Tethys Petroleum has called on investment group Olisol to publically correct what it calls inaccurate statements over its licence in Tajikistan.
The Caspian-focused producer said it disagreed with much of the content of a statement published by Olisol, which had asked Tethys to withdraw from the venture
Tethys insists it has been engaging extensively with all parties which have submitted proposals since the exclusivity period with Nostrum Oil and Gas ended on October 6, 2015.
These proposals are being actively considered by the Tethys board to determine which proposal is in the best interest of all Tethys stakeholders.
In a statement, Tethys said it noted Olisol’s proposal for an immediate $1.28million investment upon the execution of a letter of intent relating to its proposal to potentially allow Tethys to remedy an outstanding default on its Tajikistan license.
It added: “This non-definitive proposal from Olisol was received too late to clarify, negotiate and enter into binding agreements in time and the company could not remedy the default payment by the due date of October 9, 2015 based on a non-binding, non-clarified proposal.”
Tethys said Olisol’s investment would not provide sufficient funds to fully remedy the current default payments on its Tajikistan license in the near term, nor would it provide funding certainty for further payments going forward which could total $12-$15 million over the next six months.
It said: “Accepting the terms upon which the immediate investment had been proposed from Olisol could have prejudiced other interested parties and their potential alternative
Tethys said it did propose to Olisol to make the Tajikistan payment directly on October 8, which Olisol declined to do.
It added: “Tethys continues to work with Olisol and other interested parties to conclude a transaction as soon as possible.”
“There can be no certainty that any proposal will result in a transaction, nor as to the terms on which any such transaction resulting from a proposal may be