Tethys Petroleum was hit by a 47% drop in sales to $11.7million during a turmoil-hit 2016 for the London-listed company.
Central Asia focused Tethys Petroleum suffered a 46% slump in third quarter revenues due to a drop in production and the devaluation of the Kazakh currency.
Tehthys Petroleum's relationship with Olisol is showing cracks after the pair both issued statements with a list of demands.
Tethys Petroleum has secured more time as it tries to hammer out a private placement deal with Olisol.
Tethys Petroleum has filed a counterclaim against Total and CNPC in International Court of Arbitration.
Tethys Petroleum said it has appointed an interim chief executive until two new members join its existing thee person board of directors.
Tethys Petroleum has strengthened its team with the appointment of a new chief commercial officer.
Tethys Petroleum said it is now "better placed" after "unprecedented challenges" last year due to the low oil price.
Tethys Petroleum has agreed to extend the previously agreed exclusivity period with Kazakh investor Olisol Investments until December 7.
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.
Nostrum Oil has blamed unrealistic expectations by the board of the Tethys Petroleum for the failure so far of a deal to acquire the Caspian-focused oil company.
A strong gas performance and focus on cutting costs delivered encouraging second quarter performance for Tethys Petroleum, the Caspian focused producer said, despite reporting a spiked loss.
Tethys Petroleum has knocked back a takeover bid from Nostrum Oil & Gas, citing allegiance with AGR Energy.