Tethys Petroleum Ltd Par Value Reduction and Corporate Update

 
TIDMTPL 
 
Par Value Reduction and Corporate Update 
 
FOR:  TETHYS PETROLEUM LIMITED 
 
TSX, LSE SYMBOL:  TPL 
 
August 23, 2016 
 
Tethys Petroleum Press Release: Par Value Reduction and Corporate Update 
 
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Aug. 23, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) 
("Tethys Petroleum" or the "Company") today announces a corporate update. 
 
Par Value Reduction 
 
The Grand Court in the Cayman Islands has approved a motion by Tethys Petroleum to reduce the par value of the 
Company's ordinary shares to USD 0.01. Accordingly, the Company is now in a position to give effect to the 
reduction in the par value of its ordinary shares by making the necessary filing with the Cayman Islands 
Registrar of Companies. This filing is the last remaining hurdle before the Olisol private placement 
transaction (announced on April 29, 2016) can complete. The Company expects the filing to be made and the 
private placement transaction completed by September 2, 2016. 
 
Cost Optimisation 
 
The Board of Directors has adopted a new cost optimisation programme, that once fully implemented, should save 
the company an estimated USD 2.5 million a year. The programme follows an extensive review into costs and 
operations that was started after the Company's May 31, 2016 Annual General and Special Shareholders Meeting. 
 
Other Items 
 
As referred to in our Q2, 2016 financial statements the assets of one of the Company's Kazakhstan subsidiaries 
remain frozen after the first Court hearing of a claim brought against the Company by a private individual in 
relation to the USD 7.5 million debenture due June 30, 2017 originally issued to AGR. The Court is scheduled to 
hold further hearings on Tuesday, August 23. Tethys expects a release of its assets and hopes for dismissal of 
all claims. Tethys has been working tirelessly to resolve what it believes is an unfounded claim. 
 
Management comments 
 
Kenneth May, Interim Chief Executive Officer says: "The Company has been through a challenging time. Working 
with Olisol, the Company should be able to boost profitability by restarting the shallow gas drilling programme 
to increase production, while at the same time cutting costs and increasing efficiency." 
 
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. 
 
About Olisol 
 
Olisol and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian 
Federation and Kazakhstan. The Company has more than seven years of experience with Tethys in Kazakhstan and 
owns the Aral Oil Terminal in partnership with Tethys. Olisol has its own fleet of specialized oil tankers 
engaged in automobile transportation of oil from the Tethys fields and through its subsidiaries, is engaged in 
rail transportation, oil refining, storage and sale of petroleum products. Olisol is incorporated under the 
laws of Cyprus and is headquartered in Almaty, Kazakhstan. 
 
Disclaimer 
 
Some of the statements in this document are forward-looking. Forward-looking statements include statements 
regarding the intent, belief and current expectations of the Company or its officers with respect to the Olisol 
placement transaction and related transactions, cost optimisation programme and the outcome of a dispute 
relating to the debenture issued to AGR. When used in this document, the words "expects," "believes," 
"anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are 
intended to identify forward-looking statements. Such statements are not promises or guarantees, and are 
subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested 
by any such statements including risks and uncertainties with respect to completion of the private placement 
transaction and related transactions (including the risk that such transaction may not be completed or may be 
delayed beyond September 2, 2016) and the outcome of the hearing over the dispute over the claim in respect of 
the debenture issued to AGR (including the risk that the Company will not succeed in the release of the funds 
deposited by a subsidiary in a Kazakhstan bank) and the cost optimisation programme (including the risk that 
such programme will not generate the savings expected). 
 
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to 
invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue 
reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the 
Company does not undertake to update or change any forward-looking statements to reflect events occurring after 
the date of this announcement. 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Tethys Petroleum 
[e-mail] 
www.tethyspetroleum.com 
 
 
Tethys Petroleum Limited 
 

(END) Dow Jones Newswires

August 23, 2016 04:53 ET (08:53 GMT)