Tethys Petroleum Press Release
Tethys Petroleum (TSXV: TPL) provided a comprehensive operational update and addressed a potential acquisition offer. The company reported oil production of 345 tons per day from three wells and gas production of 200,000 m3 per day from 20 wells. A Central Processing Facility upgrade is underway, expected to increase oil production to 500 tons per day.
Notably, Fincraft Group LLP submitted a non-binding letter of intent to acquire all outstanding Tethys shares at CAD 1.38 per share. The Board formed a special committee to review the proposal while refuting several claims made by Fincraft regarding board experience and company progress. The company also faces legal challenges, including a rejected claim for the Akkulka Oil contract extension and ongoing arbitration proceedings regarding DSFK payment and share cancellation.
Tethys Petroleum (TSXV: TPL) ha fornito un aggiornamento operativo completo e ha affrontato una possibile offerta di acquisizione. L'azienda ha riportato una produzione di petrolio di 345 tonnellate al giorno da tre pozzi e una produzione di gas di 200.000 m3 al giorno da 20 pozzi. È in corso un aggiornamento di un Central Processing Facility (impianto di trattamento centrale), previsto aumentare la produzione di petrolio a 500 tonnellate al giorno.
In particolare, Fincraft Group LLP ha presentato una lettera di intenti non vincolante per acquisire tutte le azioni in circolazione di Tethys al prezzo di CAD 1,38 per azione. Il Consiglio ha formato un comitato speciale per esaminare la proposta, rifiutando alcune affermazioni fatte da Fincraft riguardo all'esperienza del consiglio e al progresso dell'azienda. L'azienda affronta anche sfide legali, tra cui la rifiutata richiesta per l'estensione del contratto di Akkulka e controversie in arbitrato in merito al pagamento DSFK e all'annullamento delle azioni.
Tethys Petroleum (TSXV: TPL) proporcionó una actualización operativa integral y abordó una posible oferta de adquisición. La compañía reportó una producción de petróleo de 345 toneladas por día de tres pozos y una producción de gas de 200,000 m3 por día de 20 pozos. Se lleva a cabo una actualización de la Central Processing Facility, que se espera aumente la producción de petróleo a 500 toneladas por día.
Notablemente, Fincraft Group LLP presentó una carta de intención no vinculante para adquirir todas las acciones en circulación de Tethys a CAD 1.38 por acción. La Junta creó un comité especial para revisar la propuesta mientras refuta varias afirmaciones hechas por Fincraft sobre la experiencia de la junta y el progreso de la compañía. La empresa también enfrenta desafíos legales, incluida una reclamación rechazada para la extensión del contrato de Akkulka y procedimientos de arbitraje en curso con respecto al pago de DSFK y la cancelación de acciones.
테티스 페트로리엄(Tethys Petroleum, TSXV: TPL)은 포괄적인 운영 업데이트를 제공하고 잠재적 인수 제안에 대응했다. 회사는 3개 유정에서 하루 345톤의 원유 생산과 20개 유정에서 하루 20만 입방미터의 가스 생산을 보고했다. 중앙처리시설(Central Processing Facility) 업그레이드가 진행 중이며, 원유 생산이 하루 500톤으로 증가할 것으로 예상된다.
특히 핀크래프트 그룹 LLP가 모든 유통 주식을 CAD 1.38달러에 인수하겠다는 구속력 없는 의향서를 제출했다. 이사회는 제안을 검토하기 위한 특별위원회를 구성했고, 이사회 경험과 회사의 발전에 대해 Fincraft가 제기한 여러 주장들을 반박했다. 또한 Akkulka 석유 계약 연장에 대한 청구가 기각되고 DSFK 지급 및 주식 취소와 관련한 중재 절차가 진행되는 등 법적 문제에도 직면해 있다.
Tethys Petroleum (TSXV: TPL) a fourni une mise à jour opérationnelle complète et a examiné une éventuelle offre d’achat. La société a signalé une production de pétrole de 345 tonnes par jour à partir de trois puits et une production de gaz de 200 000 m3 par jour à partir de 20 puits. Une mise à niveau d'une Installation de Traitement Central (Central Processing Facility) est en cours, et devrait augmenter la production de pétrole à 500 tonnes par jour.
