Tethys Share Discussion Threads

[hguess16] 16/3/2017 13:40

Sale of Tethys now ?. Not a chance !!.
Now that Tethys is majority owned and controlled by PAM and the Kumars (over 60% ), talk of a sale to a third party is highly unlikely and pretty pointless !.
As long as the oil price stays at or near $50 pbl, and the Tethys oil wells and reserves are protected, I would think that the current short term loans rescheduling/repayment issues could be solved.
As regards whether 5 US cents is the price of Tethys, based on its assets, it could be regarded that the Kumars who are paying an average cost of 2.4 US cents incl the Warrants, must have considered that the true value is significantly higher and with their active support and involvement in helping Tethys to grow, they expect to at least double or treble the return of their investment in the medium term.
Let's not forget that PAM with an equivalent proportion of shares to the Kumars' have invested far more than 25 US cents in Tethys and it would be incredible to even consider a sale of Tethys at present.
As regards Olisol, their inaccurate press statements are a reflection of their desperation and inability to negotiate with Tethys management and the fact that soon they will have to contend with the legal proceedings relating to the breach of contract re the IA and their illegal acts against TAG in KAZ.
I bet Tethys does not wish to enter into a pointless pseudo press war with Olisol and would rather look forward to the start of legal proceedings in Alberta !.

[temporarily insane] 16/3/2017 12:44

All this is really taking its time.

[casual47] 16/3/2017 12:18

Ben, only a company with significant influence in Kaz would even begin to think about buying the assets. With the warring factions of Olisol versus Salzhanov/Kumars it seems like a pit of snakes.

When POO was $100+ the Sinohan deal valued TAG (just the Kaz assets) at $150million.

A lot has changed since then of course: POO is struggling to stay at $50, the tenge devaluated, TPL added lots of debt of which most is due this year(with status of $8 million Cayman loan that matured in January unknown), TPL is in lots of legal entanglements and the Kaz legal system seems a stinking morass.

I think TPL should probably just try to slog on the current path.

[benandemmiboo] 16/3/2017 12:02

Casual, et al,

Offsetting Tethys liabilities elsewhere, do you think the KAZ assets and Tethys equipment make the company worth 5 cents USD or more? If so, sole focus on company should be on getting acquired -- and on bringing such offers that may be on the table to PIs.

[hguess16] 16/3/2017 11:35

Typical of the mini oligarch Abramov !.
Olisol and EGG will end up with "egg on their faces" and significant damages when they get to Court !.

[casual47] 16/3/2017 11:24

I suppose we should be happy that TPL has assets worth fighting over.........................................................
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[casual47] 16/3/2017 11:09

I presume that whatever agreement TPL had with EGG it would have contained certain events of default. EGG not paying TPL for a year or more seems a good candidate for such a default. If there was an event of default then I assume the contract would be terminated accordingly.

Maybe the Kaz court is doing the same thing it did before: freeze everything until the court case is decided. Maybe the 9th of March thing Olisol is referring to was an urgent injunction that TPL tried to get to prevent freeze of assets while court case is ongoing, maybe that was declined.

Still, you'd expect TPL to have informed the market of such a thing. Unless the Olisol statment is complete bull, though there does always tend to be some smidgen of truth in their releases, amidts all the cow sh1t.

[temporarily insane] 16/3/2017 10:50

It seems to me that Olisol are the ones that are shouting the loudest from the world platform of the internet.

[hguess16] 16/3/2017 09:44

Disputes with EGG, Excerpts from the Nov 7,2016 Tethys Press release
""
EGG is the sole buyer of oil produced by TAG, In 2012, EGG secured a loan funding for TAG in its own name through RBK Bank JSC with Tethys assets securing this EGG loan and Tethys responsible to EGG for the loan. This was provided as a prepayment for crude oil to be delivered in future and a commitment by Tethys that all oil would be sold to EGG as long as the loan was outstanding. To all intents and purposes this is a secured, interest bearing loan for TAG, with a fixed interest rate and repayment schedule.

