Tethys Share Discussion Threads

[casual47] 25/3/2017 16:02

TPL is only listed on Canada's TSX and UK's LSE.

There are secondary markets where the stock is also traded, eg. Nex (ISDX) in UK and OTC marketplace in US.

[1399peter] 25/3/2017 15:48

Didn't they used to have a US listing,

hxxps://dividata.com/stock/TETHF

It shows Nasdaq as the exchange but not listed as far as TPL website is concerned

[casual47] 25/3/2017 15:26

BTW, I presume Nex (the old ISDX) will also stop with TPL when they delist from LSE as they are dependent on it. So the only exchange left will be TSX. There's also of course over the counter trading in US but who wants to do that....

[casual47] 25/3/2017 14:29

Peter, that's right, HMRC allows it but not all providers support it.

I'm with Barclays and i have seen conflicting info: Google says no but i believe it was wrighty on here who said they confirmed it is OK. We shall see.

Half of my remaining holding is in a SIPP, so that's another complication.

Also, you can only buy and sell shares in pounds in an ISA, so when you do finally sell your canadian dollar denominated TPL shares hopefully the exchange rate is as advantageous as it is now as it will immediately be settled into GBP.

[wrighty46] 25/3/2017 14:26

You are probably right casual, I topped up without finding out my state of play. I filled in paperwork years ago to trade USA. So have that just not sure on isa, I'm hoping straight transfer into my dealing account.

[1399peter] 25/3/2017 14:24

Casual. I am going to confirm on Monday, but reading HMRC lit, the TSX and NEX is a recognised exchange and you can hold these listed companies in a UK ISA.

BUT!! you also have to check if your provider recognises the same exchange and that you can trade through it.

[casual47] 25/3/2017 14:17

For the first phase of the work programme TPL only had to pay 11%, all costs after that are shared equally, so 33%. The first phase amounted to 80 million dollars, of which the other two partners paid 71 million, and TPL only had to pay 9 Millon. Since then, as of September 2016 the expenditure has increased to more than 100 million, so 20 million more, of which TPL needed to pay 7 million. So TPLs share totalled to 16 million by September 2016. As of now they have only paid 4.5 million of that.

And that was just phase one.

In my opinion TPL just cannot afford to 1). Make up for unpaid monies due for phase 1 and 2). Monies needed for phase 2.

Taj is pretty much a lost cause. Imo.

[che7win] 25/3/2017 14:06

I was told way back that the contract for Taj was badly constructed, so if TPL missed one payment, they lost it.If true, all the partners had to do was wait or increase expenditure and TPL was stuffed.

[casual47] 25/3/2017 13:23

Regarding Tajikistan.....

Between September 2015 and September 2016 TPL accrued 9 million USD liabilities relating to their share of the Bokhtar Work Programme. The total liabilities according to Q3 2016 was 11.5 million USD. If the monthly expenditure has remained about the same then the total Taj liability for TPL could at this moment be 15 million USD.

That is the money they were supposed to have spent in the last 18 months but didn't and for which the two other partners picked up the tab.

I can see the following outcomes to the arbitration:

1. TPL loses their share of the assets
2. TPL keeps some of the TAJ assets but their share is reduced to offset the liabilities accrued and the future capex needed.
3. TPL can keep their share of the assets but needs to find 15+ million to repay the other partners + enough capex to keep going
4. The arbitration goes in TPL's favour.

Given that they are scrambling for money scenario 3 seems unlikely.

Scenario 4 also seems unlikely.

I would not buy TPL shares based on the Taj assets, that seems very reckless.

[casual47] 25/3/2017 13:06

Has everyone checked the basics - does your broker allow you to keep and trade foreign shares in your current investment account? If not, do you need to move to another provider or can you open an account with your existing provider which allows foreign trading?

If the latter, does the move involve selling the shares to then buy back?

Have you considered risks and (ongoing) costs associated with the above? Is it worth it?

I am still waiting for feedback from my broker on this so will decide what to do with my remaining holding then.

If you don't know about this it seems a bit premature to top up, maybe?

[enamel3] 25/3/2017 12:04

If good news is expected soon, why was the LSE announcement not delayed?

[hguess16] 25/3/2017 11:50

1399Peter,
The Kumars', if I read the news recently, have been actively involved in helping Tethys on a possible new marketing of Tethys products.
Casual found out about Prax AK who are apparently buying oil from Tethys, hence the
complaint from Olisol in their press release on 15 March.
May, as CEO, has already put the knife to excess costs by closing an office in KAZ and I will not be surprised if he goes for a further haircut of overheads.
I would like to see an integration of marketing operations through a merger with a suitable partner provided there is no conflict of interest between the parties.
In the past, Tethys was top heavy with overheads incl offices all over the place and fancy ideas of being a " global empire " based on hype.
I am hoping for a slimmed down Tethys operation which lives within its means and not get involved with the crooks who tried to rob the company in the past !.
Just like you, I hope to hear news of the success of current negotiations within the next few weeks.
The news of the de listing on the LSE and the negative effect on the share price was an unnecessary over-reaction caused by fear and uncertainty.
Reminds me of Peter Lynch of the Magellan Fund who warned against reacting to the
short term effects of events causing some investors to panic, which should be ignored, provided the fundamentals are reasonably sound !.

