Tethys Petroleum Limited (Cayman Islands) reported information regarding the intentions of certain shareholders in connection with the previously announced Scheme of Arrangement and Drilling Plans
/KASE, July 19, 2019/ – Tethys Petroleum Limited (Cayman Islands), whose shares 
are officially listed on Kazakhstan Stock Exchange (KASE), has provided press 
release to KASE dated June 25, 2019, which states as follows:

quote

Tethys Petroleum Limited (“Tethys” or the “Company”) today announces information 
regarding the intentions of certain shareholders in connection with the previously 
announced Scheme of Arrangement proposed to be made between Jaka Partners FZC, 
the Company and the holders of its Ordinary Shares (the “Scheme”). The Board of 
Directors of the Company understands that the following shareholders: Olisol 
Petroleum Limited, Impex Trade Limited, Global Invest Services Limited, Gemini 
IT Consultants DMCC and Plena Capital Limited, a company owned by Tethys’ Chief 
Executive Officer, which together account for over 30% of the Company’s outstanding 
Ordinary Shares, intend to elect to retain all of their Ordinary Shares.

In addition, Annuity and Life Reassurance Ltd. (“Annuity”), a company controlled
by Tethys’ Chairman, intends to retain 70% of its Ordinary Shares and loan notes
convertible into Ordinary Shares and to exchange no more than 30% of its Ordinary 
Shares and loan notes for the new preferred shares proposed to be issued as part 
of the Scheme. Annuity’s loan notes, if converted in full, together with its 
Ordinary Shares, would represent approximately 19% of the resulting Ordinary 
Shares in issue.

Drilling Plans for Klymene Prospect The Company plans to drill the KBD-02 
(“Klymene”) prospect commencing mid-July 2019. This well is planned to be 
drilled to a depth of around 2,500 metres and is expected to take between 3 and 
4 months to drill.

In 2014, the Company announced that it had commissioned an updated Oil Resource 
Report prepared by Gustavson Associates of the United States in accordance with 
the reporting requirements of NI 51-101 adopted by Canadian securities regulatory 
authorities. The report estimated gross Unrisked Mean Prospective Recoverable Oil 
Resources for the Klymene prospect totaling some 422 million barrels of oil. The 
Klymene prospect is located in the Kul-Bas Exploration and Production Contract to 
the west of the Company’s producing assets in the Akkulka Exploration Contract. 
The prospect was identified from 2D seismic and indicates a four-way closure with 
bright spots at two of three prospective stratigraphic levels within the Cretaceous 
and Jurassic sequence, both of which are productive in the Company's Doris 
oilfield some 60 km to the east.

unquote

Full version of the press release is available on KASE website (in Russian) – 
http://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_150719_1.pdf

[2019-07-19]