Tethys Petroleum Ltd Tethys Petroleum Limited: Corporate Update

 
TIDMTPL 
 
   January 16, 2017 
 
   Tethys Petroleum Press Release 
 
   (TSX: TPL, LSE: TPL) 
 
   Corporate Update 
 
   GRAND CAYMAN, CAYMAN ISLANDS - Tethys Petroleum Limited ("Tethys" or the 
"Company") today announces a corporate update. 
 
   Georgia Work Programme Commitments 
 
   Tethys partner in Georgia, Georgia Oil and Gas Limited ("GOG"), has been 
notified by the Georgian State Agency of Oil and Gas that GOG and Tethys 
will not be required to complete the previously agreed work programme 
commitment to conduct 50 km of 2D seismic acquisition in Block XIN by 
June 30, 2017 which would have cost Tethys approximately US$700,000. 
 
   Had the minimum commitments previously agreed not been met then Tethys 
may have been subject to penalties of up to US$2 million. 
 
   Instead of the previously agreed commitment the agency will evaluate 
whether the partners should instead conduct 50 km of 2D seismic 
acquisition over an alternative prospective area. The deadline for any 
such work has not yet been determined. 
 
   Kazakhstan Change of Registered Address and Relocation of Office to 
Aktobe City 
 
   In December 2016 Tethys completed the transfer of the registered legal 
addresses of its three Kazakhstan subsidiaries, Tethys Aral Gas LLP, 
Kul-bas LLP and Tethys Services Kazakhstan LLP from Almaty to Aktobe 
City. 
 
   Tethys also plans to relocate its main administrative office from Almaty 
to Aktobe City during the first half of 2017 where it already has an 
office. 
 
   These changes are part of an ongoing process of corporate reorganisation 
and cost optimisation. Tethys field operations and exploration acreage 
are both in the Aktobe region which is the west of Kazakhstan and Aktobe 
City is the closest regional centre. 
 
   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. 
 
   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 potential that exists in both exploration and in 
discovered deposits in Central Asia and the Caspian Region, relocation 
of its Kazakhstan office to Aktobe City and the requirement for future 
seismic acquisition in Georgia. 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 the 
potential that exists in both exploration and in discovered deposits in 
Central Asia, relocation of its Kazakhstan office to Aktobe City and the 
requirement for future seismic acquisition in Georgia. 
 
   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. 
 
   Contact Information: 
 
   Tethys Petroleum 
 
   [e-mail] 
 
   www.tethyspetroleum.com 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Tethys Petroleum Limited via Globenewswire 
 
 
  http://www.tethyspetroleum.com/ 
 

(END) Dow Jones Newswires

February 03, 2017 12:23 ET (17:23 GMT)

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