Tethys lines up London listing

July 20.Upstream

By Eoin O’Cinneide

Tethys lines up London listingThe UK could soon have a new quoted oil and gas operator in its stable as Tethys Petroleum readies a listing on the capital’s main bourse.

The Canadian independent is reviving its plans for a London flotation after failing in a bid to list on the city’s secondary market six years ago.

Tethys has submitted its prospectus to the UK Financial Services Authority with an eye on 25 July as its first day of trading on the London Stock Exchange, it wrote in an announcement today.

Kazakh-focused Tethys is currently listed in Toronto with a secondary listing on the Kazakhstan Stock Exchange.

The company is not looking to raise any further capital or issue new shares so the current shareholding of around 260.63 million ordinary units will not be diluted, it vowed.

This did not, however, stop the company’s share value dropping over 2% in early trading in Toronto today.

“It is expected that admission will become effective, and that dealings on the main market of the London Stock Exchange under the ticker symbol ‘TPL’ will commence at 8:00 am on 25 July 2011, subject to receipt of final approval from the [FSA] and the London Stock Exchange,” Tethys wrote.

The company announced in October 2006 that is was chasing between $20 million and $40 million in fresh funds as it sought a listing on London’s Alternative Investment Market.