Latest news with #Tethys
Cision Canada
4 days ago
- Business
- Cision Canada
FINCRAFT GROUP LLP NOMINATES EXPERIENCED DIRECTOR TO BOARD OF TETHYS PETROLEUM LIMITED
, Aug. 8, 2025 /CNW/ - Fincraft Group LLP ("Fincraft"), one of the largest shareholders of Tethys Petroleum Limited ("Tethys"), holding approximately 26.95% of the company, announced that it has submitted an amendment to the proposed resolutions to be considered at the annual general meeting (the "Meeting") of the shareholders to be held on August 11, 2025. The amendment proposes Mr. Askar Ismailov, President Advisor of Fincraft, for nomination as a director of Tethys. Mr. Ismailov is a seasoned executive with 25 years of experience in leadership roles, business transformation improvement, change management and stakeholder management with extensive time spent in petroleum operations. An engineer with a Master of Science in Chemical Process Technology and a Master in Project and Programme Management (Public Administration), Mr. Ismailov has experience as a project engineer and project manager on a variety of complex projects, including time as a project engineer with ConocoPhillips and production manager with Lukoil. Fincraft nominated Mr. Ismailov to the Board of Directors of Tethys in order to provide input and oversight in operations and governance with a view to improving Tethys' operations and market position. Fincraft believes that having representation from a significant shareholder will bring a renewed focus to the Tethys Board to drive shareholder value. Fincraft may in the future seek additional changes in the Board of Directors of Tethys or management, seek to requisition a meeting of shareholders with respect to any such changes and may elect to solicit proxies from shareholders of Tethys now or in the future. Fincraft may, from time to time, acquire or dispose of ordinary shares or other securities of Tethys in the future, either on the open market, in private transactions, pursuant to an offer to acquire outstanding securities of Tethys, through a corporate transaction involving Tethys, through treasury issuances, exercises of convertible securities, or otherwise, in each case, depending on a number of factors, including general market and economic conditions and other available investment opportunities. Depending on market, economic and industry conditions, the business and financial condition of Tethys, and other relevant factors, Fincraft may develop other plans or intentions in the future relating to Tethys. Tethys' head office is located at 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands. This news release is issued under the early warning provisions of applicable Canadian securities legislation. A copy of the early warning report filed in connection with the investment will be available on Tethys' profile on SEDAR+ at or may be obtained by contacting Timur Seilov at +7 (727) 355-0151. The information contained in this news release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Fincraft is a diversified holding company founded in 2014 and led by Kenges Rakishev. The Group operates in five key segments: oil & gas, mining & processing of metals, educational services, distressed asset management, and other activities. Fincraft is headquartered at Dostyk Avenue 300/26, Almaty, Kazakhstan A25D7Y.
Scientific American
13-06-2025
- Science
- Scientific American
Tectonic Plates Can ‘Infect' One Another with Earth-Shaking Subduction Zones
Subduction zones, where one tectonic plate dives underneath another, drive the world's most devastating earthquakes and tsunamis. How do these danger zones come to be? A study in Geology presents evidence that subduction can spread like a contagion, jumping from one oceanic plate to another—a hypothesis previously difficult to prove. This result 'is not just speculation,' says University of Lisbon geologist João Duarte, who was not involved in the research. 'This study builds an argument based on the geological record.' Because subduction drags crust deep into the earth, its beginnings are hard to examine. The new study provides a rare ancient example of potential subduction 'infection.' Its authors say they've discovered evidence that neighboring collisions triggered East Asia's 'Ring of Fire,' a colossal subduction system currently fueling earthquakes and volcanoes from Alaska to the southern Indian Ocean. On supporting science journalism If you're enjoying this article, consider supporting our award-winning journalism by subscribing. By purchasing a subscription you are helping to ensure the future of impactful stories about the discoveries and ideas shaping our world today. Nearly 300 million years ago China was a scattering of islands separated by the ancient Tethys and Asian oceans. Established subduction zones consumed these oceans, welding the landmasses into a new continent and raising mountains from Turkey to China. By 260 million years ago this subduction seems to have spread and begun pulling down the neighboring Pacific plate. 'The dying act of those closing oceans may have been to infect the Pacific plate and start it subducting westward under the Asian continent,' says study lead author Mark Allen, a geologist at Durham University in England. 'In one form or another, it's been diving down ever since.' The smoking gun in this case is the 'Dupal anomaly,' identified by a geochemical fingerprint from the ancient Tethys Ocean and what is now the Indian Ocean. When the study authors unexpectedly found this signature in volcanic rocks from the western Pacific, they surmised that material from the Tethys had spread eastward across a plate boundary from one subduction zone to another—triggering the neighboring plate's descent. 'It's like seeing someone's fingerprint at a crime scene,' Allen says. But the mechanism of spread remains mysterious. The researchers suspect that transform faults—boundaries where plates slide past one another, like the San Andreas Fault—may act as weak spots where slight changes in collision angle or speed can destabilize dense oceanic crust, causing it to sink. Duarte compares the scenario to aluminum foil in water. 'The foil floats,' he says, 'but the slightest tap will cause it to sink.' If subduction spreads this way, could the Atlantic Ocean 's relatively quiet plate margins be next? The massive 1755 Lisbon earthquake hints at early subduction invasion there. Duarte suggests parts of Iberia and the Caribbean are undergoing this process's initial stages: 'In another 100 million years a new Atlantic 'Ring of Fire' may form—just as it once did in the Pacific.'
