Tethys Share Discussion Threads

[dorset64] 20/10/2016 08:44

Well it does appear possibly two things are happening. Firstly I'm led to believe that Olisol had a dry up of funds not of their own doing but their banks, and secondly due to this and perhaps other matters Tethys are playing hard ball with them in relation to the future direction and voting upon of the company.

Olisol missed their original agreed payment timeline and in turn, as I do know Tethys were then looking at/discussing other funding options. Now Tethys are basically saying that unless Olisol agree to the last paragraph, then the deal is off. Could this be that there is someone else come forward with funds and/or want a piece of Tethys. As with all these releases, you have to read into more of what IS NOT in there than what is.

[clive_h] 20/10/2016 07:48

FOR: TETHYS PETROLEUM LIMITED

TSX, LSE SYMBOL: TPL

October 20, 2016

Tethys Petroleum Press Release: Olisol Petroleum Limited Press Release and Transaction Update

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Oct. 20, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL)
("Tethys" or the "Company") today announces that it acknowledges Olisol Petroleum Limited's ("Olisol") Press Release dated October 12, 2016 ("Release") whilst wishing to clarify certain matters pertaining to Olisol's Release and to provide a transaction update.

Olisol Petroleum Limited Press Release

Olisol states in its Release that it intends to direct Tethys to apply all funds to be repaid to Olisol in connection with outstanding working capital advances, plus accrued interest thereon, to its obligation to subscribe for 181,240,793 ordinary shares at C$0.054 per share.

Tethys wishes to clarify that under the Amended and Restated Investment Agreement dated April 28, 2016 ("Investment Agreement"), between Olisol and the Company, Olisol is required to transfer the full purchase price of CDN$9,787,002.82 for 181,240,793 ordinary shares to Tethys prior to the closing date.

In addition to this, under the Investment Agreement, Olisol has the right to convert any amounts outstanding under the facility agreement and any amounts of working capital indebtedness, in each case with accrued but unpaid interest thereon, into Tethys ordinary shares at the placing price of C$0.054 per share. The amounts outstanding under the facility agreement and as working capital indebtedness are denominated in United States Dollars and for the purposes of converting any amounts outstanding into Canadian dollars, such amounts shall be converted at an exchange ratio of US$1 equals CDN$1.268, being the Bank of Canada's noon exchange rate on April 25, 2016.

Olisol also states in its Release that upon completion of the private placement Olisol believes it will hold approximately 244,285,253 representing 37.32% of the total number of issued and outstanding ordinary shares of Tethys.

Tethys wishes to clarify that there are currently 400,004,848 Tethys ordinary shares issued and outstanding. Upon completion of the private placement to Olisol of an additional 181,240,793 ordinary shares Olisol's shareholding would be 244,285,253 ordinary shares which would represent 42.03% of the total number of issued and outstanding ordinary shares.

Olisol Transaction Update

The Company has requested a proposal from Olisol to resolve certain issues that it feels are important to be agreed prior to completion of the private placement. These include a relationship agreement which ensures that all transactions between Tethys and Olisol will be at arm's length and on normal commercial terms and Olisol shall not vote on any related party transactions between the Company and Olisol as well as related corporate governance arrangements. The Company remains hopeful that Olisol will provide a proposal to address the issues raised with Olisol in time to allow completion to take place by the outside date of October 27, 2016 as contemplated by the Investment Agreement.

[casual47] 20/10/2016 00:28

Unless......could it be Tethys that is making it tough for Olisol?

According to clause 5.3 of the Amendment Agreement:

"The Parties agree that any amounts provided to tethys under clause 5.1. shall be in the form of debt that will (subject to TSX approval and the approval of Tethys's shareholders, if required) convert into shares on the Closing Date."

So according to this clause Olisol is not allowed to ask Tethys to "repay" the loan so that Olisol can use it to buy 181m shares.

But then this is conflicting with the AGM which only got approval for 43.9m shares worth of working capital to be converted. I guess nobody anticipated things would get dragged out so long...hence the ballooning of working capital....

"Company be authorised to issue up to 43,962,996 Ordinary Shares to Olisol upon the conversion of the outstanding principal and accrued but unpaid interest (assumed to equal US$1,872,241.15)"

We have been assuming Olisol is dragging their heels, but maybe Tethys is standing their ground here?

[casual47] 20/10/2016 00:10

What is there to agree upon? Olisol just needs to pay up.

