Tethys Share Discussion Threads

[casual47] 23/2/2017 12:33

I would think:

If there is urgency they would already have gone for an injunction.

If there is no urgency they go the regular process which can be time consuming and of undetermined length.

[1399peter] 23/2/2017 12:15

Just a thought.....I am not up on legal matters here but wouldn't it make more sense for Tethy's to get some sort of ruling and figure regarding damages and compensation and more importantly some sort of caveat on the 63m shares in Olisol's possession before releasing any sensitive news.

[hguess16] 22/2/2017 22:24

Thank you Casual. Much appreciated !.
This article certainly highlights the serious problems created by Olisol and the hardship caused to TPL and its long suffering staff.
It also shows that Ken May has been excellent in his efforts to put a stop to the thuggery unleashed by Olisol following their failure to steal TPL from us.
I would have nothing to do with Olisol except to sort it out in the Courts in Alberta and aim to get maximum damages from them.

[temporarily insane] 22/2/2017 21:55

Interesting find casual47. Thank you.

[casual47] 22/2/2017 21:10

Tethys has now also approached the online magazine to give their side of the story, links below. There's no new info in it but "FYI" anyway:



Google translate version:

[1399peter] 22/2/2017 18:26

hguess

I agree that the Kaz gov would certainly be a deciding factor if any offers are on the table of course. And as you suggest any offer would have to be well in excess of 25p for anyone to take it seriously. Including most PI's I would say.

Anything above £1.00 per share is fine with me lol.

[hguess16] 22/2/2017 18:13

Casual, 1399 Peter,
I doubt if PAM would consider a sale to another 3rd party now that the Kumars' have stepped in. Both PAM and the Kumars hold 63% of the shares on conversion.
Also my view is that PAM would like to be involved with TPL and see it to the end unless of course the new party offers in excess of at least 25p plus assuming the short term loans due.
In addition, any acquisition would require the approval of the KAZ Govt.
PAM in my view are in it for the relatively long term !.

[1399peter] 22/2/2017 17:34

Casual47

The second suggestion in your list has certainly crossed my mind. Now that the Kumar's have stepped in the interested parties waiting in the wings thinking they could get their hands on Tethy's assets on the cheap have now been thwarted and will have to make a realistic offer. Pure speculation of course.

[casual47] 22/2/2017 17:08

It does feel we have been waiting a rather long time. Is something else going on that could explain the extended wait?

E.g.:
A JV with another 3rd party yet to be revealed?
A sale? Either partial or whole company?
Additional Kaz government hoops to be jumped through?

If it's just the Cayman refinancing and a bank loan I would have thought this could have been done and dusted a long time ago.........??

Is something bigger afoot?

[casual47] 22/2/2017 16:52

Imagine how frustrating the wait would have been WITHOUT the "leaks" from Olisol. We would have known nothing new since their last official RNS from nearly a month ago......

Nothing about the court case against Olisol
Nothing about the fact TPL is already selling its oil to PRAX-AK
Nothing about the links to the Salzhanov family

[temporarily insane] 22/2/2017 14:27

Just waiting for TSX to drop on nothing...LOL

[hguess16] 22/2/2017 12:20

TI,
Would it be fair to say that the 18p share price was based on information revealed to the press that the Sino Han deal was is the bag.
In fact I was taken in by the presentation made by Robson and actually asked him why the share price was relatively low in comparison to the SinoHan deal and the Total/CNPC farm out deal prospects. He said that he could not understand the reasons for the discrepancy.
When it turned out that the KAZ Govt had not approved the SinoHan deal as yet and then AGR and Nostrum entered the scene and then amended their original bids and negotiations broke down Tethys was already in free fall. In desperation, Bell tried to look for short term cash via Cayman, AGR and Nostrum, which made Tethys even more vulnerable.
The final blow was dealt by the exit of both JP Morgan and Capital Investors.

PAM was the "last man" standing !.

