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More good news: "February 01, 2017 11:05 ET Tethys Petroleum Press Release: Court Ruling in Favour of Tethys and Unblocking of Bank Accounts GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Feb. 1, 2017) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces that on January 25, 2017 the Almaty City Court found in favour of Tethys' wholly owned subsidiary, Tethys Aral Gas LLP ("TAG"), in rejecting the appeal of Eurasia Gas Group LLP ("EGG") against the previous court ruling of December 26, 2016, which also found in favour of TAG. As a result of EGG's claim against TAG, restrictions have been in place over TAG's bank accounts pending the hearing of EGG's appeal. Following the rejection of EGG's appeal, TAG applied to the court to have these restrictions removed which the court has approved and which have now been implemented. TAG can now operate its bank accounts normally and has full and unrestricted access to its bank accounts." http://www.marketwired.com/press-release/tethys-petroleum-press-release-court-ruling-favour-tethys-unblocking-bank-accounts-tsx-tpl-2192714.htm
More news: "Tethys Petroleum Press Release: Results of Extraordinary General Meeting GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan. 30, 2017) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces the results of the Extraordinary General Meeting ("EGM") held on January 27, 2017. Extraordinary General Meeting All resolutions put to shareholders at the EGM were passed on a poll at the meeting. Details of the voting on a poll on those resolutions voted on at the EGM, including votes represented by proxies, are as follows: Resolution For Against 1. The Warrant Exercise Resolution 114,043,831 (60.36%) 74,880,448 (39.64%) 2. The Debt Conversion Resolution 113,663,831 (60.28%) 74,880,448 (39.72%) In accordance with applicable Toronto Stock Exchange and Canadian Multilateral Instrument 61-101 rules the votes in respect of the Warrant Exercise Resolution exclude any votes attaching to ordinary shares beneficially owned by Jin Guang Ltd., the nominee company of Medgat Kumar and Prax Pte Ltd., the nominee company of Winston Sanjeev Kumar Soosaipillai. Shares owned by Jin Guang Ltd. and Prax Pte Ltd. each account for 8.6% of the ordinary shares issued by the Company. If all 192,300,000 warrants are exercised and assuming the Annuity and Life Reassurance Ltd. ("ALR") loans are converted at maturity into 186,316,064 ordinary shares then Jin Guang Ltd. and Prax Pte Ltd. would each own approximately 15.8% of the enlarged number of ordinary shares. Similarly, the votes in respect of the Debt Conversion Resolution exclude any votes attaching to ordinary shares beneficially owned or controlled by Pope Asset Management LLC, Annuity and Life Reassurance Ltd. ("ALR") or their affiliates. Together these shares account for 17.3% of the ordinary shares issued by the Company. If the ALR loans are converted at maturity and assuming conversion of the warrants owned by Jin Guang Ltd. and Prax Pte Ltd. the percentage of the enlarged number of ordinary shares owned by Pope Asset Management LLC, ALR and their affiliates would be approximately 30.9%." http://www.marketwired.com/press-release/tethys-petroleum-press-release-results-of-extraordinary-general-meeting-tsx-tpl-2191949.htm
Medgat Kumar bought a lot of shares and warrants last year. He must have high hopes for Tethys: "The Ordinary Shares acquired by Kumar represent approximately 9.0% of the Corporation's current issued and outstanding Ordinary Shares and the Warrants acquired represent 50% of the issued and outstanding Warrants of this particular class of warrants. On a partially-diluted basis, assuming the exercise of all Warrants held by Kumar, but no exercise of any securities convertible into or exchangeable for Ordinary Shares of the Corporation by any other party, Kumar would have ownership and control over 140,101,698 Common Shares of the Corporation, representing approximately 24.0% of the then issued and outstanding Common Shares."
CAYMAN, CAYMAN ISLANDS -- (Marketwired) -- 01/20/17 -- Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") is pleased to announce the appointment of Medgat Kumar to the Board of Directors of the Company effective today. Medgat Kumar is the owner and Director of Petro Impex Trade LLP. Petro Impex Trade LLP is a Kazakhstan based company whose primary activities are trading of crude oil and petroleum products, oil refining and terminals businesses. 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.
