Tethys Share Discussion Threads

[temporarily insane] 25/8/2017 16:00

Its like they are trying to completely mess one side of Tethys up.

[casual47] 25/8/2017 15:43

[EDIT: did a search of some contracts, can't immediately see reference to needing to remain listed]

But I presume no longer being listed on a "proper" exchange can't be helping with TPL's credibility and standing?

[ratfan] 25/8/2017 15:42

They have drilled one gas well though!

[casual47] 25/8/2017 15:32

No good news then. Just a holding position.

I guess an alternative listing would be one that doesn't care that TPL's main asset is under creditor protection? Presumably this could mean the stock won't be eligible for majority of UK share dealing schemes?

[benandemmiboo] 25/8/2017 15:27

For such a small company like Tethys, I reckon TSX was (like LON) too much of a luxury anyway. Better to just stick with the alternative exchange in Kazakhstan.

[ratfan] 25/8/2017 15:03

Some details for George on linked in

hxxps://www.linkedin.com/in/george-pool-05ab9917/?ppe=1

[ratfan] 25/8/2017 14:41

August 25, 2017
Tethys Petroleum Press Release Friday, August 25, 2017 - Corporate Update
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Aug. 25, 2017) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announces a corporate update.

TAG Rehabilitation Filing

On August 10, 2017 the Company announced that Tethys Aral Gas LLP ("TAG"), a wholly owned subsidiary of Tethys, filed an application for rehabilitation with the Special Economic Court of Aktobe Region (the "Rehabilitation Court"). The application is subject to review and approval by the Rehabilitation Court. Pending such review and approval, TAG will continue business as usual, provided that no creditor may take any adverse action against TAG in such review period, including Eurasia Gas Group LLP attempting to enforce the decision of the Court of Appeal in Almaty. In addition, TAG may, if circumstances change, withdraw its application for rehabilitation at any time.

Review of the Eligibility for Continued Listing on TSX

Following the above announcement, Tethys has been notified by the Toronto Stock Exchange ("TSX") that it is performing an expedited review of the eligibility criteria for the continued listing of the Company's ordinary shares pursuant to Part VII of the TSX Company Manual.

A meeting of the Continued Listing Committee of TSX is scheduled to be held on August 31, 2017 at 3:00 p.m. EST to consider whether or not to delist and/or suspend the securities of the Company. Tethys is committed to retaining a listing on a recognized stock exchange and along with its advisers is considering its position and response to the TSX review, as well as its eligibility, and steps required to list on, an alternate exchange in Canada should the TSX decide to delist Tethys.

Update on Gas Drilling Program

Further to the update provided by the Company on July 28, 2017, drilling company Great Wall has completed drilling the first well in the gas drilling program known as KYZ-111 and has found indications that gas is present. Once the required inspections have been carried out and gas flaring permissions obtained the well will be fully tested. Great Wall has now begun drilling operations for the second well known as KYZ-110.

As previously announced the current plan is to drill eight wells in 2017, to obtain and interpret new seismic and then drill a further 4-5 wells in early 2018, with the intention of maintaining and improving shallow gas production on a continuing basis.

Appointment of new General Director in Kazakhstan

The Company is pleased to announce the appointment of George Pool as its new General Director in Kazakhstan. George is a US national and a resident of Kazakhstan. Fluent in Russian, he has over 20 years' wide-ranging experience of the culture and business practices of the Former Soviet Union and Latin America having worked on projects in Kazakhstan, Russia, Uzbekistan, China, Panama, Ecuador, Europe and the USA.

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

[wrighty46] 25/8/2017 11:33

Lol casual I remember buying a few here at 40p+.

[casual47] 25/8/2017 10:27

We can all repent not having acted sooner. All the way down from 10p+ to 1p....

[hguess16] 25/8/2017 10:10

As usual, act in haste and repent at leisure !.

[casual47] 25/8/2017 09:52

"Speculation re delisting from the TSX is premature."

Er.....this is exactly the time to speculate. The Toronto stock exchange has just put shareholders on notice that it could force delisting. If you can't speculate now then when? After it's been delisted?

If I was still able to trade I would have sold my 500K shares yesterday, pronto.

