GRAND CAYMAN, CAYMAN ISLANDS–(Feb. 10, 2017) – Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) (“Tethys” or the “Company”) acknowledges the public announcement by Olisol Petroleum Limited on February 9, 2017 regarding the validity of Tethys Extraordinary General Meeting (“EGM”) held on January 27, 2017.
The Tethys Board would like to inform shareholders and other interested parties that the Management Information Circular dated December 22, 2016 mailed to shareholders did contain all material information required for shareholders to make an informed decision at the EGM and the EGM was conducted in accordance with proper procedure under applicable laws as well as the Company’s Articles of Association.
Prior to the EGM, Tethys and each of its Kazakhstan subsidiaries commenced legal action against Olisol Investments Limited, Olisol Petroleum Limited and certain of their respective principals and/or affiliates in the Court of Queen’s Bench of Alberta seeking, among other things, damages arising from failure to meet contractual obligations under an Investment Agreement between the parties on October 27, 2016 and damages arising from unlawful interference with Tethys’ business activities, including issuing erroneous press release information about Tethys as alleged. Tethys intends to enforce its rights and legitimate interests to the fullest extent permitted by law, to protect its investors, assets, investments, management and employees.
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, the outcome of claims by Olisol Petroleum Limited about the validity of the EGM and the outcome of legal action against Olisol Investments Limited, Olisol Petroleum Limited and certain of their respective principals and/or affiliates. 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 claims by Olisol Petroleum Limited about the validity of the EGM and the outcome of legal action against Olisol Investments Limited, Olisol Petroleum Limited and certain of their respective principals and/or affiliates.
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.