Notamment, Fincraft Group LLP a soumis une lettre d’intention non contraignante pour acquérir toutes les actions en circulation de Tethys à CAD 1,38 par action. Le conseil a formé un comité spécial pour examiner la proposition tout en réfutant plusieurs affirmations faites par Fincraft concernant l’expérience du conseil et les progrès de l’entreprise. La société fait également face à des défis juridiques, notamment une demande rejetée pour l’extension du contrat pétrolier Akkulka et des procédures d’arbitrage en cours concernant le paiement DSFK et l’annulation d’actions.
Tethys Petroleum (TSXV: TPL) hat ein umfassendes operatives Update vorgelegt und ein mögliches Übernahmeangebot angesprochen. Das Unternehmen meldete eine Ölförderung von 345 Tonnen pro Tag aus drei Bohrungen und eine Gasförderung von 200.000 m3 pro Tag aus 20 Bohrungen. Ein Upgrade einer Central Processing Facility ist im Gange und soll die Ölförderung auf 500 Tonnen pro Tag erhöhen.
Bemerkenswert hat Fincraft Group LLP ein unverbindliches Absichtsschreiben eingereicht, alle ausstehenden Tethys-Aktien zu einem Preis von CAD 1,38 pro Aktie zu übernehmen. Der Vorstand hat einen Sonderausschuss eingesetzt, um das Angebot zu prüfen, während er mehrere Behauptungen von Fincraft zur Erfahrung des Vorstands und zum Fortschritt des Unternehmens zurückweist. Das Unternehmen sieht sich auch rechtlichen Herausforderungen gegenüber, einschließlich einer zurückgewiesenen Forderung zur Verlängerung des Akkulka-Öl-Vertrags und laufender Schiedsverfahren bezüglich DSFK-Zahlung und Aktienstreichung.
تيثيس بتروليوم (Tethys Petroleum) (تسفيكس: TPL) قدمت تحديثاً تشغيلياً شاملاً وتناولت عرضاً محتملاً للاستحواذ. أشارت الشركة إلى إنتاج نفط بمقدار 345 طنًا يوميًا من ثلاث آبار و< b>إنتاج غاز بمقدار 200,000 م3 يوميًا من 20 بئراً. يتم حالياً إجراء ترقية لمنشأة المعالجة المركزية، متوقعاً أن تزيد إنتاج النفط إلى 500 طن يومياً.
وبشكل جدير بالذكر، قدمت مجموعة فِنكرافت LLP رسالة نوايا غير ملزمة للاستحواذ على جميع الأسهم المتداولة لتيثيس بسعر 1.38 CAD للسهم. شكل المجلس لجنة خاصة لمراجعة الاقتراح بينما رفض العديد من الادعاءات التي قدمتها فِنكرافت بخصوص خبرة المجلس وتقدم الشركة. كما تواجه الشركة تحديات قانونية، بما في ذلك رفض مطالبة بتمديد عقد Akkulka وأجراءات تحكيم مستمرة بخصوص دفعة DSFK وإلغاء الأسهم.
Tethys Petroleum (TSXV: TPL) 提供了全面的运营更新并处理了潜在的收购要约。公司报告了来自三口井的日产原油345吨，以及来自20口井的日产天然气20万立方米。中央处理设施的升级正在进行，预计将把原油产量提高到500吨/日。
值得注意的是，Fincraft Group LLP提出了一份非绑定的意向书，以CAD 1.38美元/股的价格收购所有流通在外的Tethys股份。董事会已组建一个特别委员会来审查该提议，同时驳斥Fincraft关于董事会经验和公司进展的若干说法。公司还面临法律挑战，包括对Akkulka石油合同延期的拒绝和关于DSFK支付及股权注销的正在进行的仲裁程序。
- Oil production increased from 320 to 345 tons per day
- Gas production stable at 200,000 m3 per day from 20 wells
- Expected oil production increase to 500 tons per day after facility upgrades
- Company transformed from USD 74.6M loss in 2015 to projected positive net income in 2025
- Eliminated net borrowings from previous USD 32M debt position
- Akkulka Oil contract extension claim rejected by Astana Economic Court
- Legal challenges to arbitration ruling regarding DSFK payment and share cancellation
- Potential hostile takeover attempt by Fincraft Group
- Ongoing disputes over 18 million shares subject to cancellation
Corporate update
Grand Cayman, Cayman Islands--(Newsfile Corp. - September 18, 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.