The rapid events that occurred, resulted in a massive fall in the share price and we are now in a " basket case" scenario for Tethys, with only PAM and the poor PI's still in place and the hope that the new investors will help to resuscitate this company !

[hguess16] 22/2/2017 10:46

Casual,
I too hope that TPL can find a reasonably long term solution to this serious cash flow
issue. I do not even want to contemplate a bust scenario !.
I would have thought that both PAM and the Kumars would have weighed up the possibilities of a boom or bust scenario prior to agreeing to a partnership of equals.
My gut feeling is that the new team is playing its cards close ( like 1399Peter says)and also the fact that ( as you mentioned the possible tie-up with Altyn Kyran) there is a distinct possibility that the team may be trying to satisfy the Cayman lender that there will be enough cash to repay their loan.
Let us look at the numbers :

Do we have a handle on how much oil/gas is being extracted and sold at the wellhead to the ICA and the new partners and at what new price?.
If all the warrants are converted and TPL establishes a new O/D facility, my guess is that there could be enough ( say nearly $16m ) to pay off Cayman if required.

So while I accept that it could be difficult at this stage, I am hoping that a new
stable deal will be on the table soon !.

[casual47] 22/2/2017 10:09

Some news will need to come out soon (#1 is the $8m Cayman loan) and I expect it will either be boom or bust. The bust scenario is in nobody's interest, including the lenders, so I am hopeful for the "boom" and hopeful it will benefit PIs also rather than wipe us out.

G&A for TPL is around $8m a year, and as we saw with the last quarterly update the output from the wells is dwindling fast (and was actually sold at a loss). So while talks are dragging on TPL is losing cash fast. This is why I think it will be boom or bust: nobody will give TPL any money if there is no realistic prospect of getting out of this hole.

[1399peter] 22/2/2017 09:48

hguess

The small amount of trades and the ups and downs are of no great concern to me either. I think you are right about the new team playing their cards close due to the other poker players in the region being crooks.

Personally I just don't want to see this drag on and on, like everything else has done in the past, that was really the point I was trying to make.

[hguess16] 22/2/2017 09:28

TI,1399 Pete,
The knowledge that I picked up over the years about how stock exchanges operate makes me believe that the trades that flow through an exchange are governed by a set of rules that try to maintain a level playing field for buyers and sellers of stocks and shares using brokers/MM's as intermediaries to make these trades happen.
I simply cannot see how Bill Wells or whoever can influence this process.
I recall that in 2015, Tethys proposed a resolution to exit TSX because the volume of trades flowing through was much less than the flow of trades on the LSE. But as you know, this action was not activated.
My view is that traders may try to manipulate the price on a daily basis by
" fishing", ie putting out a bit of bait ( few 00 or 000' shares ) to test the market price at any time in order to tempt other traders to follow suit. This is normal activity especially when there is uncertainty surrounding a particular stock where it is perceived that news of a major change is imminent.
There are also " ghost trades" that are put out in order to check the possibility of testing an impending market move prior to activating a real live trade.
My perception is that unless one sees a major volume trade or trades coming in succession, it is best to ignore these " flysh.. trades" that aim to attract or unsettle some traders who are cash poor at present, day traders, or currently fed-up of waiting for an anticipated big move.
The key point is " are we likely to sell TPL if the share price goes up to 3p from 1.75p or does it make us feel more optimistic about a further move to 5p or even 10p within a few days later ?.
As regards the Kulob Petroleum negotiations, my view is that if the negotiations with Total and CNPC have failed, Tethys would be obliged to inform us. I hope that
an open channel of communications is still being maintained with the Partners.

On another matter IE the legal action against Olisol in Alberta, Tethys instituted proceedings prior to the EGM in Jan, but only revealed this to us after Olisol's press statement in Feb.
My view is that perhaps the new team is being prudent and cautious in comparison to the previous lot who went to the " press button " with half baked announcements re
Sino Han and even Olisol's intent !.

