Tethys Petroleum Closer To Completing Olisol Funding

Tethys Petroleum Closer To Completing Olisol FundingThe C$9.8mln funding looked in danger of not completing at the start of the month, but all seems to be on track now.

Oil and gas explorer TETHYS PETROLEUM LIMITED (LON:TPL) says it is continuing to work with Olisol to complete the C$9.8mln private placing after receiving nearly C$3mln from the firm.

Olisol provided C$2.94mln in working capital funds to Tethys back on 9 September.

Including the US$452,000 provided at the very start of the month, the Total loan from Olisol now stands at US$5.7mln.

Olisol has indicated that it wants to use the proceeds generated from the repayments of this loan to satisfy a portion of the C$9.8mln placing.

Olisol currently owns just under 16% of Tethys’ total share capital, which will wise to 42.03% if the placement is completed.

Elsewhere, the company says legal proceedings in Kazakhstan remain unchanged.

A Kazakhstan court recently dismissed an order seizure over the company’s assets, although an appeal was lodged.

Until this appeal has been heard, Tethys said restrictions will remain in place over the operation of its bank accounts in the country.

In Tajikistan, the company is in the process of agreeing a third independent arbitrator as part of the dispute between Tethys and its partners in the country, Total and CNPC.

Total and CNPC are seeking a withdrawal notice and a claim for damages of US9mln, with Tethys submitting a counter-claim against them for US$10.1mln.

Shares were up 17% to 1.46p.