 2023, the company has 33,056,608 shares in issue of which 1,106,106 shares are held in treasury.