Yahoo
29-05-2025
- Business
- Yahoo
Tethys Petroleum Announces Interim Results and Corporate Update
Grand Cayman, Cayman Islands--(Newsfile Corp. - May 29, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended March 31, 2025 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at or on Tethys' website at Financial highlights Oil and gas sales increased by 104% to $4.0 million in the first quarter of 2025 from $1.9 million in 2024 due primarily to increased oil production. The net profit for the period was $.3 million compared with a loss of $1 million in 2024. Revenues for Q1 were improved from Q1 2024 but were disappointing relative to management expectations. Tethys received a production license in November 2024 after a period of being shut down. There are a number of factors which can influence the level of oil production. In addition to the limitation of the logistics and what is allowed under the production license (currently 485 tons/day), Tethys is required to have gas treatment for the associated gas. Tethys's model has been to sell the oil for delivery in the oil field and is therefore dependent on the oil buyers in terms of the logistics. The elimination of the export of naptha has damaged the overall profitability of the mini-refineries who have been the traditional purchases of Tethys oil. This appears to have not only impacted the price that Tethys can expect to receive but may have also impacted the ability of the mini-refineries to prepay for the oil and their ability to manage the necessary logistics. Given the remote location of the Kulbas field, an oil buyer needs to coordinate the trucking, the rail cars and coordinate with any rail terminal involved in the transshipment. The condition of the roads in March was a factor as the area went through a spring thaw as temperatures got above freezing. Given above average precipitation, it appeared the roads remained inoperable for a longer period than usual. While management believes the logistics issues have been largely resolved, a new problem has appeared. The ratio of gas per oil produced (the GOR) has increased. While long term getting gas from the oil production will be a positive, short term it is a negative as Tethys doesn't have the necessary facilities in place to treat the full amount of gas being produced. As a result, production rates have been reduced of late to about 250 tons/day so that Tethys won't have to flare the excess gas. While it is hoped that the high GOR level may drop back to previous levels or that certain wells and zones with lower GOR ratios may be enhanced to increase the oil production without increasing the GOR, there is no certainty in this regard. Tethys is working on plans to increase the gas utilization capacity of the Kulbas field so that production can be increased to the allowed levels. The delay in getting paid for its gas, getting a new gas contract and getting the oil production license have had residuary effects on the level of cash and the Tethys's ability to fund required capital expenses. Tethys through its DMS subsidiary is acquiring seismic on two of its exploration blocks. The acquisition for the seismic on Aral 4 has been recently completed and the seismic crew contracted for the work has moved to acquire the seismic on the Diyar block. The seismic will then be more fully processed and interpreted to identify potential sites to consider for exploration. DMS will then need to go through a permitting process to get regulatory approval before it can drill any well. If a favorable prospect and well site is developed, the goal is to drill the well(s) by the end of 2026. About Tethys Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area. Disclaimer Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Tethys PetroleumCasey McCandlessChief Financial Officer info@ 901-763-4001 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Tethys Petroleum Announces Interim Results and Corporate Update
Grand Cayman, Cayman Islands--(Newsfile Corp. - May 29, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended March 31, 2025 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at or on Tethys' website at Financial highlights Oil and gas sales increased by 104% to $4.0 million in the first quarter of 2025 from $1.9 million in 2024 due primarily to increased oil production. The net profit for the period was $.3 million compared with a loss of $1 million in 2024. Revenues for Q1 were improved from Q1 2024 but were disappointing relative to management expectations. Tethys received a production license in November 2024 after a period of being shut down. There are a number of factors which can