Tethys Share Discussion Threads

[hguess16] 04/9/2018 18:08

TI,
I am puzzled by your comment !.
Olisol trades in oil in KZ.
Why would they deal with Gemini or Jaka unless these parties are not what they
seem to be ?.
Do you know what Jaka and Gemini do in order to have any dealings with Olisol ?.

[temporarily insane] 04/9/2018 17:49

I hope that the Board have done their checks ensuring that Jaka Partners FZC and Gemini IT Consultants DMCC do not have any business dealings with Olisol.

[hguess16] 02/9/2018 18:13

I can well understand your skepticism but I cannot believe thst Gemini and "thingamybob " would want to risk $2.5m
in Tethys, an O&G co:.
This whole thing seems to me to be a bit of subterfuge in order to protect the real party who is interested in taking a 20% stake, as the major investor in Tethys.
Do not underestimate the natives as the
Tethys BOD did. They ended up with rotten eggs on their "knowledgeable faces".
It is possible that I am seeing a bit too much in the " English breakfast" tea leaves, but let us see what turns up !.

[casual47] 02/9/2018 17:24

That may be so. But my point is that the BOD, with all they have 'achieved' so far, don't merit us bestowing them with the ability to put together a cunning plan that will transform the company.

For all they have shown of their business acumen, the likelihood that the 'player' behind these IT consultants is Baldrick is far higher than it being Blackadder.

[hguess16] 02/9/2018 16:24

Casual,
I think Gemini and DMCC are just fronts for the real players !.
Purely my guess !.

[casual47] 02/9/2018 12:24

Not sure what merits the hope invested in the new investors, apart from the hope of desperation.

One of the new investors is an IT consultancy company ("Gemini IT Consultants DMCC ").....so not exactly the cream of the crop of the international Oil&Gas sector.

My own view is that these are not long term strategic partners but just a stop-gap to bridge the most immediate obstacles ahead of Tethys.

Once all the local Kazakhstan power-brokers and chieftains have been "welcomed" the dilution may see us beyond a billion shares. And after all that is done Tethys will still need to convince an investor with actual money (the order of 50-100 million dollars, at least) to seize the full potential....and that will be proper costly.

[hguess16] 01/9/2018 22:05

TI,
I am interested in what the BOD is going to reveal, hopefully in the next
week or so.

[hguess16] 01/9/2018 21:35

TI,
My guess is that Wells is aware of what goes on in the BB.

[temporarily insane] 01/9/2018 20:48

Hguess16, send that to Bill Wells or whoever is running Tethys. They need as many options as possible...

[hguess16] 01/9/2018 20:11

Peter,
IMO this is the "make or break" final episode.
Main players are :
Tethys
Kumar
New KZ investors
Olisol

I would like to see a new party enter the fray but it is wishful thinking on my part.
Anyway, I guess it is quite possible that the new investors might do a deal with Olisol, ie " make them an offer "
similar to the "Godfathsr" " take it or
you are out".
I assume NI has already taken up the shares and the warrants making them the
major shareholder with 20%.
This would then leave PAM in a vulnerable position with effective control transferred to the three KZ players, NI,Kumar and Olisol.
If it turns out as I guess, it would be in the interest of the KZ investors to
maximise drilling in Doris and Klymene to obtain export prices with output at over 6000 boepd which could boost revenues and provide some return for us
PI's.
I am being an eternal optimist here !.

[hguess16] 01/9/2018 13:35

Peter,
Look at it from Olisol's perspective.
They paid $12m plus the cost of the 50% AOT, and having failed to acquire Tethys, their contract to purchase oil from TAG kept them going while they tried every trick in the book to destabilise TAG in order to capture it.

Wells and the BOD thought they had Olisol in check, but all hell broke loose with legal disputes and illegal entries and disruptions.

The win in the KZ Supreme Court came late following the no-show in Alberta.


Tethys were distracted by legal disputes and forgot their real purpose to drill more wells in KZ as cash ran out with no effort to raise more cash by Wells via debt and collateral.

This was a wasted opportunity for two years and hence its current dismal state.
The response from the BOD was to decimate our value by equity dilution.

I kept banging on about raising debt with collateral and possibly a corporate guarantee,in order to drill more wells, but to no avail.
We end up with a revised lower proven reserves as shown in the Annual accounts with
reduced output, low prices, and consequent losses.

Management keep telling us about cost reductions, but what was required was
increased output and better pricing.
Totally wrong focus !.
I repeat; this has been a "expert destructure" and not a constructive restructure !.

In effect, the dilution of equity has resulted in PI's Tethys shares being sold for a pittance in order to keep the sinking ship afloat !.
I must admit that at least Ken May made an effort by using Great Wall to commence the drilling programme and the ESP.
But it was too little, too late !.

