Tethys Petroleum Corporate Update
Tethys Petroleum (TSXV: TPL) has won a significant arbitration case initiated in November 2023 at the International Arbitration Centre. The ruling on May 13, 2025, declares that a Settlement Deed and Release Agreement from December 2019 is no longer binding. The arbitrator ordered DSFK Special Finance Company LLP to pay Tethys 1.43 billion KZT and mandated the cancellation of 18 million shares issued to Olisol Petroleum Limited. Additionally, DSFK and Olisol must pay 50,000 EUR and 50,000,000 KZT towards arbitration and legal costs. Tethys is now determining steps to enforce the arbitration ruling.
Tethys Petroleum (TSXV: TPL) ha vinto un importante caso di arbitrato avviato nel novembre 2023 presso il Centro Internazionale di Arbitrato. La sentenza del 13 maggio 2025 dichiara che il Contratto di Transazione e Accordo di Liberatoria del dicembre 2019 non è più vincolante. L'arbitro ha ordinato a DSFK Special Finance Company LLP di pagare a Tethys 1,43 miliardi di KZT e ha disposto l'annullamento di 18 milioni di azioni emesse a Olisol Petroleum Limited. Inoltre, DSFK e Olisol devono versare 50.000 EUR e 50.000.000 KZT a copertura delle spese di arbitrato e legali. Tethys sta ora valutando le azioni per far rispettare la sentenza arbitrale.
Tethys Petroleum (TSXV: TPL) ha ganado un importante caso de arbitraje iniciado en noviembre de 2023 en el Centro Internacional de Arbitraje. La resolución del 13 de mayo de 2025 declara que un Acuerdo de Transacción y Liberación de diciembre de 2019 ya no es vinculante. El árbitro ordenó a DSFK Special Finance Company LLP pagar a Tethys 1.43 mil millones de KZT y mandó la cancelación de 18 millones de acciones emitidas a Olisol Petroleum Limited. Además, DSFK y Olisol deben pagar 50,000 EUR y 50,000,000 KZT para cubrir los costos de arbitraje y legales. Tethys está evaluando ahora los pasos para hacer cumplir la resolución arbitral.
Tethys Petroleum (TSXV: TPL)은 2023년 11월 국제중재센터에서 시작된 중요한 중재 소송에서 승소했습니다. 2025년 5월 13일 판결에 따르면 2019년 12월 체결된 합의서 및 면책 계약은 더 이상 구속력이 없습니다. 중재인은 DSFK Special Finance Company LLP에게 Tethys에 14억 3천만 KZT를 지급할 것을 명령했으며, Olisol Petroleum Limited에 발행된 1,800만 주의 주식 취소를 지시했습니다. 또한 DSFK와 Olisol은 중재 및 법률 비용으로 각각 50,000 EUR와 5천만 KZT를 지불해야 합니다. Tethys는 현재 중재 판결을 집행하기 위한 조치를 검토 중입니다.
Tethys Petroleum (TSXV : TPL) a remporté une importante affaire d'arbitrage initiée en novembre 2023 au Centre d'Arbitrage International. La décision du 13 mai 2025 déclare qu'un accord de règlement et de libération de décembre 2019 n'est plus contraignant. L'arbitre a ordonné à DSFK Special Finance Company LLP de verser à Tethys 1,43 milliard de KZT et a ordonné l'annulation de 18 millions d'actions émises à Olisol Petroleum Limited. De plus, DSFK et Olisol doivent payer 50 000 EUR et 50 000 000 KZT pour couvrir les frais d'arbitrage et juridiques. Tethys étudie désormais les mesures à prendre pour faire respecter la décision arbitrale.
Tethys Petroleum (TSXV: TPL) hat einen bedeutenden Schiedsrechtsfall gewonnen, der im November 2023 beim Internationalen Schiedsgericht eingeleitet wurde. Das Urteil vom 13. Mai 2025 erklärt, dass eine Vergleichs- und Freigabevereinbarung aus dem Dezember 2019 nicht mehr bindend ist. Der Schiedsrichter ordnete an, dass DSFK Special Finance Company LLP an Tethys 1,43 Milliarden KZT zahlen muss und verfügte die Stornierung von 18 Millionen Aktien, die an Olisol Petroleum Limited ausgegeben wurden. Zudem müssen DSFK und Olisol 50.000 EUR und 50.000.000 KZT zur Deckung der Schieds- und Rechtskosten zahlen. Tethys prüft nun die Schritte zur Durchsetzung des Schiedsspruchs.
- Won arbitration case resulting in potential recovery of 1.43 billion KZT
- Cancellation of 18 million shares, reducing share dilution
- Additional award of 50,000 EUR and 50,000,000 KZT for legal costs
- Enforcement of arbitration ruling still pending
- Timeline for recovery of awarded amounts remains uncertain
Grand Cayman, Cayman Islands--(Newsfile Corp. - May 14, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the Republic of Kazakhstan.
Arbitration update
In November of 2023 Tethys initiated an arbitration with the International Arbitration Centre regarding a Settlement Deed and Release Agreement that was entered into in December of 2019. The relief sought by Tethys was to declare that the Settlement Deed and Release is no longer binding, and for DSFK Special Finance Company LLP to pay Tethys Petroleum 1,434,692,762 KZT, and for the 18 million shares issued to Olisol Petroleum Limited to be cancelled.
On May 13, the sole Arbitrator ruled and declared that the Settlement Deed is declared no longer binding. DSFK Special Finance Company LLP is ordered to pay Tethys Petroleum Limited 1,434,692,762 KZT. Olisol Petroleum Limited is ordered to cancel share certificates GS 44 and GS 43 (totaling 18 million shares). DSFK Special Finance Company LLP and Olisol Petroleum Limited are ordered to pay Tethys 50,000 EUR and 50,000,000 KZT towards the reimbursement of the costs of the arbitration and the Company's legal costs.
The Company is in the process of determining the next steps necessary to have the arbitration ruling enforced.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
Disclaimer
Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Tethys Petroleum
Casey McCandless
Chief Financial Officer
901-763-4001
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252180
FAQ
What was the outcome of Tethys Petroleum's (TETHF) arbitration case in May 2025?
How many shares of Tethys Petroleum (TETHF) will be cancelled following the arbitration ruling?
What is the monetary value of the arbitration award for Tethys Petroleum (TETHF)?
When did Tethys Petroleum (TETHF) initiate the arbitration case against DSFK?
