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I own shares in three other companies in Kazakhstan also. This is scary for all my investments there.
Oh my god. Business is fun in Kazakhstan! The new 'potential' investors look promising: MR WINSTON SANJEEV KUMAR SOOSAIPILLAI is a Director from Weybridge Surrey. MR WINSTON SANJEEV KUMAR SOOSAIPILLAI is British and resident in United Kingdom. Their most recent appointment, in our records, was to HARVEST ENERGY AVIATION LTD on 2015-06-26. Winston Sanjeev Kumar Soosaipillai ("Sanjeev Kumar") and his wife Arani Kumar are joint owners of the State Oil Group ("SOG"). Headquartered in London, UK and with trading offices in Zug Switzerland, Singapore and Houston Texas, SOG is a leading independent trading, storage, distribution and retail conglomerate dealing in petroleum products and biofuels. The group has substantial syndicated banking facilities which provide a platform to support SOG's international ambitions. SOG is extremely well connected across the world to influential individuals and powerful oil companies. SOG has an experienced management team that has successfully integrated a number of substantial strategic acquisitions into their group. 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.
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The next one is even better. Tpl is truely gone down the rabbit hole in Kazakh.
2016 Tethys Petroleum Press Release Sunday, November 6, 2016 - Proposals to Acquire Shares in Tethys Petroleum Limited GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Nov. 6, 2016) - Tethys Petroleum Limited ("Tethys" or the "Company")(TSX:TPL)(LSE:TPL) today announces that it has received non-binding proposals from private investors, Winston Sanjeev Kumar Soosaipillai and Medgat Kumar (each, an "Investor" and together, the "Investors") to acquire ordinary shares in the Company (together, the "Share Acquisition Proposals"). The key commercial terms of the Share Acquisition Proposals are summarized below. The Share Acquisition Proposals are subject to, among other things, agreement on definitive documentation, completion of legal and financial due diligence by the Investors and receipt of approval from the Toronto Stock Exchange (the "TSX"). The parties do not anticipate any other regulatory or merger control approvals to complete the transactions. The Investors have advised that they expect to be able to complete their due diligence by November 11, 2016, and the Company expects that, subject to satisfaction of the conditions noted above, the placing would close on or about November 11, 2016. If completed, the placements will bring much needed funding to the Company as well as provide it with strong in-country partners in Kazakhstan and internationally. Summary of Share Acquisition Proposals The Investors would each acquire 43,951,698 ordinary shares of Tethys which, calculated separately and based on the total number or ordinary shares currently in issue of 400,004,848, would result in each Investor acquiring approximately 9.9% of the enlarged share capital of the Company. The price for the ordinary shares would be US$0.01593 per share (or CDN$0.02136 based on the November 4, 2016 exchange rate) representing a 24% premium to the volume weighted average price ("VWAP") of CDN$0.01726 for the five trading days to November 4, 2016. The total proceeds would amount to approximately US$1.4 million. The Company would grant each Investor share purchase warrants giving each Investor the right to acquire up to 43,951,698 ordinary shares of Tethys for a period of three years from the grant date. The exercise price for the warrants would be US$0.031 (or CDN$0.041 based on the November 4, 2016 exchange rate) representing a 138% premium to the VWAP of CDN$0.022 for the five trading days to November 4, 2016. Neither Investor would be entitled to exercise the warrants if that would result in such Investor and his affiliates holding 10% or more of the then issued and outstanding ordinary shares (after giving effect to such conversion) until such time as the TSX has approved Personal Information Forms ("PIFs") and provided further that only up to an aggregate of 12,098,816 warrants may be exercised by the Investors until such time as shareholder approval has been obta
It seems very unusual that ICA have terminated the contract when Tethys has done nothing wrong. It's almost as if Tethys are being victimised. I can't help but feel that someone is trying to drive down the value of Tethys so they can move in and take them over. Even stranger, ICA are owned by the Kazakh Government who had previously given them permission to sell gas to ICA until 2029. From the Tethys website: "In January, 2015 the Company announced that its wholly-owned Kazakh subsidiary, TethysAralGaz LLP ("TAG"), received permission from the Ministry of Energy of the Republic of Kazakhstan to extend the Kyzyloi Gas Production Contract (the "Contract") for another 15 years, from June 14, 2014 to December 31, 2029." "Tethys Aral Gas LLP's ("TAG") gas sales contract with Intergas Central Asia ("ICA"), the Kazakh State-owned gas transport company ("Gas Contract")."
On October 21, 2016, TAG received a further letter from ICA indicating that in addition to cancelling acceptance of gas from TAG, it was terminating the Gas Contract. In this letter, ICA acknowledged outstanding amounts for unpaid gas of US$3 million though did not set a timeline for payment of such amounts.
But the owe £3mln. Best find a new buyer.
........as this was all seen last Friday evening. Tethys have just had a meeting today. vvvvvvvvvvvvvvvv
New RNS, gas sales contract terminated...main revenue generator and the reason why Olisol pulled out. The squeeze continues...surely they need to suspend the stock to sort this mess out...
Looks like something's happening behind the scenes... Tethys 28 Oct 2016 " Tethys has been approached by a number of companies who are now at different stages of evaluating the company with a view to investing in Tethys".
Anything can happen on AIM
........a tactical move by Tethys Petroleum?????
Could this be a tactical move by Olisol to reduce the share price and buy up a larger share of Tethys? Tethys recently won the court case to drill the Almaty oil field so there's still some potential for them to make a lot of money.
What an absolute shambles, gotta ask the question but would we be in this situation if Pope hadn't decided to oust the previous board a couple of years ago and put in a gang of inexperienced directors. It's been a torturous journey ever since and to think that they also declined a legitimate offer from Nostrum too. Unbelievable..
I agree I'm out of this even if they say they have a new partner tomorrow.
I'm glad this is only a very small part of my portfolio, (even though I added recently thinking the deal would close). What an absolute joke this whole thing is. These types of antagonistic relationships amongst so-called 'partners' is almost never a good thing. I'll likely be selling the shares I recently added (almost certainly at a loss). Quite frankly, it's not worth the time. GLA with your future investments. jmo
why?
Unfortunately not good as it seems. Pending court case 1st November 2016. yawn yawn
Olisol have acted in bad manners. Another delay coming.
It's halted after a rise today in the US. Let's hope it is good news.
Equally they may well have both the will and the means. They certainly will not want to see the money they have sunk into it written off, TPL has a valuable legal claim pending, good assets and is well positioned to attract Chinese interest... Chin up..
I think their all in between the two investments is C $.0707
I recently added to my Tethys position. I've had a small amount for years, as part of my basket of small oil and gas explorers. They have a regional (and past personnel) connection to some of my other investments, namely Frontera Resources, and previously Canargo Energy. The ongoing Olisol placement at C$.054 is literally almost double the current share price on the Canadian exchange, (and the previous tranche at US$.10 is 4 times the current price on the US exchange). So that's certainly a very unusual situation. Should the Olisol deal finally go through in the coming weeks, and I think it likely will, then that could represent a key turning point for Tethys, and hopefully get things moving in the right direction. Therefore, with it's current low market cap, I decided it was a good time to add to my holdings. GLA! jmo
The peculiar thing here is the focus on Gas, Olisol are oil traders, so why no focus on oil & getting export pricing, clearly a workover is needed to boost production, but the lifting cost was low, so there is clearly something going on that isn't being shared with investors. Gas production increases would help, so obviously would better pricing, perhaps even more so. But increasing gas production, in isolation does nothing in terms of the debts due next year, so I don't see evidence of any strategy here, either from Olisol or Tethys management (whoever is left).