Hainan Mining (601969.SH), a subsidiary of the Middle East layout, plans to make a full tender offer to acquire Tethys Oil AB, with an estimated total investment of approximately 1.302 billion yuan.

Hainan Mining (601969.SH) announced that its wholly-owned subsidiary Roc Oil Company Pty Limited ("Roc Oil") has issued a cash acquisition offer to all shareholders of Tethys Oil AB ("Tethys"), which aims to acquire not less than 90% of the target company's shares, including potentially 100% of the target company's shares, leading to the delisting of the target company. The offer price for this acquisition is SEK 58.70 per share, with a total offer price of SEK 1.894 billion, equivalent to approximately RMB 1.302 billion. Tethys is a company focused on oil exploration and production, with its core assets and main business activities located in the Sultanate of Oman ("Oman"), and listed on the Stockholm Nasdaq Exchange in Sweden. As of the end of 2023, Tethys' audited 2P oil reserves were approximately 21.7 million barrels, with an average daily production of about 7,860 barrels in the first half of 2024. In recent years, driven by the dual engines of "industrial investment + industrial operations," the oil and gas business's production has continued to grow, becoming an important source of revenue and profits for the company. Upon completion of this transaction, Roc Oil's 2P net oil reserves will increase by approximately 123%, and the company's oil and gas business scale will be significantly enhanced. Additionally, Oman is an important oil-producing country in the Middle East and globally, with China being its largest trading partner and crude oil exporter. After the completion of this transaction, Roc Oil's main business will expand to Oman, and the company's industrial layout in the Middle East will also be established.