Tethys Petroleum Press Release (TPL): Annual General Meeting Results

The court-entered cancellation order formed the basis for excluding portions of three shareholders’ votes.

Rhea-AI Summary

Tethys Petroleum (TETHF) reported its annual meeting results, including four director elections and a ruling excluding certain shareholder votes.

Adeola Ogunsemi, Mattias Sjoborg and William Wells were elected with 54.8% support each; Don Streu was elected with 99.9%. Askar Ismailov, Paul J. Ostling and Piers Johnson were not elected, each receiving 46.3%. Shareholders also passed resolutions concerning the financial statements and auditor’s report and appointed Grant Thornton as auditor.

An arbitral award issued on May 13, 2025, ordered cancellation of 18 million shares issued to Olisol Petroleum. Judgment for the award was entered in the Grand Court of the Cayman Islands on April 1, 2026. The meeting chair ruled that 12,987,381 Gazexport shares, 1,233,840 Elena Gress shares and 3,703,000 Versal Luxury Interiors shares be excluded from their votes. Gazexport and FG objected to the ruling.

1 point · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 1 point

How the balance works

Positive

• Major pointAn arbitral award ordered cancellation of 18 million shares issued to Olisol Petroleum; judgment for the award was entered in court.

Negative

• Moderate pointThe meeting ruling excluded 12,987,381 Gazexport shares, 1,233,840 Elena Gress shares and 3,703,000 Versal Luxury Interiors shares from voting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Grand Cayman, Cayman Islands--(Newsfile Corp. - September 29, 2026) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announces the results of the Annual General Meeting held on September 29, 2026 (the "Meeting").

The following resolutions put to shareholders at the Meeting were passed on a poll at the Meeting:

1. Receipt of Financial Statements and Auditors Report;
   
   
2. Election of Directors:
   
   2.1 Adeola Ogunsemi – 45,239,788 votes For 54.8%
   
   2.2 Mattias Sjoborg – 45,239,788 votes For 54.8%
   
   2.3 Don Streu – 82,476,996 votes For 99.9%
   
   2.4 William Wells – 45,242,588 votes For 54.8%
   
   
3. Appointment of Auditors – Grant Thornton LLP

The following resolutions put to shareholders at the Meeting were not passed on a poll at the Meeting:

2.5 Askar Ismailov – 37,237,208 votes For 46.3%

2.6 Paul J. Ostling – 37,237,208 votes For 46.3%

2.7 Piers Johnson – 37,237,208 votes For 46.3%

At the Meeting, the Chair advised that, on May 13, 2025, Dr. Galina Zukova, the sole arbitrator, appointed by the International Arbitration Centre in Kazakhstan, issued an arbitral award that included an order cancelling 18 million shares of Tethys that were issued to Olisol Petroleum on May 29, 2020, and on April 1, 2026, judgment for this arbitral award was entered in the Grand Court of the Cayman Islands. Olisol Petroleum transferred 17,536,296 shares of Tethys to Gazexport Limited, 1,666,000 shares to Elena Gress, and 5,000,000 shares to Versal Luxury Interiors Limited after it became aware of Tethys' intention to commence the arbitration and after the arbitration had been commenced. The arbitral award and the cancellation of these 18 million shares of Tethys results in the cancellation of all, or a substantial proportion of the 17,536,296 shares held by Gazexport Limited, the 1,666,000 shares held by Elena Gress, and the 5,000,000 shares held by Versal Luxury Interiors Limited. The Gazexport Limited shares represent 74.06% of the total 24,304,446 shares of Olisol Petroleum held prior to Olisol transferring the subject shares to Gazexport Limited. Elena Gress received her 1,666,000 shares in a transfer from Djuletta Muchak. Djuletta Muchak received these shares in a transfer from Olisol Petroleum. Versal Luxury Interiors Limited received its 5,000,000 shares in a transfer from Alexander Abramov. Alexander Abramov received these 5,000,000 shares in a transfer from Eurasia Gas Group, and Eurasia Gas Group received these shares in a transfer from Olisol Petroleum. In light of the foregoing, it was ruled at the Meeting (with Gazexport Limited and FG Limited objecting thereto) that 74.06% or 12,987,381 Tethys shares be excluded from Gazexport Limited's votes, 1,233,840 Tethys shares be excluded from Elena Gress's votes, and 3,703,000 Tethys shares be excluded from Versal Luxury Interiors Limited votes.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.

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	info@tethys-group.com
901-763-4001	www.tethys-group.com

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316540

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who was elected to Tethys Petroleum’s board at its annual meeting?

Adeola Ogunsemi, Mattias Sjoborg, Don Streu and William Wells were elected. Askar Ismailov, Paul J. Ostling and Piers Johnson were not elected.

Why did Tethys Petroleum exclude some shareholder votes at its annual meeting?

The meeting chair based the exclusions on an arbitral award ordering cancellation of 18 million shares issued to Olisol Petroleum. Judgment for the award was entered in the Grand Court of the Cayman Islands on April 1, 2026.

How was Gazexport’s excluded vote amount determined at Tethys Petroleum’s annual meeting?

The chair ruled that 74.06%, or 12,987,381 shares, be excluded from Gazexport’s votes. Gazexport’s 17,536,296 shares represented 74.06% of the 24,304,446 shares Olisol Petroleum held before transferring shares to Gazexport.