Tethys Petroleum is extending its grip on the promising Bokhtar production site in Tajikistan, after completing a $13 million fund-raiser that looks set to give it control over the area. Central Asia-focused Tethys announced Friday that it had completed a previously announced private placement of 26,062,975 shares for gross proceeds of just over $13 million. The net proceeds will go toward snapping up 34% of shares in Seven Stars Energy Corporation (SSEC), which owns the rights to the potentially lucrative Bokhtar Production Sharing Contract in Tajikistan, covering a third of the country.
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