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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."
"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 :-)
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.
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")."
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".
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.
Do any of the long term investors here know why the share price has fallen so much over the past 5 years? The price was over 60p in 2011. Surely oil prices haven't fallen that much.
Tethys Petroleum gets a new CEO: http://www.epmag.com/move-1364621 Yesterday it was one of the most actively traded stocks on the TSX:: http://www.680news.com/2016/10/03/most-actively-traded-companies-on-the-tsx-161/
Proactive Investors mentioned the RNS and increase in share price this morning. http://www.proactiveinvestors.co.uk/companies/news/166830/tethys-petroleum-soars-as-asset-seizure-order-lifted-166830.html Tethys will also be announcing their Q3 profits on November 11th which could give things another boost.
Lots of good things happening now. Here's a few snippets from the website: "The Gustavson report estimates gross Unrisked Mean Prospective Recoverable Oil Resources for the Klymene prospect totaling some 422 million barrels of oil." "Oil quality is very good in both zones, with the lower zone having 46 degree API low sulphur crude and the upper zone 37 degree API low sulphur crude. The combined flow rate of these two tests in this well was over 8,200 barrels of fluid per day." "The Kyzloi and Akkulka development is one of the first dry gas developments carried out in Kazakhstan with one of the first tie-ins by a non-State company to a major gas trunkline in Central Asia." "The gas supply contract has been signed between TethysAralGas LLP and KazTransGas JSC ("KTG"), for the Kyzyloi and Akkulka natural gas fields. KTG is the national State appointed gas operator under Kazakhstan gas law and any domestic sales of gas are effectively made through this state body. TAG will have the ability to export gas to China and other export markets once this option becomes available." "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."
Woo-hoo! Great news. Now start drilling and make some money.
Hope we get some news today.
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.
Good news indeed! So now we know that Olisol are still interested in Tethy.
There was a 2,300,000 / £41,400 trade just before midday. Can't tell if it was a buy or sell.
Yep. Things are looking good.
Same here. I expect there'll be an RNS when they start digging.
3p would be good. I'd prefer the 15p target they gave it 2 years ago!
So was the non payment a deliberate attempt to keep the number of new investors and share price low?