/KASE, September 3, 2019/ – Tethys Petroleum Limited (Cayman Islands), whose
shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided
KASE with the following press release dated August 24, 2019:
quote
Tethys Petroleum Limited ("Tethys" or the "Company") today provides an update
to its announcement of April 20, 2018 regarding its Kazakhstan subsidiary,
Tethys Aral Gas LLP ("TAG"), Special Financial Company DSFK LLP ("DSFK") and a
loan originally provided to Eurasia Gas Group LLP ("EGG") by Bank RBK JSC ("RBK")
in 2012. Tethys also provides an update to its announcement of July 23, 2019
regarding closing of the Scheme of Arrangement.
Update on Kazakhstan Loan
In 2012, TAG pledged certain of its oil and gas assets as collateral for RBK
loans to EGG including gas pipelines, gas compressors and operating facility.
The assets of the Aral Oil Terminal LLP ("AOT") in which the Company has a
50% interest were also pledged. TAG's exploration and production contracts
under which it is entitled to produce oil and gas were not pledged. EGG was
TAG's former oil customer and acted as a conduit, advancing certain of the
funds received from RBK to TAG and AOT as loans, which were used by TAG
to fund its oil & gas operations, including the drilling of wells and by AOT in
the construction of an oil terminal. Tethys management believes EGG's loan to
TAG has been fully repaid by TAG (although the AOT loan remains outstanding) but
understands that EGG has not fully repaid its loans to RBK.
unquote
The full press release is available on KASE website:
-
http://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_240819_1.pdf – in Russian;
-
http://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_240819_eng_1.pdf – in
English.
[2019-09-03]