Tethys Petroleum Limited provides further details of the previously-announced strategic review, and a SinoHan Oil and Gas Investment Number 6 B.V. (SinoHan) transaction update, to shareholders.
•A strategic review of the business which encompasses options including asset sales, farm-outs, financing, investments at the corporate level, or the sale of the Company is being conducted
•Discussions are ongoing with a number of interested parties on all of these potential avenues
•The sale of 50% of the Company's Kazakh oil and gas assets to SinoHan is not proceeding
•Discussions with SinoHan have commenced on matters relating to the termination of the sale and purchase agreement
•Corporate and regional overheads, and operational expenses, continue to be scrutinized and reduced during this period
•Current production stands at 5,380 boe/d
The Company has adopted a twin strategy in recent months: to diligently seek timely approval from the Ministry of Energy (MoE) to allow completion of the condition precedents (CPs) for the SinoHan transaction while simultaneously exploring alternative paths to value realization should the deal not complete.