Tethys Share Discussion Threads

[casual47] 19/10/2016 09:19

We don't need dodgy salesmen but we do need a sales man with a vision of where he can take the company. TPL has even been poor at selling the company to its own shareholders of late.....

[hguess16] 19/10/2016 08:35

casual47,
I am glad PAM got rid of Robson and his gang !.
Why not have a proper look at the set-up at Skyland and the service contracts for the
Robson and his team and get a better idea of how the PI's are likely to recover their
investment ?.
We do not need any salesmen of the calibre of Robson sniffing around at TPL.
Good riddance !.

[brad44] 19/10/2016 07:46

hes a fxxxing expensive one, and one that could be fatal to you company imho..

[casual47] 18/10/2016 23:25

Whatever else Robbo might be he's a good salesman. TPL could use one.

[hguess16] 18/10/2016 22:07

TI, Having looked at the 6 monthly accounts of Skyland, the audit report mentions that there is " material uncertainty regarding its continuation as a going concern"
reflecting the fact that the loss after tax of $6.5m, negative cash flows and a working capital deficiency of $4.6m as the cash from the recent share issue is held
in a separate broker account and can only be released for prior agreed budgeted expenses on the projects.
Skyland has also paid a deposit of $5m to a private Russian company with a view to acquiring a $100m investment subject to certain conditions and a limi ted timeline.
The same old team of Robson, Sarssam and Landles with Lay, Fergus Robson ( family member) and others who resigned or left Tethys have moved to Skyland to start afresh !.

At least I feel slightly more comfortable about the future prospects for Tethys PI's, assuming Tethys can conclude the "excruciatingly painful" episode with Olisol and perhaps another party who can supply the cash needed to get the promising oil and gas exploration back on track !.

[temporarily insane] 18/10/2016 17:37

He seems to have achieved ten times more than these bunch of goons running this show disappointingly in less time.

Only time will tell.


Come on Olisol you have only had a year!!!!!!!!!!!!!!!!!!!!

[ratfan] 18/10/2016 17:16

Skyland Petroleum is what I'm on about BTW!


hxxp://www.skylandpetroleum.com/announcements

[ratfan] 18/10/2016 16:51

I've not been following robbos new venture very closely but just had a look and it is now listed on the asx with news release a while back about gas discoveries in Georgia. There also gave some interests in Tajikistan so wonder if Dr r will feature again in the tethys saga?!

[gaaston] 17/10/2016 17:06

Thanks casual47 ~ I read your interesting posts together with others like Dorset etc and come to a simple conclusion that the large investors here are anxious not to lose all of their investment: meaning, much will be done to keep TPL afloat and therefore the future here "might be attractive". I topped up 220k at these levels, not a big sum but the total invested = is

[casual47] 17/10/2016 15:42

The completion of the placing should hopefully provide the stimulus needed.

Until then TPL are in a kind of limbo as the money Olisol have given them is still only a loan, which theoretically could become due soon should for whatever reason the deal not complete.

Once the placing is completed they will pay off part of the loan that is due in March 2017 (in total at least 24% of the Olisol funds will be used for that, as per the clauses in the loan agreement with the Cayman lender) and that will open up the door to renegotiate a new maturity date.

TPL should by then have reduced its total outstanding debt to ~26 million USD.

While it is effectively a zombie, it is still a takeover target and there are still possibilities to find more money via e.g. farm out.

IMO, TPL is in a far better position to arrange a deal now, whichever way (sale, JV), than it was last year.

[naimanka74] 17/10/2016 15:27

"Because BOD have not communicated a plan to (1) get capex for drilling and (2) service the loans due (or renegotiate them)"

Exactly, its a Zombie BOD & it looks like Olisol are infected also...

[seroserio] 17/10/2016 12:52

Some people were saying that when Robson was in his prime.

[hguess16] 17/10/2016 11:39

Tethys to Olisol " Show me the money" !

[temporarily insane] 17/10/2016 10:53

Standard shenanigans going on with the share price

Come on Olisol pull your finger out.

Its only taken one year for you to achieve little. What an embarrassment.

[casual47] 16/10/2016 15:25

Because BOD have not communicated a plan to (1) get capex for drilling and (2) service the loans due (or renegotiate them).

While the Olisol partnership so far has achieved the things I mentioned and completing the placing will remove further uncertainty about TPL's future and reduce debt by swapping Olisol loans with equity, it doesn't actually get the company into second gear.

The assets currently in production cannot save the company, even if they get a better price at the well.

[temporarily insane] 16/10/2016 14:55

With all the above, why has the share price barely moved for nearly a year and been frustratingly stuck at near all time lows?

[casual47] 16/10/2016 12:26

Assuming the deal completes as expected then compared to this time last year:

1. TPL will have less debt (the $5m NOG loan was paid off using an Olisol loan that got converted @0.10 USD)
2. TPL with Olisol's help recouped oustanding monies owed to them (I think nearly 2 million USD was long overdue from one Kaz entity)
3. TPL with Olisol's help (partly by getting rid of the old BOD) has driven down costs
4. TPL is one year closer to completion of the Chinese pipeline
5. The energy market looks much better than last year and the Tenge is no longer in freefall
6. Upon completion of 1st placing TPL should have around $4 million in cash. The second placing could raise another $2 million cash. There is 9 million USD left to draw on the Kaz bank loan but there is a question mark on whether they will be able to, given the problems Olisol appears to have.
7. The loan maturity dates are also one year closer.

