/KASE, November 8, 13/ – Tethys Petroleum Limited (Channel Islands), common
shares of which are officially listed on Kazakhstan Stock Exchange (KASE),
provided to KASE the following press release of November 1, 2013:
quotation
Tethys Petroleum Limited ("Tethys"), the company on exploration and
production of oil and gas with projects in Central Asia and Caspian Region,
announced today signing of the final agreement on selling 50% of oil and gas
assets in Kazakhstan to SinoHan Oil and Gas Investment B.V. (SinoHan), the
part of Chinese direct investments fund HanHong.
Highlights:
- Within this agreement, Tethys receives USD75 million as the initial payment.
- Additional bonus payments will be paid to Tethys in case of the stocks
increase by category 2P (дproved and probable) during the drilling in 2013
and 2014, and split of super-profit if SinoHan leaves the project.
- SinoHan acquires 50% + 1 share in Tethys Kazakhstan SPRL (TK SPRL),
Tethys affiliate, which owns the company assets in KAzakhstan.
- Tethys retains its role as Kazakhstan assets operator, and representation
in TK SPRL Board of Directors of both shareholders will be parity.
ends
The press release full version is available on KASE website at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_011113.pdf
[2013-11-08]