Tethys Share Discussion Threads

[temporarily insane] 27/10/2016 19:39

Still waiting.

[temporarily insane] 27/10/2016 19:35

Hopefully this Kenneth May chap knows what he is doing.

[che7win] 27/10/2016 19:34

What a dirty company Olisol has turned out to be.

[lfdkmp] 27/10/2016 19:30

So no alternative funding announced and now Kazakh bank accounts blocked.

What an effing mess.

[temporarily insane] 27/10/2016 19:23

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Oct. 27, 2016) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces that the previously announced C$9.8 million private placement with Olisol Investments Limited and Olisol Petroleum Limited (together "Olisol") has not closed by the October 27, 2016 outside date under the Amended and Restated Investment Agreement dated April 28, 2016 ("Investment Agreement"). Tethys took all steps required to close the private placement and was ready, willing and able to do so, however, Olisol failed to provide Tethys with any of the C$9.8 million purchase price required to purchase the subscription shares under the Investment Agreement. Therefore, Tethys considers Olisol to be in breach of the Investment Agreement and reserves all of its legal rights.

Olisol has now sent a letter claiming that it is entitled to terminate the Investment Agreement as a result of a Material Adverse Change (as defined in the Investment Agreement) having occurred. In addition, Olisol has also demanded immediate repayment, in full, of the outstanding US$5.7 million of working capital indebtedness under the terms of the Facility Agreement between Tethys and Olisol dated November 19, 2016 ("Facility Agreement") as Olisol is alleging an event of default under the Facility Agreement. Tethys disagrees with Olisol that it has the right to terminate the Investment Agreement and further disagrees that there has been an event of default under the Facility Agreement and that the amount is repayable.

On October 26, 2016 the Company was notified of a claim lodged by Eurasia Gas Group LLP ("EGG") in the Almaty City Court against the Company's subsidiary Tethys Aral Gas LLP ("TAG"). EGG is seeking an award equivalent to US$2.6 million at current exchange rates for the alleged failure by TAG to deliver certain minimum volumes of crude oil to EGG. EGG is a company whose principal is also a principal of Olisol. EGG's claim follows TAG's recent formal notification to EGG requiring it to settle long overdue unpaid oil sales debts of US$1.3 million within 10 days or TAG would take Court action against EGG to recover those debts. The Company's view is that the claim is without merit or substance as TAG has no contractual obligation to deliver minimum volumes of crude oil to EGG, nor is there any penalty clause in contracts entered into between TAG and EGG for failure to deliver minimum volumes of crude oil. The Company is also of the view that EGG has not followed correct legal process which requires it to notify the Company at least 30 days prior to filing a claim with the Court. A preliminary Court hearing date has been set for November 1, 2016. As a consequence of EGG's Court claim the bank accounts of TAG have been blocked.

Tethys reserves all of its legal rights.

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.

[temporarily insane] 27/10/2016 19:22

Casual47 the 22 Feb temporary suspension did not have the....."Reason: Pending News" attached to it.

[casual47] 27/10/2016 19:06

It's been halted a few times this year, eg 22 feb. No news followed then.

[lfdkmp] 27/10/2016 19:02

TORONTO, Oct. 27, 2016 /CNW/ - The following issues have been halted by IIROC:

Company: Tethys Petroleum Limited

TSX Symbol: TPL (all issues)

Reason: Pending News

Halt Time (ET): 11:57 AM ET

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

[temporarily insane] 27/10/2016 17:24

Cheers for that benademmiboo. Now to wait and see.


Lucky that 1000 sell over on TSX got the share price down to match LSE price just in time. LOL

[benandemmiboo] 27/10/2016 17:12

Stock now halted, pending news.

[temporarily insane] 27/10/2016 16:52

Up 20% on 35000 and down 20% on 1000 over on the crooked exchange TSX.

[temporarily insane] 27/10/2016 09:48

Hopefully Tethys PR department have gone to evening classes over the past few years as their services were not required.


A little reminder for them.............

[temporarily insane] 26/10/2016 21:44

Who the hell knows, it would be good to get this all sorted so that we can just move on and see a business run by professional businessmen working as a team rather than squabbling.

[temporarily insane] 26/10/2016 16:12

It certainly would make a change to write something positive about Tethys at long last and three CEOs later. FFS

[benandemmiboo] 26/10/2016 12:57

some positive macro-related information:
hxxp://www.intellinews.com/kazakhstan-leads-central-asian-countries-in-world-bank-s-2017-doing-business-ranking-108909/?source=kazakhstan

[temporarily insane] 26/10/2016 12:27

Well I make that over one year of Olisols heel dragging and along with that the share price has achieved nothing for a year at near all time lows.

[temporarily insane] 25/10/2016 21:12

Last of the big spenders buying over on TSX, third day in a row. LOL

[temporarily insane] 25/10/2016 20:51

hey gaaston, no probs. I hope for everybody sake that ALL the BOD are as professional as we expect them to be.

Not long until we all find out what has been going on behind closed doors......AT LONG LAST.

[gaaston] 25/10/2016 20:35

Careful TI ~ you must be tempted to go in for shenanigans again. The one buy today was mine so I'd be obliged if you could behave, like the decent fellow we know you to be. Thanks