[hguess16] 25/8/2017 09:49

IMO,
The TSX is only conducting a review of the possibility of delisting TPL .
The Tethys press release of 10 Aug stated that it is appealing the decision of the
Court of Appeal and has taken action against RBK bank to obtain info relating to the
loan EGG obtained,as this info is crucial in its appeal.
Tethys is only aiming to protect its position in KZ.
I see no valid reason why the TSX should delist TPL.
I am waiting for the Tethys press release to be issued this weekend for a clarification of operations and legal issues in KZ.
Speculation re delisting from the TSX is premature.

[casual47] 25/8/2017 09:48

TI, no, TAG is the company that holds their most important asset. So if TAG is put under protection then it seems it would/could be in contravention of the minimum listing requirements

[temporarily insane] 25/8/2017 09:44

Casual47, if its the TAG subsidiary then Tethys Petroleum should not be delisted as that is the head company?


Bill Wells needs to get on the case and tout suite and update his shareholders.

[casual47] 25/8/2017 09:27

So perhaps it is to do with "Assets and Operations"

"seeks protection or is placed under the protection of any insolvency or bankruptcy laws or is placed into receivership"

Isn't this what TPL are doing with their TAG subsidiary?

[casual47] 25/8/2017 09:24

Minimum listing requirements

Public Distribution and Market Capitalization
(i) no less than 500,000 Listed Shares in the Public Float
(ii) 10% of Listed Shares must be in Public Float
(iii) Listed Shares in Public Float must have minimum market capitalization of $100,000
(iv) at least 150 Public Shareholders holding at least one Board Lot each, free of Resale Restrictions

Working Capital
adequate Working Capital or Financial Resources of the greater of (i) $50,000 and (ii) an amount required in order to maintain operations and cover general and administrative expenses for a period of 6 months

Assets and Operations
no requirements generally although the Exchange retains discretion to declare that an Issuer no longer meets Tier 2 Continued Listing Requirements if, in the Exchange’s opinion, the Issuer or its principle operating subsidiary substantially reduces or impairs its principal operating assets, ceases or discontinues a substantial portion of its operations or business for any reason, or seeks protection or is placed under the protection of any insolvency or bankruptcy laws or is placed into receivership

Activity
either A or B below:
A) For the Issuer’s most recently completed financial year:
i) positive cash flow;
ii) significant operating revenue; or
iii) $50,000 of exploration or development expenditures.
B) In aggregate, for the Issuer’s two most recently completed financial years, $100,000 of exploration or development expenditures.

[mostro] 25/8/2017 08:53

Just have to wait and see if they can continue listing on TSX.
Patience as usual!!!!

[hguess16] 24/8/2017 22:49

I do not see any evidence that TPL is insolvent.
The external auditors have not qualified the accounts.
I have yet to see any evidence of a failure to renegotiate the extension of the short
term loans.
The assets of TPL in the form of reserves far exceed the value of its liabilities.
The fact that a programme for drilling of the gas wells have been put in place and that the ESP is operational shows that TPL can extract oil and gas with the help of
Great Wall Drilling.
The application to obtain info from RBK bank ( re the EGG case) was due on 20 Aug and hopefully we will have news by the weekend.
TPL is selling oil and gas as shown in the Q2 financials
So insolvency seems unlikely.
I cannot speculate on the reasons for the delisting review until I see more info !.

[casual47] 24/8/2017 22:32

From Nostrum's C$0.147 per share offer to today's low of C$0.015

Thanks a bunch, Bill.

[casual47] 24/8/2017 22:09

Combine that with what we know already:
1. They have as far as we know been unable to renegotiate the loans (AGR, Khan Energy, Kaz bank?)
2. They needed to apply for urgent protection from creditors in Kaz (We don't know yet whether this application was accepted)
3. They lost the EGG case on appeal and need to take it to supreme court


Then is this beginning to spell game over....?

[casual47] 24/8/2017 22:03

The news today is not that TPL is planning to delist but that TSX has found sufficient cause to start an expedited review into delisting TPL from TSX as it believes TPL may no longer be in compliance with the rules (e.g. no longer solvent)

[hguess16] 24/8/2017 21:51

The news that I expect from Tethys at the weekend relates to operational and legal matters.
I am not aware of any plans for delisting.

[temporarily insane] 24/8/2017 21:29

Meanwhile over on the Kaz stock exchange.........

[temporarily insane] 24/8/2017 21:03

Hguess16, what do you think now, considering you have had conversations with the management?