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Hope we get some news today.
Cool... hopefully we get a news release by next Wednesday.
26th September 16 for the appeal
Does anyone know when the new court case is? It will be good when all this is out the way and things can get back to normal.
Nice rise here today. Depressing that it crashed on this side of the pond. I don't get this one.
52 week high achievable plus way mor if olisol are interested
This may be Tethys week.
Good stuff. Great rns. Ready for this to take off.
Good news indeed! So now we know that Olisol are still interested in Tethy.
hTTp://www.marketwired.com/press-release/tethys-petroleum-press-release-corporate-update-2159232.htm
Another day and still waiting for Olisol to cough up the money. What are they doing? Must be waiting for the North Koreans to print it.
Another day and still waiting for Olisol to cough up the money. What are they doing? Must be waiting for the North Koreans to print it.
Counterclaim and banks in Kaz Frozen. Worth a punt. This is either going to the wall or will be an amazing play for the risk IMO.
haha i too watched Wolf of Wallstreet, loved it as a film.... of well as they say "is it legal, absolutely ff** not"
...they must have watched "Wolf of Wall Street" last evening ;-)
Jokers, 75% spread
So was the non payment a deliberate attempt to keep the number of new investors and share price low?
Almost certainly. We're getting diluted out of the company. Bit like GKP, only slower and stealthier.
Almost certainly. We're getting diluted out of the company. Bit like GKP, only slower and stealthier.
I think we are about to get shaken down for more shares. It worked for Olisol last time. That's what I hate about banana republics.
I notice that Olisol were late with a payment before: "Olisol has continued to inform the Company that the funds are subject to USD transfer restrictions imposed by the bank authorities in Kazakhstan, which have prevented further transfers within the contractually obligated timeframes." Tethys (Kulob Petroleum Limited KPL) don't seem to be entirely to blame for the arbitration proceedings: "Tethys, which has been operated in the country since 2008, signed a farm-out agreement and a production sharing agreement (PSA) with CNPC and Total in 2013, each party taking 33.33% in the Bokhtar project. CNPC and Total demand KPL withdraw from the project after it failed to meet its financial obligations. KPL, however, declined to do so in October forcing CNPC and Total to seek arbitration. Tethys had originally announced its intention to pull out of the project. The company was planning to sell its stake in the project to Britain-based Nostrum Oil & Gas, but the deal failed through."
Olisol played silly buggers before but came through in the end. Seems to be how they operate. No guarantees, but they've already put money in, which they stand to lose. In Taj, if the other partners get an order for costs against TPL, I guess we'll be pulling out completely and letting the subsids there go bust. I think they should just buy us out of our share. I still think it depends on whether Alexander Abramov has any pull there. The court decision in Kazakh does suggest he's got some traction. But ... The situation is still pretty ropey.
So the court ruled in favour of Tethys on the 24th. That's something. What are the implications of the other 2 announcements?
September 02, 2016 19:00 ET Tethys Petroleum Press Release: Corporate Update GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Sept. 2, 2016) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) (LSE:TPL) today announces a corporate update. Olisol Transaction Following approval of The Grand Court in the Cayman Islands on August 19, 2016 to reduce the par value of the Company's ordinary shares from US$0.10 to US$0.01 the Company has worked with Olisol and its advisors to complete the previously announced C$9.8 million private placement by September 2, 2016. The Company made the necessary filing with the Cayman Islands Registrar of Companies on August 31, 2016 at which time the reduction in par value became legally effective. The Investment Agreement requires a closing date two business days after all closing conditions have been satisfied or waived by the parties. The Company was prepared to complete the private placement with Olisol on September 2, 2016 as originally scheduled or to agree a short extension with Olisol if Olisol met certain funding commitments. As Olisol has not done so the Company considers Olisol to be in breach of the Investment Agreement. The Company continues to work with Olisol to complete the private placement whilst at the same time evaluating alternative funding arrangements. Olisol continues to advance funds required under its' obligation of the terms of the Investment Agreement to the Company in order to meet working capital needs and has advanced a total of US$452,000 to the Company in recent days. Kazakhstan legal proceedings On August 24, 2016 the Court dismissed the claim brought against the Company and its subsidiaries in Kazakhstan and ordered the lifting of the seizure order over the Company's assets. The claimant lodged an appeal on August 29, 2016. Until the appeal is heard restrictions remain in place over the operation of the Company's bank accounts in Kazakhstan. Tajikistan arbitration proceedings As previously announced on August 15, 2016, Total and CNPC, the Company's partners in Tajikistan, filed for arbitration proceedings at the International Court of Arbitration in relation to the Company's cash call defaults and the partners' notice to the Company to withdraw. The partners are seeking to enforce the withdrawal notice and their claim for damages of US$9.0 million (and continuing) plus costs. The Company has submitted its response to the request for arbitration and has made a counter-claim against the partners of US$10.1 million. 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.
I'm not sure. A lot of shares were bought on the 23rd of August after the update about Olison. Perhaps the next announcement will give things a boost.