[1399peter] 01/9/2018 12:56

hguess,

It kind of makes you wonder what benefit Tethy's gained from the $12m it received as at the same time Olisol were pulling the rug from under their feet and practically taking the oil it received whilst earning a nice few bob out of it on the resale.

I think we all have to remember we were being screwed by the contracts that were drawn up with Olisol, they were biting the hand that fed them, big time!

If Olisol are involved in the talks then some big changes will be needed to remove the bad blood between them

[hguess16] 31/8/2018 23:46

Peter,
Olisol have invested $12m in Tethys incl $5,8m in debt and $6.3m in equity aa well as
50% in the AOT. They will not go away unless they get a deal of some sort,

Olisol have depended on TAG oil at attractive prices to them and would require some form of compensation for the future.


Another interesting item I noticed is that Tethys has reduced its stake in Georgia to 18% in return for lack of funds to fund development costs.

Yet another reason for them to focus on KZ incl Klymene which has great potential if they have money for drilling.
Who knows, maybe the change to Tethys Group in order to separate TAG from Georgia, now that only KZ and Georgia are left.

Just my thoughts on these recent developments.

[1399peter] 31/8/2018 23:00

hguess

They have failed over and over again. I hope you are wrong about Olisol involvement and their silence actually more to do with the Kaz government. As none of what was happening to Tethy's would have been helping Kaz attract international investment.

[hguess16] 31/8/2018 21:33

Peter,
You know my thoughts about my disappointment that the BOD has ignored the need for
real funds in the form of debt in order to really go big on drilling and the fact that the BOD has failed to strike good pricing for oil and gas because output is lower than the 6000 boepd in order to obtain export prices.
The bottom line is, if Tethys is unable to increase output significantly, I see no future !.

[1399peter] 31/8/2018 21:04

Hguess

I can't argue with any of that really.

I kind of guessed from your unusual lack of support for the present BOD that it was all about to change. And then your reference to the "lets see what happens with the NI's" as perhaps knowing something about news of funding. Just a guess though

[hguess16] 31/8/2018 21:01

Another thought is that Olisol has been silent for quite some time.
This, I hope, is due to their involvement in the current discussions.

Let us hope this matter is resolved soon.

[brad44] 31/8/2018 20:33

The slight change of name might be why the website is currently down..

[hguess16] 31/8/2018 19:50

Peter,
If you read the recent press releases, you might notice that the proposed new deal was supposed to be concluded by end Aug with the take-up of the warrants which would give the NI 20% of the Tethys shares, ie more than PAM's holding. This new deal superseded the earlier deal which was proposed when Ken May was in charge.

You will also note that Sam Barrows departed recently following a very short career at Tethys and he was replaced by a Board Director, Sjoberg as yet another "Interim CEO". My gut tells me that this is temporary until the new deal is struck.

I also guess that the delay in the announcement is due to continuing negotiations
with the NI and the Board about composition of the new Board and possibly a new CEO if and, I hope, when the new deal is concluded.


I expect the NI to have done its due diligence and has reviewed the annual accounts
and the current debt issues prior to making a commitment to invest $2,5m in Tethys.
I do hope that the BOD has obtained undertakings from the NI about assisting in
funding drilling and also that the NI may have helped in obtaining extensions to the licences.

Another recent event that caught my eye has been the change in Name from Tethys
Petroleum to Tethys-Group Petroleum. Is this intentional ?.


Remember that all this involves KZ investors who "might" result in control of the Tethys KZ by the NI.


If you think that my guesses are way out, please ignore this note !.

[1399peter] 31/8/2018 19:10

hguess1631 Aug '18 - 08:58 - 17498 of 17509
0 0 0
Too late, I should have seen it coming !.
Based on the last two years abysmal performance, Tethys has been led by an Apprentice chairman and his board of apprentices !.
Attempts to restructure Tethys has resulted in value destruction and dilution of equity !.

hguess1631 Aug '18 - 14:05 - 17507 of 17509
0 0 0
Casual,
Thanks.
TI,
Let us wait for news of the NI deal and perhaps then we could pursue !

Hguess,

I would say you know a bit more than you're letting on.

Can I assume we are about to see some big changes

[casual47] 31/8/2018 15:00

If anyone is that way inclined they could claim the tethyspetroleum.com domain in about two months and use it to vent their frustration....

[casual47] 31/8/2018 14:56

It looks like they have abandoned the tethyspetroleum.com website and use this one now:



Domain:tethys-group.com
Registrar:GoDaddy.com, LLC
Registration Date:2018-06-19


So that's the mystery behind the domain registration expiring....they are cost cutting and dumped it and went with a cheaper provider (go-daddy)