----- EGG has not paid in full for oil purchases from TAG for more than 10 months.
More than US$ 1.4m is now owed by EGG......EGG claims $2.6m from TAG for failure to supply minimum volumes of oil.
..... TAG has no contractual obligation to supply minimum volumes of crude oil to EGG, nor is there a penalty clause in contracts entered into between TAG and EGG for failure to deliver minimum volumes of crude oil. ""

As I understand it, EGG has used Tethys assets to obtain a loan ( How much ??)for TAG from the bank which is repayable to EGG provided EGG pays TAG for the supply of oil from TAG.
As EGG has failed to pay for oil supplied by TAG, TAG is entitled to claim $1.4m
owed by EGG.
It seems that Olisol is up to its old tricks again in trying to use the local Almaty courts to destabilise Tethys !.

[dorset64] 16/3/2017 08:49

Give me a few days casual, I'll ask some Q's again.

[hguess16] 16/3/2017 08:16

Casual,
Thanks for that interesting news !.
I presume Tethys will have to respond to these claims made by Olisol's press release.
It seems that Olisol is trying yet again to use their local KAZ influence incl the KAZ Courts to destablise the business of TAG.
I also presume that Olisol's attempt to influence ICA yet again, has failed as there is no mention of ICA.
I cannot quite understand the claim by Olisol that Tethys is supplying oil to Prax-AK which was paid for by EGG !!.
As far as I know, EGG owes TAG for oil supplied to date.

[1399peter] 16/3/2017 08:13

That's interesting, could of course be fake news. It will now force Tethys to release a counter RNS, so we might actually find out WTF is actually happening

[casual47] 16/3/2017 01:36

This is a very strange new release.

1. While Eurasia GAS Group are connected to Olisol (one of the Olisol directors owns it?) they are, as far as i know, not an affiliate of Olisol, so why is Olisol doing the press release for them?

2. The 22 million claim seems ridiculous. The badly phrased text/bad English makes it even more nonsensical. Could it be that this is the order of monies that TPL is claiming at the Canadian court, so EGG decided to make a similar claim at a Kaz court as part of the poker game?

3. The news release seems to contradict the earlier RNS from TPL where they announced that the Kaz court rejected​ the EGG claims and unblocked the bank account.

4. The news release also seems to contradict the last interview that Olisol gave with the Kaz paper, where they were complaining that the Kaz judiciary was going against them.

D64 - your gut feeling was right re. Olisol still being a pain. I am guessing this means they are not looking for a rekindling.....

[casual47] 16/3/2017 01:14

At least we get some snippets from Olisol, albeit very confusing ones (English isn't their strong point):

Update on Oil Supplies by TethysAralGas, Subsidiary of Tethys Petroleum Limited in Kazakhstan

March 15, 2017 18:10 ET | Source: OLISOL Petroleum Limited

HONG KONG, March 15, 2017 (GLOBE NEWSWIRE) -- OLISOL Petroleum Limited ("Olisol" or the "Company") today announces that at the moment TethysAralGas, a subsidiary of Tethys Petroleum (which OLISOL owns 15.76% shares of) in Kazakhstan, is violating binding oil delivery terms of the oil delivery contract № 05-05-1814 dated January 1st, 2012 signed with Eurasia GAS Group. This contract provides for obligatory oil deliveries from TethysAralGas exclusively for Eurasia GAS Group up to December 31st, 2018. In violation of its obligations with its letter #01-09-01/08 dated January 10th, 2017 TethysAralGas has informed Eurasia GAS Group that at Akkulka Mine the oil production is being stopped due to the execution of necessary maintenance. TethysAralGas stated that it would additionally notify on the end date for these operations. Coincidently TethysAralGas has entered the oil supply agreement with Prax-AK. By doing this, TethysAralGas is selling to Prax-AK the oil paid for by Eurasia GAS Group as early as in 2012. Until recently, the oil received by Prax-AK was being transported to the State Oil Refinery – Atyrau Refinery.

According to the current Ruling of Economic Court of Almaty dated January 26th, 2017 on seizure of property of TethysAralGas and corresponding measures applied by the judicial enforcement agent, starting from March 6th, 2017 Atyrau Refinery has cancelled the acceptance of oil supplied from TethysAralGas. In addition, the export of petroleum products obtained from TethysAralGas’ oil was stopped.

