An appeals court ruled in Tethys’ favour in its long-running Kazakhstan court battle.
The Almaty City Court’s Board of Appeals ruled in favour of Tethys allowing the company to regain control over its assets.
A Tethys spokesperson said: “Almaty City Court’s Board of Appeals has found in favour of Tethys by dismissing the previously announced appeal of the claimant and upholding the earlier Court decision on August 24, 2016 to lift the seizure order over the company’s assets. The Court’s decision is effective immediately, there is no right of further appeal and restrictions over the operation of the company’s bank accounts in Kazakhstan have been lifted.
Elsewhere, in Tajikistan, the company is in the process of agreeing a third independent arbitrator as part of the dispute between Tethys and its partners in the country, Total and CNPC.
Total and CNPC’s original filing regarding the Tajikistan work claimed damages of $9million.
Tethys Petroleum’s counterclaim totals $10.1million.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
