A2PAZ7 Tethys Petroleum

Askar Yessenov Sells Ordinary Shares and Warrants of Tethys Petroleum to Jaka Partners and Gemini IT Consultants

Toronto, Ontario--(Newsfile Corp. - October 1, 2018) - Askar Yessenov ("Yessenov"), through Global Invest Service Capital, sold beneficial ownership and control of an aggregate of 31,965,976 ordinary shares ("Ordinary Shares") in the capital of Tethys Petroleum Limited (the "Corporation") and 48,075,000 Ordinary Share purchase warrants ("Warrants"). Of the Ordinary Shares and Warrants, Mr. Yessenov sold 15,982,988 Ordinary Shares and all of the 48,075,000 Warrants to Jaka Partners FZC ("Jaka") for proceeds of US$207,358.50 (the "Jaka Transaction") and sold 15,982,988 Ordinary Shares to Gemini IT Consultants DMCC ("Gemini") for proceeds of US$207,358.50 (the "Gemini Transaction", and with the Jaka Transaction, the "Transactions"). The aggregate proceeds to Yessenov for the sales under the Transactions were US$414,717.00.

Each Warrant entitles the holder to acquire one additional Ordinary Share at a price of US$0.031 per Ordinary Share at any time until November 28, 2019.

Yessenov's Ownership before and after the Transactions

Prior to the Transactions, Yessenov beneficially owned and controlled 43,951,698 Ordinary Shares and 96,150,000 Warrants. The Ordinary Shares and Warrants disposed of by Yessenov represent approximately 10.9% of the outstanding Ordinary Shares of the Corporation on a partially diluted based on 731,320,122 shares outstanding (being 635,170,122 Ordinary Shares outstanding as advised by the Corporation plus 96,150,000 Ordinary Shares issuable on exercise of the Warrants that are (or were) held by Yessenov prior to the Transactions).

Following completion of the Transactions, Yessnov will beneficially own and control 11,985,722 Ordinary Shares and 48,075,000 Warrants, representing approximately 8.8% of the outstanding Ordinary Shares of the Corporation on a partially diluted based on 683,245,122 Ordinary Shares outstanding (being 635,170,122 Ordinary Shares outstanding as advised by the Corporation plus 48,075,000 Ordinary Shares issuable on exercise of the Warrants that are still held by Yessenov following the Transactions).

Gemini's Ownership before and after the Gemini Transaction

The Ordinary Shares acquired by Gemini represent approximately 2.5% of the outstanding Ordinary Shares of the Corporation based on 635,170,122 Ordinary Shares outstanding (as advised by the Corporation). Following the completion of the Gemini Transaction, Gemini now owns, together with the 63,517,012 Ordinary Shares it owned prior to the Gemini Transaction, an aggregate of 79,500,000 Ordinary Shares or approximately 12.5% of the outstanding Ordinary Shares.

Jaka's Ownership before and after the Gemini Transaction

In addition to (and following) the Ordinary Shares and Warrants acquired by Jaka as part of the Jaka Transaction, on September 28, 2018, Jaka acquired US$1,351,964 aggregate principal amount of convertible debt of the Corporation (the "Convertible Debt") from Annuity and Life Reassurance Ltd. The Convertible Debt is convertible into Ordinary Shares at a conversion price of US$0.031, which if converted in full, would result in 43,611,741 Ordinary Shares (the "Conversion Shares") being issued to Jaka.

The Ordinary Shares and the Ordinary Shares underlying the Warrants acquired by Jaka pursuant to the Jaka Transaction, together with the Conversion Shares, represent on a partially diluted basis, approximately 14.8% of the outstanding Ordinary Shares of the Corporation based on 726,856,863 Ordinary Shares outstanding (being 635,170,122 Ordinary Shares outstanding as advised by the Corporation, 48,075,000 Ordinary Shares issuable upon exercise of the Warrants and the Conversion Shares).

Following the completion of the Jaka Transaction and the purchase of the Convertible Debt, Jaka now owns, together with the 63,517,012 Ordinary Shares it owned prior to the Gemini Transaction, an aggregate of 79,500,000 Ordinary Shares, 48,075,000 Warrants and the Convertible Debt, which, on a partially diluted basis (assuming exercise of all of the Warrants and conversion of all of the Convertible Debt) represents approximately 23.6% of the outstanding Ordinary Shares based on 726,856,863 Ordinary Shares outstanding (being 635,170,122 Ordinary Shares outstanding as advised by the Corporation, 48,075,000 Ordinary Shares issuable upon exercise of the Warrants and the Conversion Shares).

Jaka and Gemini Intention's

The acquisition of Ordinary Shares and Warrants by both Jaka and Gemini, as well as the Convertible Debt purchased by Jaka, were made for investment purposes. Neither Jaka nor Gemini have any plans related to any of the items enumerated in Item 5 of Form 62-103F1. However, each may, from time to time and depending on market and other conditions, acquire additional Ordinary Shares through market transactions, private agreements or otherwise, or may sell all or some portion of the Ordinary Shares, Warrants or Convertible Debt it owns or controls.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters. A copy of the Early Warning Report filed by each of Yessenov, Jaka and Gemini will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may be obtained upon request from the Corporation upon request. To the extent that the acquisition of the Convertible Debt is determined to be an indirect take-over bid for the Ordinary Shares, Jaka relies on the private agreement exemption in Section 4.2 of National Instrument 62-104 — Take-Over Bids and Issuer Bids, as there was only one seller of the Convertible Debt, and the purchase price was less than 115% of the market price of the Ordinary Shares.

Contact Information:
Jason Saltzman

EN
01/10/2018

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Tethys Petroleum

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 23/02/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days. ADX will now use the RED E200 rig instead of RED E202. Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque ...

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 09/02/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco. The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery. Operations are expected to start at the end of 1Q24 a...

Stephane Foucaud
  • Stephane Foucaud

Auctus on Friday - 12/01/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling. ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospec...

Stephane Foucaud
  • Stephane Foucaud

Auctus on Friday - 15/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. The reservoir quality is much better than at Anshof-3 and the sands are ~5x thicker. The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure th...

Stephane Foucaud
  • Stephane Foucaud

Auctus on Friday - 27/10/2023

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; target price of NOK50 per share: Production update in Gabon – BW Energy reported 3Q23 gross production of 23.2 mbbl/d at Dussafu. This is below our expectations of ~26 mbbl/d due to the period during which production was constrained at two wells due to ESP issues which have now been resolved. Current total Dussafu gross production, with all the Tortue and Hibiscus wells in operation, is ~35,000 bbl/d. Tethys O...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch