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Olisol misses placing deadline says Tethys

Published: 03:41 05 Sep 2016 EDT

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No placing yet by Olisol

Oil and gas group Tethys Petroleum (LON:TPL TSX:TPL) has declared Olisol in breach of a proposed CS$9.8mln funding after it failed to meet the 2 September deadline.

Tethys said it is still receiving working capital funding from Olisol, a Kazakhstan refiner and distributor, and they are working to complete the private placement, though it is also now looking at alternative funding.

Prospects for the cash-strapped Kazakh oil and gas company seemingly improved last week when it was granted permission to restructure its share capital, clearing the way for the placing to go ahead.  Debt at end June was around US$30mln.

Elsewhere, a Kazakhstan court has dismissed a seizure order over the company's assets, though an appeal has been lodged.

While in Tajikistan, it has issued a counter claim for US$10.1mln in response to the withdrawal notice.

and claim from partners Total and CNPC for US$9mln. 

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