HONG KONG, Nov. 17, 2017 (GLOBE NEWSWIRE) -- OLISOL Petroleum (hereinafter – Olisol) today announces that it acknowledges Tethys Petroleum (hereinafter – TPL) press release with its Q3 financial results dated November 14, 2017.

Taking into account Olisol’s experience in oil and gas market of Russia, Kazakhstan and Central Asia in general, and taking into account the market trends in terms of current internal petroleum and diesel prices, in Olisol’s opinion, the price stated in TPL’s financial results ($7.66 per barrel or $59 per tonne) is set too low and does not correspond to the oil price TAG can have.

According to the report by Argus Caspian Market agency (issue 10, #44 dated November 15, 2017), the average oil price at Kazakhstani refineries is $568 per tonne of 92 RON, $492 per 1 tonne of summer diesel fuel and $208 per 1 tonne of naphtha oil.

A 12% increase in oil price mentioned in TPL’s report does not reflect the dynamics at oil and petrochemicals market and current fair oil price at Kazakhstani internal market.

Since January of 2017, TPL’s subsidiary, TethysAralGas LLP (TAG) sells oil only to two companies – PRAX-AK (from January to June of 2017) and Petroleum Treid LTD (from June till present time) with which it signed long-term oil supply agreement. Both of these companies relate to one of TPL’s shareholders – Medgat Kumar, who bought 43 951 698 shares for $0,01593 per share in November, 2016. The total price of stock of shares made $700 151.

Also, Olisol believes that the share issue for Jin Guang and Prax PTE Ltd in November, 2016 was performed without the permission of competent authority and when the shares were issued no proper notice was send to the Kazakhstani competent authority on shares issue according to the legislation of the Republic of Kazakhstan.

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 a 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 Olisol, TPL or any other entity, and shareholders of TPL, are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, Olisol 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