[wrighty46] 25/3/2017 09:33

Morning all, I'm pretty hopeful here now, more than I have been for the past 18 months or so. I didn't have a chance yesterday to phone my broker, so would just like to ask, as my holding here is in an isa. Will it be transferred to a standard dealing account or will I have to sell and re buy? And I invested here mainly for Tajikistan. Am hoping for a lengthy concise update next week, with hopefully a clear plan for the next 12 months. Although I feel I may have to be a bit more patient on that one, but we are long overdue multiple updates. GLA.

[hguess16] 25/3/2017 08:52

TI,
Thanks,
If you are an optimist like me, then the future could turn out to be " the green green grass of home for better things " !.
So keep the faith !.

[hguess16] 25/3/2017 08:49

Ben,
I looked at the Nostrum deal myself and then realised that their share price had plummeted, so
decided that the conversion share to share was less than I liked.
So I decided to stay, not realising that Olisol would step in and mess things up " big time" !.
" Whatever will be will be,....."

[temporarily insane] 25/3/2017 08:44

Do we know that the Board have stopped shooting for the stars??? Maybe this is just the beginning!

[benandemmiboo] 25/3/2017 08:33

Well, I have to think all the people who invested heavily here over the years invested in part because the company was built to hunt down elephant-sized assets that could bring monster returns. This was clearly the goal of the company in 2013.
This is clearly not the focus of the company anymore. If it were a gold miner, this would be a company acting like it's content with a 50,000 ounce resource.
And this is why I keep dreaming this illiquid company (no shares seemingly sold in US yesterday, despite the press release) can somehow find itself a buyer, so that investors can move their funds onto other exploratory companies that offer far higher upside.
I admittedly regret failing to sell after the Nostrum deal fell through. And while the current leaders of the company might have been right to think only the Kaz assets had any real value, and that The Tajikistan asset may have been simply a big dream, the potential reward is no longer worth the risk once this exploratory company stops shooting for the stars...

[temporarily insane] 25/3/2017 08:21

Good write up hguess16. Thats how I see it.

[hguess16] 25/3/2017 08:19

Casual,
Your comment about me being "British" !.
I came here as a young man in 1963 because I admired the British Constitution and
the " Separation of Powers" re the Executive, Legislature and the Judiciary and of course the BBC and the relatively fair media
I am British and abide by the mores and rules of fair play !.
The only difference is that I am more of an optimist compared to you and through years
of ups and downs in my life, have learned to think a little rather than react with
panic !.
So please bear that in mind !.

[hguess16] 25/3/2017 08:02

Ben, Casual, 1399Peter, et all !.
I have always maintained that my decision to stay with my investment in TPL has been
based on fundamentals; ie proven reserves and they are still there, although a relatively small amount has been filched by Olisol through their biased ( in their
favour) contract with TPL.
Who negotiated the contract ?. Robson and his crew !. Enough said !.
Who rewarded themselves and lined their pockets ?.
TI, PAM, the investment fund,invested in Robson's Tethys and did not appoint him !.

I agree that PAM took direct control only after the fiasco with the Oliosl mob !.
They should have done so earlier, but Bell was influenced by the hold Olisol had over TPL as they were the only customer of TPL, buying oil at the wellhead at a ridiculously low price.
PAM did not want a deal with Nostrum as they were insisting on preferred status as a main creditor.
Then Olisol tried to steal TPL by trying to renege on the IA.
That is when Wells took direct control away from Abramov as chairman and asked May to come in as CEO.
Question ?. How to stop Olisol gaining control with their 63m shares compared to
PAM's 64m shares.
By this time, Abramov and Skripka had a strangle hold on TPL by influencing ICA and
cancelling the EGG contract on a spurious excuse !. TPL with no customers, on the
verge of going under !!.
Enter the Kumars' who agreed to support PAM and Tethys.
Opportunity to neutralise Olisol with a much lower entry price !.
PAM entitled to equal status with Kumars, hence conversion of ALR debt to shares
equal to Kumars plus equality on warrant conversion.
In the meantime, my investment is falling significantly.
What should I do ?. Do I stick or pull out ?.
I decide to stick it on the basis that PAM are still in the game and that my gut tells me that Wells and May and the Kumars see value in TPL.
Yesterday, early morning, news of delisting from LSE.
I say, be calm, hang in there; things were really bad in Nov 16, when TPL nearly went bankrupt !.
So I go in a buy a few more before 9am.
I hope I make myself clear and you guys understand my reasons for staying in for the time being !.
No hidden agendas here !.
I hope I am right; if not I stand to lose a whole lot of dosh and disappointment for me and my loved ones !.

[temporarily insane] 25/3/2017 06:40

When are we going to get shareholder value?