[truenorthcanuck] 19/10/2016 23:56

I bought today on the TSE (150,000 shares - total 625,000 now) for $4500 dollars....if you look at the total purchased today it was worth under $20,000 Canadian dollars (not significant in the big picture). As for the price, it is either someone playing around for a 20 percent play (difference between 2.5 & 3 cents in recent months) or perhaps Oilsol is working to keep the closing price under .03 cents in order to make an argument on company value. I know from speaking to Tethy that both Oilsol and Tethy are trying to come to an agreement on working capital in order that they have a plan to move forward.

[dorset64] 19/10/2016 23:01

With that amount bought on the TSX perhaps news & completion is on its way, most unusual for that amount of trades. Just can't be a coincidence of a few peeps all of a sudden deciding to buy all at the same time but hey, what do I know lol

[casual47] 19/10/2016 22:42

While the upside to oil may be curbed by the fracking industry, it does look like the powers that be (Saudis) have determined that UP is the way to go for POO...

[hguess16] 19/10/2016 22:03

It is interesting that no trades took place on LSE today, but significant volume on TSX !.

Olisol needs to get its act together.
The deadline is next Thursday 27 Oct !.
Fingers crossed !.

[temporarily insane] 19/10/2016 21:55

1399Peter, this continues to prove the absolute farce that is TSX.......

Back down 20% on 1 trade of 1000 !!!!!!!!!!!!










Beggars belief

[temporarily insane] 19/10/2016 20:29

So it looks as though 6000000 shares bought equates to 20% rise and 6500 sell equates to 16% drop over on TSX.


The thing that get me angry is that there is no consistency.


WTF

[temporarily insane] 19/10/2016 20:27

1399Peter, looks as though somebody has had the phone call over on TSX........and anonymous (001) seems to be the buyer.

[1399peter] 19/10/2016 18:28

I'm assuming that's a big old buy going on over at the TSX, or a short position closing out of course

[1399peter] 19/10/2016 11:22

level 2, anyone!!! TIA

Ok.........I was just wondering if anyone has had any difficulty buying more than 50k, as it took a few days for them to complete my one last week.

[casual47] 19/10/2016 09:19

We don't need dodgy salesmen but we do need a sales man with a vision of where he can take the company. TPL has even been poor at selling the company to its own shareholders of late.....

[hguess16] 19/10/2016 08:35

casual47,
I am glad PAM got rid of Robson and his gang !.
Why not have a proper look at the set-up at Skyland and the service contracts for the
Robson and his team and get a better idea of how the PI's are likely to recover their
investment ?.
We do not need any salesmen of the calibre of Robson sniffing around at TPL.
Good riddance !.

[brad44] 19/10/2016 07:46

hes a fxxxing expensive one, and one that could be fatal to you company imho..

[casual47] 18/10/2016 23:25

Whatever else Robbo might be he's a good salesman. TPL could use one.

[hguess16] 18/10/2016 22:07

TI, Having looked at the 6 monthly accounts of Skyland, the audit report mentions that there is " material uncertainty regarding its continuation as a going concern"
reflecting the fact that the loss after tax of $6.5m, negative cash flows and a working capital deficiency of $4.6m as the cash from the recent share issue is held
in a separate broker account and can only be released for prior agreed budgeted expenses on the projects.
Skyland has also paid a deposit of $5m to a private Russian company with a view to acquiring a $100m investment subject to certain conditions and a limi ted timeline.
The same old team of Robson, Sarssam and Landles with Lay, Fergus Robson ( family member) and others who resigned or left Tethys have moved to Skyland to start afresh !.

At least I feel slightly more comfortable about the future prospects for Tethys PI's, assuming Tethys can conclude the "excruciatingly painful" episode with Olisol and perhaps another party who can supply the cash needed to get the promising oil and gas exploration back on track !.

[temporarily insane] 18/10/2016 17:37

He seems to have achieved ten times more than these bunch of goons running this show disappointingly in less time.

Only time will tell.


Come on Olisol you have only had a year!!!!!!!!!!!!!!!!!!!!

[ratfan] 18/10/2016 17:16

Skyland Petroleum is what I'm on about BTW!


hxxp://www.skylandpetroleum.com/announcements

[ratfan] 18/10/2016 16:51

I've not been following robbos new venture very closely but just had a look and it is now listed on the asx with news release a while back about gas discoveries in Georgia. There also gave some interests in Tajikistan so wonder if Dr r will feature again in the tethys saga?!