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Kazakhstan's Tethys Petroleum completes private placement with Pope Investments II LLC

Oil&Gas Materials 19 April 2021 17:06 (UTC +04:00)
Kazakhstan's Tethys Petroleum completes private placement with Pope Investments II LLC

BAKU, Azerbaijan, Apr. 19

By Nargiz Sadikhova - Trend:

Tethys Petroleum Limited, which operates in Kazakhstan and Georgia has completed the previously announced private placement with Pope Investments II LLC, Trend reports citing the company.

Pope Investments II LLC acquired 2.5 million ordinary shares of Tethys Petroleum. The price for the shares is 0.67 CAD per share for total proceeds to Tethys CAD$1.7 million.

The placement is to Pope Investments II LLC, an investment fund managed by Pope Asset Management LLC. William Wells, the Chairman of Tethys Petroleum is the President of Pope Asset Management LLC and has a minority ownership interest in Pope Investments II LLC.

The private placement is considered a 'Related Party Transaction' as defined under Multilateral Instrument 61-101 since W.Wells is the Chairman of the company.

The transaction is exempt from the valuation and minority shareholder requirements thereunder since the consideration in the transaction is less than 25 percent of the market capitalization of the company. This placement has received approval from the TSX Venture Exchange.

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.

The company operates four contracts in Kazakhstan: Kyzyloi Production Contract and Akkulka Production Contract (gas contracts), Akkulka Exploration Contract (includes Doris oil field and others), and Kul-bas E&P Contract.

The company plans to increase existing gas production by drilling new wells and tying in existing ones. The company is also in the process of discovering exploration upside potential from the Klymene prospect in the Kul-Bas area.

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Follow the author on Twitter: @nargiz_sadikh

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