Olisol Petroleum Press Release: Update on the Legal Proceedings with TethysAralGas
HONG KONG, Nov. 17, 2017 (GLOBE NEWSWIRE) -- OLISOL Petroleum (hereinafter – Olisol) today announces that on September 13, 2017 the Specialized Interdistrict Economic court of Aktyubinsk region passed a judgment on denial of the rehabilitation procedure application for TethysAralGas (hereinafter - TAG). In response to that judgment TAG submitted a petition for appeal.
On October 31, 2017 judicial board of Aktyubinsk Regional Court passed a Ruling according to which the Judgment dated September 13, 2017 shall be remained unchanged. It was ruled to dismiss TAG’s petition for appeal and reject the petition for rehabilitation procedure for TAG.
On November 1, 2017 Tethys Petroleum related company, Asia Oilfield Equipment BV, in the person of its director, Kenneth May submitted a new application for rehabilitation of TAG.
On November 17, 2017 Specialized Interdistrict Economic court of Aktyubinsk region rejected the application for TAG’s rehabilitation submitted by Asia Oilfield Equipment BV.
On November 14, 2017 Specialized Interdistrict Economic court of Aktyubinsk region passed a Judgment on arrest of all movable and immovable property of TAG, of monetary assets located on bank accounts, and of oil and natural gas. It is prohibited for TAG to alienate fixed assets and subsoil usage rights at Akkulka and Kzyloy prospects.
Canadian legal firm representing Olisol until now has not received any response from legal firm representing Tethys Petroleum in regards to Olisol’s proposal on corporate dispute settlement.
About Olisol
Olisol is headquartered in Almaty, Kazakhstan and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian Federation and Kazakhstan. Olisol has worked with Tethys in Kazakhstan for over seven years, is joint owner of the Aral Oil Terminal with Tethys and has its own fleet of special oil trucks involved in oil transportation from Tethys’ oil fields. Olisol, through its affiliates, is engaged in railroad transportation, processing of oil, storage and sale of oil products.
Disclaimer
Some of the statements in this press release are forward-looking. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “intends”, “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the foregoing. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company, Tethys or any other entity, and shareholders of Tethys, 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.
Authorized Point of Contact:
Darya Klimova
Authorized Representative,
OLISOL Petroleum Limited
Tel.: +34 64 515 08 69
d.klimova@olisol.ch
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