Mr. Casey McCandless reports

TETHYS PETROLEUM ANNOUNCES CORPORATE UPDATE

Tethys Petroleum Ltd. has provided an update on the company's operations in the Republic of Kazakhstan.

Oil commercial licence and plans

On Jan. 25, 2024, the company successfully presented the Kul Bas field development plan to the Central Committee on Exploration and Development (CCED) and is expecting to receive the official protocol within two weeks. This approval is critical toward achieving a licence for commercial production. The next steps are to get approval for the gas utilization program, secure ecology and gas flaring permits, and successfully install the necessary equipment for the gas utilization and oil handling. The goal is to start commercial production by early April, 2024.

Current cash

As of this date, Tethys has approximately $5.5-million in cash. While there are continuing expenses, the current expectation of management is that Tethys will retain sufficient operating liquidity until the time of the resumption of oil production.

About Tethys Petroleum Ltd.

Tethys is focused on oil and gas exploration and production activities in central Asia and the Caspian region.

We seek Safe Harbor.