Tethys Petroleum Press Release: Tethys Gas Sales Contract
GRAND CAYMAN, CAYMAN ISLANDS–(Marketwired – Dec. 12, 2016) – Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) (“Tethys” or the “Company”) today announces that Intergas Central Asia (“ICA”), the Kazakh State-owned gas transportation company has notified the Company’s wholly owned subsidiary in Kazakhstan, Tethys Aral Gas LLP (“TAG”), that it intends to continue accepting gas produced by TAG under the existing gas sales contract (“Gas Contract”) and gas supply by TAG to ICA recommenced on December 9, 2016.
ICA had previously announced its intention to cancel the Gas Contract and stopped accepting gas from TAG on October 18, 2016. The Company contested the grounds for cancellation of the Gas Contract and has been in discussions with ICA and Government officials since that time regarding such matters and is pleased that they have now been resolved amicably and to the satisfaction of all parties. The Company wishes to acknowledge the valuable assistance provided by its new investors and strategic in-country partners in Kazakhstan in facilitating these discussions. TAG has taken advantage of this period of gas production downtime to conduct important routine maintenance and individual well performance analysis which would not otherwise have been possible.
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.
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region and recommencement of gas supply by TAG to ICA under the Gas Contract. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “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 with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and recommencement of gas supply by TAG to ICA under the Gas Contract. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
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