Tethys Petroleum: Receives Letter to Withdraw From Bokhtar PSC
Tethys Petroleum Limited announces that on October 11, 2015, it received a notice to withdraw from the Joint Operating Agreement and Shareholders Agreement dated June 18, 2013 relating to the Bokhtar PSC in Tajikistan (the “JOA”) and the underlying PSC (the “Contract”) from CNPC Central Asia B.V. (“CNPC”) and Total E&P Tajikistan B.V. (“Total”).
The notice of withdrawal was served on the basis that Tethys has not made the payment on October 9, 2015 for the September Cash Call (approximately US$1.28 Million) issued by the Bokhtar Operating Company. Tethys has also not made payment for the October 2015 Cash Call (approximately US$0.78 million). Pursuant to the notice of withdrawal, Total and CNPC state that they jointly require Tethys’ subsidiary, Kulob Petroleum Limited to completely withdraw from the JOA and assign all of its participating interests derived from the Contract and the JOA to Total and CNPC in proportion to their respective participating interests.
Tethys is considering its position under the JOA, the Contract and under applicable laws and equity and, as stated in its announcement on October 9, 2015, Tethys will use all commercially reasonable efforts to protect its interest in the Bokhtar PSC in Tajikistan.
