Provides info to the Georgia question: Both Tethys and its partner are trying to sell/farm out that asset. As ex-CEO Robson now heads another company looking to buy assets in Georgia and Tajikistan, perhaps there is hope that a deal can be done. The Tajikistan asset is big but there have been articles totally outside of the arbitration mess that suggest all parties (including Total, etc) want to pull out of the project, as the govt is now taking too much for it to be profitable. As for the Kazakhstan assets, Olisol mgmt has seemed to convince Pope and current Tethys mgmt that they have the abilities to renegotiate and get better contracts for the Kazakhstan assets based on all their prior experience. IMO this can be a very undervalued stock on Kaz assets alone if and perhaps only if they get new contracts, etc. Anyway, check out the content on the new website if you have not done already.
The drop is on the ticker TETHF -- which has been the ticker where Tethys has also been consistently shorted (based on updates found on Google Finance). A search by TETHF and TMX will show that is now 1.4 in the US. That said, as a US holder of more than a million shares, this might well be good news, as the ticker has never traded alongside Canada, with the BID and ASK always controlled by one apparently shorting entity. If that entity is gone, or else has switched to a Long position, Amen. The selloff does not appear to have affected the price of either UK or Canada exchanges, just makes those who have been shorting TETHF to be able to cash in at a nice profit.
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.
New railway LNG transport line opens between China and Kazakhstan 2016-07-31 07:10:12 CRIENGLISH.com Web Editor: Wang Kun The first train carrying liquefied natural gas from Kazakhstan to China has arrived at the border crossing at Xinjiang. It's arrival is being hailed as the next step in greater energy transport connections between China and central Asian countries. The new rail link for Liquified Natural Gas is expected to help shore-up LNG resources, which have been coming up short in China due to growing demand and the limited capasity at the sea ports to transfer LNG onshore. Wang Xinchun, director of the Alashankou Free Trade Zone's economic development bureau in Xinjiang, says their port of entry is going to significantly increase energy transport options for China. "There will be one train each week, which will transport 300-thousand tons year. In the future, we expect to be able to increase the annual LNG imports to 800-thouisand tons or more according to market demand and the needs of domestic companies." The border crossing at Alashankou in Xinjiang has seen over 8.7 million tons of goods worth over 3.5-billion US dollars pass through so far this year.
5 million shares acquired by William Wells on 6/20/2016 at 3 cents Canadian. (Also sold slightly more than a million prior to acquisition.) Now has 43 million shares. Closing date 2016-06-20 Date of transaction 2016-06-20 Issuer Name Tethys Petroleum Limited Stock Symbol TPL Insider Name Wells, William Paul Wells Insider's Relationship to Issuer 3 - 10% Security Holder of Issuer, 4 - Director of Issuer Nature of transaction 10 - Acquisition or disposition in the public market Number or value acquired or disposed of +5,000,000 Unit price or exercise price 0.0300 Balance of securities held as of transaction date 43,451,534 Conversion or exercise price Underlying security designation Equivalent number of underlying securities acquired or disposed of Closing balance of equivalent number or value of underlying securities Closing date 2016-06-20 Date of transaction 2016-06-20 Issuer Name Tethys Petroleum Limited Stock Symbol TPL Insider Name Wells, William Paul Wells Insider's Relationship to Issuer 3 - 10% Security Holder of Issuer, 4 - Director of Issuer Nature of transaction 97 - Other Number or value acquired or disposed of -1,066,770 Unit price or exercise price Balance of securities held as of transaction date 38,451,534 Conversion or exercise price Underlying security designation Equivalent number of underlying securities acquired or disposed of Closing balance of equivalent number or value of underlying securities
http://www.marketwired.com/press-release/tethys-petroleum-limited-olisol-transaction-update-2102338.htm news is good IMO. Wish I bought more shares today.
http://www.marketwired.com/press-release/tethys-petroleum-limited-olisol-transaction-update-2102338.htm news is good IMO. Wish I bought more shares today.
hopefully some good news forthcoming.
