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Nostrum

Oil & Gas

Nostrum Oil & Gas reduces production guidance for 2015 after repair work

Nostrum Oil & Gas said it had reduced its production guidance for the year down by around 3,000 barrels per day due to unexpected repair work carried out by Intergas Central Asia (ICA). The company, which uses an ICA export pipeline to transport its gas, said the duration of the repair work extended beyond the completion of Nostrum’s regular scheduled maintenance resulting in the lower estimate. Repair work has now been completed and production has risen to normal levels, with 2016 guidance back up to 45,000 barrels per day.

Asia

Tethys receives second investment offer

Tethys Petroleum said it had acknowledged an offer by Olisol Investment Group earlier this month. The bid comes as the company continues ongoing negotiations with Nostrum Oil & Gas on the terms of a proposed offer. Earlier this month, Olisol had come forward to offer the company $8million by way of share subscriptions at $0.16 per common share.

Markets

Tethys makes u-turn on Nostrum offer

Tethys Petroleum said it has been approached with a renewed offer from Nostrum Oil & Gas. The move follows the announcement that a $47.7million financing with AGR Energy holdings and related clawback of shares by Pope Asset Management will now not proceed. The latest potential offer from Nostrum Oil & Gas has been made for the entire issued and to be issued share capital of Tethys.

Markets

Nostrum eyes Tethys Petroleum in further shares battle

Nostrum Oil & Gas has made a further approach to the board of Tethys in a takeover offer for the company’s entire share capital. The move comes after Tethys made a recent announcement regarding a strategic collaboration with and financing by AGR Energy. Nostrum said it was prepared to provide interim funding to Tethys in connection with the potential offer.