Tethys Petroleum Ltd Tethys Petroleum Limited: Court Ruling In Favour Of Tethys And Unblocking Of Bank Accounts

 
TIDMTPL 
 
   February 1, 2017 
 
   Tethys Petroleum Press Release 
 
   (TSX: TPL, LSE: TPL) 
 
   Court Ruling in Favour of Tethys and Unblocking of Bank Accounts 
 
   GRAND CAYMAN, CAYMAN ISLANDS - Tethys Petroleum Limited ("Tethys" or the 
"Company") today announces that on January 25, 2017 the Almaty City 
Court found in favour of Tethys' wholly owned subsidiary, Tethys Aral 
Gas LLP ("TAG"), in rejecting the appeal of Eurasia Gas Group LLP 
("EGG") against the previous court ruling of December 26, 2016, which 
also found in favour of TAG. 
 
   As a result of EGG's claim against TAG, restrictions have been in place 
over TAG's bank accounts pending the hearing of EGG's appeal. Following 
the rejection of EGG's appeal, TAG applied to the court to have these 
restrictions removed which the court has approved and which have now 
been implemented. TAG can now operate its bank accounts normally and has 
full and unrestricted access to its bank accounts. 
 
   About Tethys 
 
   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. 
 
   Disclaimer 
 
   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, the outcome 
of legal disputes with EGG and the continuing access to TAG's bank 
accounts. 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, the outcome 
of legal disputes with EGG and the continuing access to TAG's bank 
accounts. 
 
   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. 
 
   Contact Information: 
 
   Tethys Petroleum 
 
   info@tethyspetroleum.com 
 
   www.tethyspetroleum.com 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Tethys Petroleum Limited via Globenewswire 
 
 
  http://www.tethyspetroleum.com/

(END) Dow Jones Newswires

February 03, 2017 12:34 ET (17:34 GMT)

Tethys (LSE:TPL)
Historical Stock Chart
From Oct 2024 to Nov 2024