http://www.stockhouse.com/news/press-releases/2016/02/22/tethys-petroleum-limited-olisol-transaction-update Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces that is has entered into a non-binding and indicative term sheet (the "Term Sheet") with Olisol Investments Limited and its wholly owned subsidiary, Olisol Petroleum Limited ("OPL", together "Olisol"), setting out amended terms to the Letter of Intent entered into on November 9, 2015 ("Original LOI") and consequent changes to the transaction documentation between the companies which will be legally binding. Completion of the transactions envisaged by the Original LOI, as supplemented by the Term Sheet, will provide Tethys with much needed funding from a strong in-country partner that has committed to supporting the Company and intends to become a strategic minority shareholder. Olisol has already succeeded in assisting the Company to collect overdue debts, to arrange for restructuring of one of the debts of TethysAralGas LLP ("TAG", one of Tethys' wholly owned Kazakh subsidiaries), and to extend the Appraisal Period for the Kul-Bas Exploration and Production Contract by a further two years until November 11, 2017. The first condition of the Term Sheet was for Olisol to transfer US$1 million under the existing convertible debt facility between the companies and this condition has already been satisfied, the funds having been received by Tethys last week. Key Terms of the Term Sheet Olisol to transfer an additional US$1,000,000 under the Company's existing US$15 million convertible debt facility with OPL ("Interim Facility") (received). Olisol to convert all but US$1,000,000 of the then outstanding amount of principal and accrued interest under the Interim Facility (approximately US$6.25 million) into ordinary shares ("Interim Facility Conversion"). The conversion will take place at a price of USD$0.10 per share and the shares will represent approximately 15.6% of the enlarged undiluted share capital of the Company. This conversion will take place as soon as all approvals are obtained from the Toronto Stock Exchange ("TSX"), which will likely include the approval by the TSX of a Personal Information Form ("PIF") to be submitted by Olisol. The Term Sheet provides that Olisol is to provide evidence of the submission of the PIF prior to the parties entering into the binding amendment to the Interim Facility (the "Facility Agreement Amendment") which will provide, among other things, that Olisol will irrevocably commit to the conversion described above. Olisol will work with a bank in Kazakhstan acceptable to Tethys ("Kazakh Bank") to secure a loan for TAG, in the amount of US$10,000,000 (the "Kazakh Loan"), within 45 days of TAG providing all required documentation which is expected to be by the end of th
news about the supposed feb 19 press release, which seemed to contain possibly good info (ie a repeat of Dec 8 info), was also posted here: http://otcbreakingnews.com/tag/small-cap/. That link leads to a dead link: http://www.smallcapnetwork.com/Tethys-Petroleum-LON-TPL-TSE-TPL-Kazakh-investment-group-Olisol-will-acquire-around-44/s/via/51343/article/view/p/mid/1/id/28/ Perhaps the press release was pulled? Perhaps it was in error? No clue.
According to Reuters, over 70 million shares have been sold by insiders in the past 3 months -- or about 60 million more than the last I checked (about a week prior): http://www.reuters.com/finance/stocks/insiderTrading?symbol=TPL.TO ... Only 17 percent insider holdings now, as oppposed to nearly 43 percent from a week prior (the 43 percent is based on my memory). Have no idea how regularly Reuters updates this, though they claim to update daily. Also, possibly good news in what reads like a repeat of the Dec 8 press release (but published on Feb 19): http://world.einnews.com/article__detail/country/kazakhstan/312523634-tethys-petroleum-lon-tpl-tse-tpl-kazakh-investment-group-olisol-will-acquire-around-44?vcode=Qf25 Unfortunately, the whole press release seems unable to be read, so I have no clue whether some info was released on Feb 19, or whether this press release was an accidental posting of some sort.
As of February 17 trading in ordinary shares KYG876361091 (KY_TPL_) of Tethys Petroleum Limited (Cayman Islands) opens in KASE secondary market sector /KASE, February 16, 16/ – Following the decision of Kazakhstan Stock Exchange (KASE) Management Board, as of February 17, 2016 trading in ordinary shares KYG876361091 (KASE official list, second category, KY_TPL_) of Tethys Petroleum Limited (Cayman Islands) opens in KASE secondary market sector. The mentioned shares are quoted in KASE trading system accurately within the second decimal of the share's price expressed in tenge. The mentioned shares were admitted to KASE official list's second category as of November 20, 2015. The details of the shares issue are available on KASE website at http://www.kase.kz/en/shares/show/KY_TPL_ [2016-02-16]
As an fyi, Kazakhstan's currency, the tenge, has now fallen by half since August (from the Economist, twitter page)... On that note, if they can make a deal at 12 CAD with NOSTRUM, I sure hope they'd take it.
Just an fyi: http://www.zerohedge.com/news/2016-01-18/tenge-crashes-low-oil-prices-take-dramatic-toll-kazakh-economy
Hopefully reasons for the drop are more for issues like the currency. Right now, it appears the tenge has declined more than 60 percent vs the dollar since the original deal with the August deadline: http://tass.ru/en/economy/848880 ASTANA, January 12. /TASS/. According to the results of the morning trading session on the Kazakhstan Stock Exchange (KASE) the dollar rose by 5.74 tenge, reaching 362.62 tenge, an all-time low. During the session, the Kazakhstani tenge reached a low of 367 to the dollar, a drop of almost 3%. At the same time, in the exchange offices of Astana and Almaty, the US dollar is being sold for 369-370 tenge per dollar, up 10 tenge from the mark of Monday, January 11. On August 20 Kazakhstan changed to a new economic policy based on a free-floating exchange rate of tenge. More: http://tass.ru/en/economy/848880
http://thediplomat.com/2016/01/trade-between-kazakhstan-and-ukraine-just-got-more-difficult/ Don't think this particularly affects Tethys. but it doesn't sem as if Kazakhstan is in a turnaround mode right now...
Down over 30 percent right now, with 2 hrs left.
News seems positive for investors: http://astanatimes.com/2015/12/kazakhstan-eu-sign-landmark-agreement/
Could this possible fund swap have partly concerned the shares held by AGR? I checked Reuters Insider Trading for TPL, and noted 11 million-plus shares sold by insiders in the last six months -- a few weeks ago, that number was about 700,000, so a huge increase, suggesting the AGR shares may have indeed already been moved into the hands of another investor. Not sure -- hence this posting -- but the timing of the JP Morgan Asset Mgmt announcement made me wonder if this was the case, etc.