Oliver named chief executive officer of Tethys Petroleum

Clive Oliver has been named chief executive officer of Tethys Petroleum Ltd. after the company’s current CEO, Mattias Sjoborg, has decided to step down. Sjoborg will remain a member of the company’s board.

Oliver, who also serves as chief financial officer, joined the company in August 2013.

This change is primarily being made as a cost-saving initiative, the company said, and its board feels combining these roles is appropriate at this time “given Oliver’s experience and knowledge of the business and the company’s current stage of development where operational management is in Kazakhstan.”