Tethys Petroleum Limited (TSXV: TPL), a Central Asia-focused oil and gas explorer, has announced the results of its Annual General Meeting held on September 29, 2026. Four director candidates were successfully elected and Grant Thornton LLP was reappointed as auditor, while three other director nominees failed to secure majority support. Notably, the meeting was significantly shaped by a prior international arbitration award that led to the exclusion of millions of shares from the vote count — a development investors in the company will want to examine closely.

Key Points

  • Tethys Petroleum Limited (TSXV: TPL) held its Annual General Meeting on September 29, 2026
  • Four of seven director nominees were elected; three nominees — Askar Ismailov, Paul J. Ostling, and Piers Johnson — failed to obtain majority support
  • An arbitral award dated May 13, 2025, ordered the cancellation of 18 million Tethys shares originally issued to Olisol Petroleum, directly affecting vote eligibility at the meeting
  • Investors may be watching how the share cancellation and ongoing related-party disputes affect future shareholder composition and governance

Director Election Outcomes at Tethys Petroleum's 2026 AGM

At the meeting, shareholders elected four directors by poll. Don Streu received the strongest support at 99.9% of votes cast (82,476,996 votes for), while Adeola Ogunsemi, Mattias Sjoborg, and William Wells each received approximately 54.8% support (roughly 45.2 million votes for each). Three nominees — Askar Ismailov, Paul J. Ostling, and Piers Johnson — each received only 46.3% support and were not elected. Grant Thornton LLP was appointed as auditor, and the financial statements and auditors' report were received by shareholders.

Arbitral Award Orders Cancellation of 18 Million Tethys Shares

The meeting chair disclosed that on May 13, 2025, sole arbitrator Dr. Galina Zukova, appointed by the International Arbitration Centre in Kazakhstan, issued an award ordering the cancellation of 18 million Tethys shares previously issued to Olisol Petroleum on May 29, 2020. On April 1, 2026, judgment for this award was entered in the Grand Court of the Cayman Islands. The release states that Olisol transferred shares to Gazexport Limited, Elena Gress, and Versal Luxury Interiors Limited after becoming aware of Tethys' intention to commence arbitration and after arbitration had commenced.

Share Exclusions From the AGM Poll and Shareholder Objections

In light of the arbitral award, the meeting ruled that specific share parcels be excluded from voting: 12,987,381 shares from Gazexport Limited's votes (representing 74.06% of its holdings), 1,233,840 shares from Elena Gress's votes, and 3,703,000 shares from Versal Luxury Interiors Limited's votes. The release notes that Gazexport Limited and FG Limited objected to these exclusions. The share cancellation affects all or a substantial proportion of shares held by those three parties, according to the company's disclosure.