Tethys Petroleum’s Legal Woes Rumble On
Tethys Petroleum has filed a counterclaim against Total and CNPC in International Court of Arbitration.
It comes after the pair filed against Tethys Petroleum in relation to the Tethys Petroleum’s cash call defaults and the partners’ notice to Tethys Petroleum to withdraw.
Total and CNPC’s original filing regarding the Tajikistan work claimed damages of $9million.
Tethys Petroleum’s counterclaim totals $10.1million.
Elsewhere, Tethys Petroleum’s assets remain frozen in Kazakhstan.
A company spokesperson said: “On August 24, 2016 the court dismissed the claim brought against the company and its subsidiaries in Kazakhstan and ordered the lifting of the seizure order over the Company’s assets. The claimant lodged an appeal on August 29, 2016. Until the appeal is heard restrictions remain in place over the operation of the company’s bank accounts in Kazakhstan.”
Finally, Tethys Petroleum has claimed Olisol was in breach of its investment agreement. Tethys Petroleum was working with Olisol and its advisors to complete the previously announced $9.8million private placement by September 2, 2016.
A spokesperson added: “The company was prepared to complete the private placement with Olisol on September 2, 2016 as originally scheduled or to agree a short extension with Olisol if Olisol met certain funding commitments.
“As Olisol has not done so the company considers Olisol to be in breach of the Investment Agreement. The company continues to work with Olisol to complete the private placement whilst at the same time evaluating alternative funding arrangements. Olisol continues to advance funds required under its’ obligation of the terms of the Investment Agreement to the Company in order to meet working capital needs and has advanced a total of $452,000 to the Company in recent days.”
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.