On the 9th of March, 2017 the court has passed a judgment and rejected the complaint laid by TethysAralGas. Also, the ruling dated January 26th, 2017 was left unchanged. Thus, at the moment the movable and immovable assets of TethysAralGas are under arrest and TethysAralGas is prohibited to make actions aimed at alienation of subsoil usage rights at the mines.

The Company hereby informs the oil refineries of the Republic of Kazakhstan that according to the contract signed in 2012, until December 31st, 2018 the oil produced by TethysAralGas shall be supplied only to Eurasia GAS Group.

About OLISOL

As of November 30th, 2016 OLISOL Company owned 15.76% of shares of Tethys Petroleum and was to increase its share in Tethys up to 42%. On November 30th, 2016 the Board of Directors of Tethys Petroleum without having the permission for additional issue of shares from the relevant authority, Ministry of Energy of the Republic of Kazakhstan, has initiated the issue of shares for Prax PTE LTD and Jin Guang LTD and by doing this, has illegally diluted the shares of OLISOL in Tethys.

Due to violations made by TethysAralGas in oil deliveries for Eurasia GAS Group, Eurasia GAS Group has claimed the return of funds paid for oil delivery and compensation of losses from TethysAralGas in the amount of $22, 988, 731. Also, OLISOL demands the return of working capital provided with interest accrued in the amount of $5, 916, 091.95. The return of the working capital was supposed to happen on the 31st of August, 2016.

OLISOL and its subsidiaries and affiliates have investments in energy and oil & gas operations in Russia and Kazakhstan. For more than 7 years the company has been collaborating with Tethys in Kazakhstan. Together with Tethys the company owns Aral Oil Terminal and has its own oil truck fleet intended for automobile oil transportation from Tethys’ mines. OLISOL has a workforce of highly skilled specialists in oil & gas area with its headquarters in Almaty, Kazakhstan.

[1399peter] 15/3/2017 18:46

If the amount of shares on offer are anything to go by, we could be in for one hell of a tight squeeze..............If the news is good that is

[temporarily insane] 15/3/2017 15:21

How long does all this have to take?

[temporarily insane] 15/3/2017 14:36

Re post 13811, There you go, as if by organised corruption the share price pops up as we guessed yesterday.

[temporarily insane] 15/3/2017 13:13

1399Peter, agreed somebody is buying them all. But who?


Anyways today continues on with the rest of this year so far by creating nothing for share holders.

[1399peter] 15/3/2017 00:00

TI

It's all smoke and mirrors mate, a big buyer is about to snap us up for billions...........And yes a pig has just flown past the window.

On a more serious note, I see that TSX MM's only have 78k on offer, so someone is buying em. +500k moved around or bought&sold on Monday (hard to say) with no share price movement (no surprise there)

[temporarily insane] 14/3/2017 22:33

No doubt TSX will pop back up tomorrow once 007 has bought some more.

[temporarily insane] 14/3/2017 22:18

Thank you Dorset64 for the info.

Looking forward to this lot sorting all this out and getting on with what this company should be doing.

[dorset64] 14/3/2017 17:34

Casual, I would guess the reason for no court news is the fact that they are in negotiations with Olisol and, I would guess, that would include the court case as well.

[casual47] 14/3/2017 17:14

D64 -- Did you ask about the UK based Kumar's pending directorship and why he hasn't taken it up yet? Absence of news like that inevitably leads to speculation....E.g. did the Canadian securities reject it, is he no longer in the picture etc.

[casual47] 14/3/2017 17:07

D64 -- ta. Why do you think they haven't given you/us any details at all on the court case in progress? All such court proceedings are public, AFAIK, so I don't know why it would be market sensitive to give us more info on the case they are bringing, any damages they may be asking for, whether Olisol is counter-claiming etc etc.

I asked a few times about it and they ignored it. We only got official word of the fact they are taking Olisol to court following the fake news "press release" by Olisol after which TPL was forced to release an RNS -- that's already a month ago!