Did I forget anything?

IMO a 3rd party will be needed to inject further cash. And IMO this was always the plan. There are several ways this could happen of course.

Maybe the Olisol news release was directed not at us PIs (because, who cares what we think, what can we do?) but at a 3rd party? With Pope being on the BOD you'd think they'd be already in the loop so not sure that release would have been aimed at them.

[hguess16] 16/10/2016 11:37

Olisol is trying to use the working capital advances plus the interest accrued in order to meet it obligations to subscribe to the 181.24m shares, which is a mandatory requirement. They are strapped for cash !.
This is a re-run of their broken promises of the past and I am hoping that another party steps in in order to fund TPL.
Olisol, in my view, issued their press release in order to show existing investors that they have value in addition to the limited cash being put on the table !.
Their statement " This matter continues to be discussed by the parties" shows that
TPL are not too please with Olisol's failure to conclude the agreed transaction
between the parties.
I am hoping that the matter will be resolved immediately in an amicable manner !.
Ultimately what is important is the cash to fund the TPL business, be it funds from
Olisol or another party !.

[gaaston] 16/10/2016 11:30

casual, you should be paid for that post :)

[casual47] 16/10/2016 09:06

The maximum that Olisol can convert is described in AGM resolution 3 to 6.

* Resolution 3 is the 181 million shares

* Resolution 4 is the 1 million USD loan plus interest (The amount that was left after they converted the 6.3 million @0.10 USD, the AGM set this amount to around 24 million shares)

* Resolution 5 is 43 million shares related to the working capital loan (that's the max portion they can convert into). Seeing as the working capital loan was more than 5 million USD at last count the 43 million shares (~1.7 million USD) is a very small portion and TPL would still be left with debt even if they did convert into all 43 million shares.

* Resolution 6 is the second placing 50 million backstop

Only resolution 3 is mandatory under the first placing.

By asking TPL to "repay" all loans and then use that money to fund the placing (resolution 3) they are taking care of resolution 4 and 5 as these have now become redundant.

So Olisol is executing the bare minimum under the agreement while ensuring TPL has no debts left that are due to them.

So Olisol *could* have had 67 million shares more than what they are going for now. By not doing it this way TPL are missing out on nearly 2.8 million extra cash they could have had.

[hguess16] 16/10/2016 07:21

INVESTMENT AGREEMENT
Have a look at Resolution 3, Approval to issue 181,240,793 Ordinary Shares to Olisol
which refers to the Investment Agreement dated April 28, 2016 whereby
(i) Olisol agreed to purchase 181,240,793 Ordinary Shares by way of a private placement at a price of C$0.054 per share for aggregate proceeds of C$9,787,002.82.
(iii) Olisol agreed to guarantee the full and prompt payment and/or performance of Olisol's obligations under the Investment Agreement.

Olisol has the OPTION to convert, on the closing date of the transaction, any or all of the principal and accrued but unpaid interest under the Interim Facility Agreement
to fund the Working Capital Indebtedness of the Company.

[casual47] 15/10/2016 23:58

There was no agreed 42% take up. The minimum that Olisol needed to do was convert the 6.3 million USD at 10 dollar cent, provide money as a loan for day to day operational stuff until the placing happened and make sure TPL has a minimum of (I think) 2 million cash, arrange a 10 million USD bank loan of which TPL must be able to draw at least 1 million and take up 181 million shares at 5.4 Canadian dollar cents. That completes Olisol's obligation as part of the first placing. In addition to this Olisol commited to backstopping a second placing of 50 million shares at 5.4 dollar cents.

On top of that minimum commitment Olisol is entitled to convert some of the working capital loan at the same conditions as the placing in addition to the placing, without looking it up I think it was around 24 million shares. The rest of the working capital loan TPL would then need to pay back.

As we now know instead of Olisol funding cash in addition to having the working capital to TPL as a loan they have opted to ask TPL to "repay" and then use as placing funds.

The advantage is that TPL will have no debt due to Olisol once this is all done. The disadvantage is that TPL will have less actual cash at the end of all this as a lot of the working capital loan has already been used up in the last 6 months or so.

[hguess16] 15/10/2016 08:06

Casual47,
So far Olisol has failed to fulfill its side of the agreement and TPL has been forced to grant concessions to Olisol, such as extended deadlines and Olisol not being able to come up with the cash to meet the agreed 42% take-up ( now reduced to 37.2% ).
Olisol is short of cash !.
I will not be surprised if Olisol fails to underwrite the backstop of the 50m shares.
While the 5% notification may be valid, I have yet to see a latest revised list of
major TPL shareholders.
I look forward to an early update on negotiations with Olisol and possibly another interested party from TPL !.