Ashurst advised Tethys Petroleum, an oil and gas exploration and production company with assets in Central Asia and listed on LSE and on TSX, in relation to its capital raising to fund the continued development of its Kazakh shallow gas programme. Tethys Petroleum conditionally raised $15 million through the issue of 36,894,923 new ordinary shares to new and existing investors at 24p per share.

The capital raising is structured as a private placement in two tranches. The first tranche was admitted to trading on LSE on 20 May 2014. The second tranche is conditional on the publication of a prospectus, which is expected to be released before end June 2014.

FirstEnergy Capital LLP and Cantor Fitzgerald Europe acted for Tethys Petroleum as placing agents on a reasonable endeavours basis.

The Ashurst team was led by corporate partner Nick Williamson, assisted by senior associates Stuart Dullard (corporate) and Jeffery Johnson (US securities law), associate Denva Poyntz (energy and resources) and trainee Michelle Davenport (corporate).