Tethys Petroleum: Gas Production
Grand Cayman, Cayman Islands--(Newsfile Corp. - September 19, 2019) - Tethys Petroleum Limited (TSXV: TPL.H) ("Tethys" or the "Company") today provides an update to its announcement of September 9, 2019 regarding possible interruption to its gas production.
The Company's subsidiary, Tethys Aral Gas LLP ("TAG") received written notification from its gas customer that it intended to reduce its acceptance of gas produced by TAG from September 1, 2019 by at least 50%. This followed receipt of a letter from Special Financial Company DSFK LLP ("DSFK") containing factually incorrect information and demanding that TAG's gas customer should discontinue its purchases of gas produced by TAG.
Tethys explained to its gas customer that it should disregard the DSFK letter as there is no legal basis for the demands made by DSFK. To date, TAG's gas customer has not reduced its acceptance of gas produced by TAG and at this time it has not been necessary for TAG to shut-in any gas wells.
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 may be considered forward-looking. 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. 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, or a suggestion as to how shareholders should elect to participate in the Scheme, and shareholders of the Company 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.
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