HONG KONG, Sept. 26, 2017 (GLOBE NEWSWIRE) -- OLISOL Petroleum (hereinafter – Olisol) today announces that on September 13, 2017 the Specialized Interdistrict Economic court of Aktyubinsk region passed a judgment on denial of the rehabilitation procedure application for TethysAralGas (hereinafter - TAG). Due to that, on September 19, 2017, the officer of justice has resumed the court enforcement proceedings on collecting from TAG the amount of $3 784 155 in favor of Eurasia Gas Group (hereinafter - EGG) of which $1 795 571 was collected by the officer of justice in August of 2017.
According to the provisions of the law, on September 22, 2017, the officer of justice sealed off the production facilities at the TAG’s site with the purpose of obtaining the oil on favor of EGG on account of the debt. The production process of TAG is continuing within the regular schedule on condition of oil being delivered only to EGG and on condition of EGG receiving the earnings from natural gas sales. EGG has started mobilizing the oil trucks for oil transportation.
Notwithstanding the above, on September 19, 2017, Canadian legal firm representing Olisol has addressed the Board and management of Tethys Petroleum with the proposal on dispute resolution and resolution in favor of Olisol on repayment of the whole amount of debt which is due to the non-fulfillment of the Joint Venture Agreement, Oil Sales Agreement valid until December 18, 2018 and taking into account the funds provided by Olisol on the facility agreement, and also the amount collected in August of 2017.
About Olisol
Olisol is headquartered in Almaty, Kazakhstan and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian Federation and Kazakhstan. Olisol has worked with Tethys in Kazakhstan for over seven years, is joint owner of the Aral Oil Terminal with Tethys and has its own fleet of special oil trucks involved in oil transportation from Tethys’ oil fields. Olisol, through its affiliates, is engaged in railroad transportation, processing of oil, storage and sale of oil products.
Disclaimer
Some of the statements in this press release are forward-looking. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “intends”, “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 foregoing. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company, Tethys or any other entity, and shareholders of Tethys, are cautioned not to place undue reliance on the forward-looking statements. Save as required by 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.
Authorized Point of Contact:
Darya Klimova Authorized Representative, OLISOL Petroleum Limited Tel.: +34 64 515 08 69 d.klimova@olisol.ch