[1399peter] 21/2/2017 22:51

hguess

Yes I think we are all pleased with still have a company to moan about. The management seem to be getting things done and as muted on here, we will hopefully have some news very shortly. You can see how the frustration mounts though, as in what I have pasted below. Note: The notice of dispute was handed to Kulob over a year ago and still we have heard diddly squat. It's exactly this kind of prolonged faffing about that gets everyone's backs up. It would be nice if we had some sort of time frame to work too rather than guesstimates tenuously gleaned from phone calls.

I appreciate that negotiating the kind of loans that Tethy's will need do not get concluded over night. It would however be nice to have a rough idea or the Month in which they hope to achieve this.



Arbitration

The Company’s indirectly held subsidiary, Kulob Petroleum Limited, (“KPL”) the contracting partner in the Bokhtar Production Sharing Contract, has been informed by legal counsel representing Total and CNPC (the “Partners̶1;), that on 19 May, 2016, the Partners had filed for arbitration proceedings at the International Court of Arbitration. The filed arbitration request is in relation to the Notice of Dispute received by KPL on January 8, 2016, which is in connection to the previously announced Notice to Withdraw issued by Partners on October 11, 2015, following the cash call default of September 2015. The Notice to Withdraw was rejected by KPL, which lead to the Partners issuing a Notice of Dispute. Tethys has been actively engaged with the Partners to reach an amicable resolution. Tethys Board of Directors and management team are evaluating its options and maintain an open channel of communication with Partners for further discussion.

[hguess16] 21/2/2017 20:31

TI,
If its any comfort, let me say that the new team with Wells and May took charge of Tethys in Nov last year after Abramov and Olisol breached the IA contract and then created havoc by trying to neutralise the Tethys operations.
The new team had to contend with the loss of its only customers ICA and EGG "thanks to the Olisol tactics", no more O/D facilities and fear of bankruptcy !.
In the three and half months the new team has done the following :

- Found a new set of investors, The Kumars, albeit at a knock down price, who were willing to step in with their expertise and contacts plus their money, when no one else was willing to invest in an operation bereft of its only customers !.

- Restored the ICA contract

- Replaced EGG with a new customer

- Restored the bank accounts that were frozen; Re TAG

- Commenced legal proceedings against Olisol in Alberta for breach of contract and
illegal acts of Olisol in KAZ.
- Obtained 60% approval at the EGM to its two resolutions

So, TI, while I understand your extreme frustration for the utter disappointment we have experienced during the last few years caused by events and the collapse of the TPL share price, you will, I hope, admit that the new team is making a constructive effort in order to resurrect the company.
Do I think that the new team will succeed in its further efforts to restore stability ?.
I bloody well hope so, based on what they have done so far !.

[hguess16] 21/2/2017 19:29

TI,
I too have been invested in this stock since late 2013 after I met Dr Robson and felt at the time that with all the talk of Sino Han cash flowing in, TPL was going to be a winner !
Robson, sadly departed, is no more !. His team incl Peter Lilley, Liz Landles and the rest are no longer at TPL.
But I am still here and hoping that the new team can solve this short term cash issue constructively which enables TPL to keep the lenders content and also provide enough cash to drill those oil and gas wells which still have those reserves in KAZ that Sino Han was willing to pay $75m for a 50% stake !.
Interesting that the KAZ Govt failed to provide approval !.
In addition, you will be aware that TPL has also to establish new trading relationships with new partners, following the Olisol debacle !.
I can only say that I was asked to be patient and wait until TPL is allowed to conclude negotiations and then obtain legal approval in order to ensure that any statements by the BOD, (incl forward looking news), would comply with regulatory requirements and good governance practice.
As regards the minor trades on both the LSE and TSX, it seems that the big potential buyers and sellers are keeping their powder dry awaiting news like the rest of us.
I have no choice but to wait and hope that the BOD will respond once they are able to provide some " positive " news !.

[temporarily insane] 21/2/2017 18:30

So hguess16, has your contact suggested anything.