AGR Energy is set to throw down the financial gauntlet to Tethys Petroleum.
Nostrum Oil & Gas has seen its turnover for the year to date tumble to $374million - a steep decrease from last year's $620million.
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.
Tethys Petroleum has called on investment group Olisol to publically correct what it calls inaccurate statements over its licence in Tajikistan.
Nostrum Oil & Gas’ takeover of Tethys Petroleum came to a grinding halt, after a last minute shareholder block.
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.
Tethys Petroleum has parted company with chief financial officer Denise Lay, who has been made redundant following her decision not to relocate from the Caspian-focused firm's former head office in Guernsey.
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.
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.