influence the level of oil production. In addition to the limitation of the logistics and what is allowed under the production license (currently 485 tons/day), Tethys is required to have gas treatment for the associated gas. Tethys's model has been to sell the oil for delivery in the oil field and is therefore dependent on the oil buyers in terms of the logistics. The elimination of the export of naptha has damaged the overall profitability of the mini-refineries who have been the traditional purchases of Tethys oil. This appears to have not only impacted the price that Tethys can expect to receive but may have also impacted the ability of the mini-refineries to prepay for the oil and their ability to manage the necessary logistics. Given the remote location of the Kulbas field, an oil buyer needs to coordinate the trucking, the rail cars and coordinate with any rail terminal involved in the transshipment. The condition of the roads in March was a factor as the area went through a spring thaw as temperatures got above freezing. Given above average precipitation, it appeared the roads remained inoperable for a longer period than usual. While management believes the logistics issues have been largely resolved, a new problem has appeared. The ratio of gas per oil produced (the GOR) has increased. While long term getting gas from the oil production will be a positive, short term it is a negative as Tethys doesn't have the necessary facilities in place to treat the full amount of gas being produced. As a result, production rates have been reduced of late to about 250 tons/day so that Tethys won't have to flare the excess gas. While it is hoped that the high GOR level may drop back to previous levels or that certain wells and zones with lower GOR ratios may be enhanced to increase the oil production without increasing the GOR, there is no certainty in this regard. Tethys is working on plans to increase the gas utilization capacity of the Kulbas field so that production can be increased to the allowed levels. The delay in getting paid for its gas, getting a new gas contract and getting the oil production license have had residuary effects on the level of cash and the Tethys's ability to fund required capital expenses. Tethys through its DMS subsidiary is acquiring seismic on two of its exploration blocks. The acquisition for the seismic on Aral 4 has been recently completed and the seismic crew contracted for the work has moved to acquire the seismic on the Diyar block. The seismic will then be more fully processed and interpreted to identify potential sites to consider for exploration. DMS will then need to go through a permitting process to get regulatory approval before it can drill any well. If a favorable prospect and well site is developed, the goal is to drill the well(s) by the end of 2026. About Tethys Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area. Disclaimer Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Tethys PetroleumCasey McCandlessChief Financial Officer info@ 901-763-4001 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Tethys Petroleum Corporate Update
Grand Cayman, Cayman Islands--(Newsfile Corp. - May 14, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the Republic of Kazakhstan. Arbitration update In November of 2023 Tethys initiated an arbitration with the International Arbitration Centre regarding a Settlement Deed and Release Agreement that was entered into in December of 2019. The relief sought by Tethys was to declare that the Settlement Deed and Release is no longer binding, and for DSFK Special Finance Company LLP to pay Tethys Petroleum 1,434,692,762 KZT, and for the 18 million shares issued to Olisol Petroleum Limited to be cancelled. On May 13, the sole Arbitrator ruled and declared that the Settlement Deed is declared no longer binding. DSFK Special Finance Company LLP is ordered to pay Tethys Petroleum Limited 1,434,692,762 KZT. Olisol Petroleum Limited is ordered to cancel share certificates GS 44 and GS 43 (totaling 18 million shares). DSFK Special Finance Company LLP and Olisol Petroleum Limited are ordered to pay Tethys 50,000 EUR and 50,000,000 KZT towards the reimbursement of the costs of the arbitration and the Company's legal costs. The Company is in the process of determining the next steps necessary to have the arbitration ruling enforced. About Tethys Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Disclaimer Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Tethys PetroleumCasey McCandlessChief Financial Officer901-763-4001 info@ To view the source version of this press release, please visit Sign in to access your portfolio