Operations update
Oil production is continuing from wells KBD-02, KBD-06, and KBD-07 with a gradual increase of about 320 tons per day to 345 tons per day over the last month. Gas production has been averaging about 200,000 m3 per day from 20 wells. Workover jobs have been planned for several of the gas wells and production is expected to increase significantly in October.
Construction of the Central Processing Facility Upgrade work of the Kul-Bas Oil Field is progressing. Moving and installation of the shift camp is underway. The modification work on the gas compressor has been completed and the equipment has been dispatched from China. The compressor is scheduled to be connected October 10th if the turbine repair is also completed. These should allow for the oil production to increase to about 500 tons per day.
Seismic fieldwork at the Aral-4 block has been completed. The processing has been completed and interpretation of the data is underway and expected to be completed by the end of October. The Diyar seismic processing is ongoing and interpretation is expected at the end of December.
The Astana Economic Court (1st instance) rejected the Company's claim to the Ministry of Energy for extending the Akkulka Oil contract (license #265) on September 9, 2025. The Company is considering appealing this decision at the 2nd instance court.
The Company had previously reported that an arbitration ruling has been made on May 13, 2025 ordering DSFK to pay the Company approximately 1.4 billion KZT and for 18 million shares of the Company held by Olisol Petroleum Limited to be cancelled. DSFK and owners of Olisol have challenged the final award. The AIFC Court has directed that the hearing on these challenges be conducted virtually and not exceed one day in length. Management expects the case will be heard before year end.
Non-Binding Letter of Intent to Acquire the Company
On September 15, 2025, Fincraft Group LLP announced that it has submitted a non-binding letter of intent to the Board of Directors of Tethys in respect of a proposed transaction pursuant to which Fincraft would acquire all of the issued and outstanding ordinary shares of Tethys at a price of 1.38 CAD per share. The Tethys Board of Directors has agreed to form a special committee made up of the independent Directors to review the proposal.
The press release includes several disparaging and inaccurate statements. First, "the majority of the current Board do not have any experience of operating in Kazakhstan, do not understand the uniqueness of the market and its particularities, and some have never even visited Kazakhstan or have had any experience of engaging with Kazakh local communities or stakeholders." The Tethys Board members have all been to Kazakhstan and have over 33 years combined of experience serving on the Board and participating in the Kazakhstan operations. Don Streu joined the Board in 2022 and has also served as the President, CEO and Director of Condor Energies since 2008 with operations in Kazakhstan. Mattias Sjoborg joined the Board in 2016 and has also served as CEO for Tethys for a period time. Adeola Ogunsemi joined the Board in 2015. William Wells joined the Board in 2015 and has served as executive chairman for the last six years and has been engaged with almost all aspects of the Kazakhstan operations.
The Fincraft press release states "the Board has also failed to make meaningful progress on its targets." In 2015, Tethys Petroleum produced a net loss of 74.6 million USD and had total borrowings of 32 million USD. In 2025 the Company is projected to produce positive net income with net borrowings having been eliminated. Oil and gas production and future profits at Tethys are now projected to increase significantly as the Company continues to make meaningful progress on its targets. The Company has gone from a company incurring large losses and on the verge of bankruptcy to a profitable company with no net debt and positioned for strong future growth under the current Board.
The press release also states "We believe the actions taken at its recent annual general meeting to exclude certain legally outstanding Tethys Shares from voting were contrary to law, contrary to the reasonable expectations of Fincraft and other shareholders and caused loss and damage to Tethys and its shareholders." The decision by Tethys to exclude the 18 million shares that were ordered cancelled by the International Arbitration Centre in Kazakhstan was deemed proper by the Board and legal counsel. The Board also believes it would be accretive to all Tethys shareholders for the cancellation to be confirmed. Efforts by Fincraft to cancel the arbitrator's ruling in order for them to complete their purchase agreements on these shares would be dilutive to Tethys Shareholders if successful. Fincraft notified Tethys that they were ready to close on a deal to acquire shares included in the Arbtiration ruling as long as they received confirmation that these shares would not be cancelled. The Board did not agree to provide Fincraft with confirmation that the Arbitration ruling to cancel the 18 million shares would not be 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 | info@tethys-group.com www.tethys-group.com |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267083
FAQ
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