Tethys Share Discussion Threads

[casual47] 10/2/2017 11:01

So I guess this means they are not in arbitration but in the regular court system since October.

[casual47] 10/2/2017 10:54

Fight! Fight! Fight!

Let's hope the Canadian legal system is swifter than that of Kaz.

[ratfan] 10/2/2017 10:43

Update on Olisol beef

February 10, 2017
Tethys Petroleum Press Release Friday, February 10, 2017 - Announcement from Olisol Petroleum Limited
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Feb. 10, 2017) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") acknowledges the public announcement by Olisol Petroleum Limited on February 9, 2017 regarding the validity of Tethys Extraordinary General Meeting ("EGM") held on January 27, 2017.

The Tethys Board would like to inform shareholders and other interested parties that the Management Information Circular dated December 22, 2016 mailed to shareholders did contain all material information required for shareholders to make an informed decision at the EGM and the EGM was conducted in accordance with proper procedure under applicable laws as well as the Company's Articles of Association.

Prior to the EGM, Tethys and each of its Kazakhstan subsidiaries commenced legal action against Olisol Investments Limited, Olisol Petroleum Limited and certain of their respective principals and/or affiliates in the Court of Queen's Bench of Alberta seeking, among other things, damages arising from failure to meet contractual obligations under an Investment Agreement between the parties on October 27, 2016 and damages arising from unlawful interference with Tethys' business activities, including issuing erroneous press release information about Tethys as alleged. Tethys intends to enforce its rights and legitimate interests to the fullest extent permitted by law, to protect its investors, assets, investments, management and employees.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

[temporarily insane] 10/2/2017 10:25

Deleted 'cause I was incorrect. ;-)

[hguess16] 09/2/2017 19:21

Sorry Casual, I had Olisol on my mind !.
I meant no offence !.
I'm saying that Tethys did it to prevent Olisol from exercising any form of control using their 63m shares. So Tethys took action by converting debt to equity in order
to increase their holding and ensure a vote in favour of the resolutions.
I simply don't see any problem with that move and would do the same myself.

[casual47] 09/2/2017 17:59

Their statement did read like a whole lot of wah wah wah

[dorset64] 09/2/2017 17:57

I would had thought Casual that if they had made an official approach to the TSX/Western authorities they would have said that in their release. For them just to say that they have 'formally challenged the proceeding' doesn't really say anything other, at this stage, than them saying to Bill Wells 'oi, stop that now or I'm gonna cry like a big Kazakh baby'.

If they had proof or actually gone to the authorities I would guess they would had mentioned it in order to do maximum damage to TPL as possible.

[casual47] 09/2/2017 17:48

D64 -- don't forget the arbitration. Olisol stands to look ridiculous there too.

The Olisol statement said they had "formally challenged the proceedings".

Do we know what this means?

Is it just them sending a strongly worded letter to the BOD or is it them having lodged a complaint with e.g TSX? What is the process for both? What happens next?

[casual47] 09/2/2017 17:35

"Olisol," -- I'm still only Casual, thank you

"They are entitled to exercise their legal rights in order to protect their interests
in Tethys."

The ALR loan didn't mature until March/Summer this year so what legal rights were ALR/POPE exercising?

The BOD have a duty to act in the interests of their shareholders, ALL their shareholders. So where was the interest in changing the conversion price of the ALR loans to 3.1 US cents?

[hguess16] 09/2/2017 17:31

Olisol,
What on earth are you going on about ?.
You are naively mistaken about your rights as a minor shareholder and the commercial rights of other lenders.
This is a commercial transaction and PAM/ALR are a founder shareholder/lender to Tethys.
They are entitled to exercise their legal rights in order to protect their interests
in Tethys.
Let the other unsecured lenders decide if they have a right to sue Tethys.
They don't need you to represent them ?.

The reality is that PI's are at the bottom of the pyramid ?.
As PI,I am interested is in getting a ROI on my shares !.

[casual47] 09/2/2017 17:20

Chestnuts: Before they can get export prices they need an export licence. I recall reading that TPL needs to have reached a certain minimum output of barrels before they can be given an export licence, or at least need to meet certain conditions before they are given this. In a country like Kaz it wouldn't surprise me if a 3rd party like Olisol (or the Salzhanovs) can make it happen or prevent this from happening.

[temporarily insane] 09/2/2017 16:50

Holiday in honolulu anyone.

[chestnuts] 09/2/2017 16:45

As any one thought the way OIlsol have acted over since they put there offer in that they may be behind why TPL dont get export prices.

[casual47] 09/2/2017 16:39

If the two Kumars are in business together in PRAX-AK then they are related parties and this should have been disclosed.

[casual47] 09/2/2017 16:35

"has every right"

What right would that be?

This is a commercial transaction.

What about the rights of the other shareholders?

What about the rights of the other unsecured lenders who are owed much more money than POPE (e.g. 7.5 million for AGR, 8 million for Caymans)

[hguess16] 09/2/2017 16:33

Casual,
Tethys is still here because Pope did not abandon it like JP Morgan and Capital the
other institutional investors. So Pope has every right to retain equal control with the Kumars.

Winston Sanjeev Kumar Soosaipillai owns State Oil, a UK registered Co, which is the parent of PRAX Petrolem and Harvest Petroleum.
All these companies are UK registered and subject to UK law.
I expect to see news of Winston Sanjeev Kumar Soosaipillai or his nominee being made a director of Tethys in the near term.
Medgat Kumar who trades in, and is based in KAZ is linked to the Salzhanov family.

[casual47] 09/2/2017 15:52

If they take TPL to task in Canada / UK or any other Western country I really don't mind. Either they have a valid claim or they don't and we will soon know, but at least Olisol can't bribe any judges/officials or get TPLs bank accounts frozen for nearly half a year or have something drag on for months on end.

Olisol: Put up or shut up.

[neilyb675] 09/2/2017 15:42

olisol like a dog with a bone, FFS

They only get their money back by working with Tethys not against. Keep going against and they risk the lot going down the swanny - is that what they want ?

[casual47] 09/2/2017 14:34

I would have done the same as Pope btw, if I had been in their shoes.

[casual47] 09/2/2017 14:05

Why is the other Kumar not yet a director? What's the hold up?