/KASE, July 19, 2019/ – Tethys Petroleum Limited (Cayman Islands), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided press
release to KASE dated June 25, 2019, which states as follows:
Tethys Petroleum Limited (“Tethys” or the “Company”) today announces information
regarding the intentions of certain shareholders in connection with the previously
announced Scheme of Arrangement proposed to be made between Jaka Partners FZC,
the Company and the holders of its Ordinary Shares (the “Scheme”). The Board of
Directors of the Company understands that the following shareholders: Olisol
Petroleum Limited, Impex Trade Limited, Global Invest Services Limited, Gemini
IT Consultants DMCC and Plena Capital Limited, a company owned by Tethys’ Chief
Executive Officer, which together account for over 30% of the Company’s outstanding
Ordinary Shares, intend to elect to retain all of their Ordinary Shares.
In addition, Annuity and Life Reassurance Ltd. (“Annuity”), a company controlled
by Tethys’ Chairman, intends to retain 70% of its Ordinary Shares and loan notes
convertible into Ordinary Shares and to exchange no more than 30% of its Ordinary
Shares and loan notes for the new preferred shares proposed to be issued as part
of the Scheme. Annuity’s loan notes, if converted in full, together with its
Ordinary Shares, would represent approximately 19% of the resulting Ordinary
Shares in issue.
Drilling Plans for Klymene Prospect The Company plans to drill the KBD-02
(“Klymene”) prospect commencing mid-July 2019. This well is planned to be
drilled to a depth of around 2,500 metres and is expected to take between 3 and
4 months to drill.
In 2014, the Company announced that it had commissioned an updated Oil Resource
Report prepared by Gustavson Associates of the United States in accordance with
the reporting requirements of NI 51-101 adopted by Canadian securities regulatory
authorities. The report estimated gross Unrisked Mean Prospective Recoverable Oil
Resources for the Klymene prospect totaling some 422 million barrels of oil. The
Klymene prospect is located in the Kul-Bas Exploration and Production Contract to
the west of the Company’s producing assets in the Akkulka Exploration Contract.
The prospect was identified from 2D seismic and indicates a four-way closure with
bright spots at two of three prospective stratigraphic levels within the Cretaceous
and Jurassic sequence, both of which are productive in the Company's Doris
oilfield some 60 km to the east.
Full version of the press release is available on KASE website (in Russian) –