Tethys Petroleum Limited today provided an update on the sale of 50% (+ 1 share) of Tethys Kazakhstan S.A to SinoHan Oil and Gas Investment 6 B.V., part of HanHong, a Beijing, PRC based private equity fund. This deal is based upon US$ 75 million for the 50% (+ 1 share) interest.
Tethys has today entered into an agreement with HanHong to extend the one-year longstop date for completing the sale by a period of six months, until 1 May 2015. This extension keeps the current agreement in place while discussions continue with the Kazakh State.