GRAND CAYMAN, CAYMAN ISLANDS–(May 25, 2017) – Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL) today announces that a member’s requisition has been served on the Company by Olisol Petroleum Limited requiring the convening of an extraordinary general meeting pursuant to paragraph 35(B) of the Company’s Articles of Association (the “Requisition”).
The Requisition proposes changes to the composition of the Board of Directors of the Company and certain other matters. The Company is currently reviewing the Requisition and the Board will meet shortly to consider if it is valid and what steps to take beyond that including the timing, location and business of the meeting, should a meeting be required.
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 the outcome of the Requisition. 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 the outcome of the Requisition.
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, nor a solicitation to vote or not vote on any matter that may come before shareholders at a meeting in response to the Requisition, 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.