Tethys Petroleum Limited: Tethys Petroleum Corporate Update
Tethys or the
Company ) today announces that it has completed the previously announced private placement with Pope Investments II, LLC.
Pope Investments II, LLC acquired 2,592,115 ordinary shares of Tethys Petroleum. The price for the shares is .67 CAD per share for total proceeds to Tethys CAD$1,736,717. The placement is to Pope Investments II, LLC, an investment fund managed by Pope Asset Management, LLC. William Wells, the Chairman of Tethys Petroleum is the President of Pope Asset Management, LLC and has a minority ownership interest in Pope Investments II, LLC. The private placement is considered a Related Party Transaction as defined under Multilateral Instrument 61-101 since Mr. Wells is the Chairman of the Company. The transaction is exempt from the valuation and minority shareholder requirements thereunder since the consideration in the transaction is less than 25% of the market capitalization of the Company.
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Central Petroleum Limited (ASX:CTP) Range Pilot Update - Range-6 Spuds
OTCMKTS:CNPTF) advises that Range-6, the first well in the three well Range Pilot Programme, spudded on 11th April 2021 at 9:30pm.
The Range-6 well has a target depth of 704m below rotary table and will be completed across the three seams of the Walloon Coal Measures and tested over several months to confirm water and gas flow rates.
The Range pilot consists of three wells closely spaced at 200m apart to accelerate the dewatering process, a production water tank, flare and associated pipework. Testing of the pilot is expected to commence in June and provide production data for approximately three months to support a Final Investment Decision in 2022. The pilot will provide key information regarding reservoir productivity (initially via water rates), gas desorption (when gas is first produced), zonal contribution (how much each coal seam is contributing) and the initial production profiles of gas and
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