Termination of natural gas sales from TethysAralGas LLP, seizure of gas pipelines of TethysAralGas LLP to pay off debts to DSFK

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Within the period from October to November 2019, the state company KazTransGas JSC completely stopped the transportation and the purchase of natural gas of TAG.

Metadata

Provider:

GlobeNewswire, Inc.

Retrieved on:

Monday, November 18, 2019

Information

Tags:

Tag, Tethys

Geotags:

Hong Kong

Organisation:

OLISOL PETROLEUM LIMITED

Summary

Key Points:

Within the period from October to November 2019, the state company KazTransGas JSC completely stopped the transportation and the purchase of natural gas of TAG.
Olisol is a major shareholder and creditor of Tethys.
To resolve the conflict Tethys had to issue 18,000,000 common shares on account of debts to Olisol.
Due to a previous agreement with Eurasia Gas Group LLP, TAG had to resume the process of oil supply as soon as TAG could start the production of oil.

HONG KONG, Nov. 18, 2019 (GLOBE NEWSWIRE) -- OLISOL Petroleum Limited (hereinafter - "Olisol" or the "Company") provides update information on seizure of the property of TethysAralGas LLT ("TAG").

The bailiff started the procedure of seizure of the property of TAG

Olisol informs the Shareholders, that on November 13, 2019 the bailiff started the procedure of seizure of the property of TAG such as its gas pipelines, booster compressor station No.1, booster compressor station No.2, land, office and other real estate of TAG to pay off debts to DSFK.

TAG cannot fulfill natural gas sales due to seizure of gas pipelines in favor of DSFK

Within the period from October to November 2019, the state company KazTransGas JSC completely stopped the transportation and the purchase of natural gas of TAG.

Reasons of the circumstances

Olisol is a major shareholder and creditor of Tethys. To resolve the conflict Tethys had to issue 18,000,000 common shares on account of debts to Olisol. Due to a previous agreement with Eurasia Gas Group LLP, TAG had to resume the process of oil supply as soon as TAG could start the production of oil. Both parties had to sign the Settlement Agreement taking into account the interests of all parties. Currently, the Board of Directors of Tethys does not properly inform the Shareholders about the situation in Tethys and a significant change in the financial and economic activities of TAG (the subsidiary of Tethys). Events on termination of the purchase of natural gas and a high risk of loss of gas pipelines and technological equipment may affect the stability of TAG and also cause violation of the principle of continuous production and loss of investment of all Shareholders of Tethys.

Disclaimer

Some of the statements in this press release are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officials, including the statements of further litigation and the ability of Olisol and Tethys to find an acceptable option for future cooperation. When used in this document words such as “expects”, “believes”, “assumes”, “plans”, “may”, “will”, “intends”, “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements, including risks and uncertainties regarding the foregoing.

Authorized Point of Contact:

Olisol Petroleum Limited
[email protected]