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan. 16, 2017) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") today announces a corporate update. Georgia Work Programme Commitments Tethys partner in Georgia, Georgia Oil and Gas Limited ("GOG"), has been notified by the Georgian State Agency of Oil and Gas that GOG and Tethys will not be required to complete the previously agreed work programme commitment to conduct 50 km of 2D seismic acquisition in Block XIN by June 30, 2017 which would have cost Tethys approximately US$700,000. Had the minimum commitments previously agreed not been met then Tethys may have been subject to penalties of up to US$2 million. Instead of the previously agreed commitment the agency will evaluate whether the partners should instead conduct 50 km of 2D seismic acquisition over an alternative prospective area. The deadline for any such work has not yet been determined. Kazakhstan Change of Registered Address and Relocation of Office to Aktobe City In December 2016 Tethys completed the transfer of the registered legal addresses of its three Kazakhstan subsidiaries, Tethys Aral Gas LLP, Kul-bas LLP and Tethys Services Kazakhstan LLP from Almaty to Aktobe City. Tethys also plans to relocate its main administrative office from Almaty to Aktobe City during the first half of 2017 where it already has an office. These changes are part of an ongoing process of corporate reorganisation and cost optimisation. Tethys field operations and exploration acreage are both in the Aktobe region which is in the west of Kazakhstan and Aktobe City is the main regional centre.
................
Well its not gone bust... there are some well qualified people piling in to support and back this now, it's starting to venture out of the woods from the authorities, people are starting to buy and it has good assets. Of course I don't want to speak to soon but I sense a pulse feel this could be headed from intensive care to the recovery room soon. My point being I don't think this is bound for the morgue any more!
Winters here, so Gas sales in Kazakhstan should be good: http://www.skymetweather.com/content/global-news/kazak-capital-astana-a-true-winter-city/
Start you day with a cup of Tethys!
The Gas contract is good news: "GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Dec 12, 2016) - Tethys Petroleum Limited (TPL.L)(TPL.L) ("Tethys" or the "Company") today announces that Intergas Central Asia ("ICA"), the Kazakh State-owned gas transportation company has notified the Company's wholly owned subsidiary in Kazakhstan, Tethys Aral Gas LLP ("TAG"), that it intends to continue accepting gas produced by TAG under the existing gas sales contract ("Gas Contract") and gas supply by TAG to ICA recommenced on December 9, 2016. ICA had previously announced its intention to cancel the Gas Contract and stopped accepting gas from TAG on October 18, 2016. The Company contested the grounds for cancellation of the Gas Contract and has been in discussions with ICA and Government officials since that time regarding such matters and is pleased that they have now been resolved amicably and to the satisfaction of all parties. The Company wishes to acknowledge the valuable assistance provided by its new investors and strategic in-country partners in Kazakhstan in facilitating these discussions. TAG has taken advantage of this period of gas production downtime to conduct important routine maintenance and individual well performance analysis which would not otherwise have been possible."
So, if I'm reading the trail of devastation correctly, the last major piece to allow recovery is the releasing of the bank accounts and assets currently frozen by the KZ judiciary?
but it's like tumbleweed out here
Some good news would be welcomed here re court case and gas sales!
Looks like the paramedics arrived just in time to get them to the hospital. Massive dilution but the company may survive.
Can anyone feel a pulse?
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Nov. 16, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") is pleased to announce the appointment of Mattias Sjoborg to the Board of Directors of the Company. Mattias joined Plena Group in 2001 and has led teams through origination, due diligence, negotiation and the restructuring of medium to large emerging market enterprises. In 2011, Mattias bought out Plena Group in a management buy-out and has led its growth by continuing to assemble cross border transactions as well as government privatisations in predominantly emerging markets. Mattias has a BA in Corporate Finance and an MBA degree from IMD Lausanne, Switzerland. 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.
November 15, 2016 05:31 ET Claims Made Against Tethys Employees in Kazakhstan Dismissed GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Nov. 15, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") is pleased to announce that the previously announced claims against employees of the Company's wholly owned subsidiary Tethys Aral Gas LLP ("TAG") in Kazakhstan have been dismissed. Tethys wishes to acknowledge the assistance of the Office of the Almaty City Prosecutor in quickly reviewing the claims and dismissing the case. Computers and documents taken during the investigation have been returned to the Company. The Company continues to work to have the Court imposed freezing order over TAG's bank accounts lifted and restore normal business operations as soon as possible.
Yes RNS out now claims against employees dismissed
MMS moving....news ????
"Tethys Petroleum Ltd’s (LON:TPL TSX:TPL) subsidiary in Kazakhstan has been raided in connection with its ongoing dispute with main shareholder Olisol. Local arm TAG faces a criminal investigation, which Tethys claims was instigated by Alexander Abramov who up until 4 days ago was the AIM-listed group’s chairman. Separately, Tethys said it has been approached by two investors, Sanjeev Kumar and Medgat Kumar, over a possible injection of US$1.4mln for a 9.9% stake with warrants."
I'm sure they will. Those armed police officers can look scary but they're only doing their job :-)
I as being ironic, insane
If they do they might be a five bagger in a day, but what a state, they're getting battered from all sides.
Will they survive?