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Tethys Petroleum intends to repay AGR and Nostrum once Olisol deals completes

Published: 03:27 25 Nov 2015 EST

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AGR has now issued a repayment notice notifying Tethys of events of default

Tethys Petroleum (LON:TPL, TSE:TPL) says it intends to repay owed monies to both AGR Energy and Nostrum Oil & Gas as soon as it receives a draw-down of a new financing facility from Olisol Investments.

The AIM quoted company today told investors that it has received an accelerated repayment notice from AGR, which notifies of events of default and demands repayment of a US$7.5mln debenture and accrued interest of US$443,984.

It also has a US$5mln loan outstanding with Nostrum.

Both AGR and Nostrum provided the cash as interim funding, whilst they respectively attempted to negotiate separate transactions with the company.

Subsequently, earlier this month, Tethys agreed a deal for a potential recapitalisation with Olisol, which also included an interim debt element.

Yesterday, Tethys told investors that Olisol had until the end of December 7 to close the deal, after the deadline was extended for 14 days.

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