Mr. Casey McCandless reports

TETHYS PETROLEUM PRESS RELEASE: INTERIM RESULTS AND CORPORATE UPDATE

Tethys Petroleum Ltd. has filed its interim results for the three months ended March 31, 2024, with the Canadian securities regulatory authorities comprising its audited financial statements, together with management's discussion and analysis and other required forms. Copies of the filed documents may be obtained on SEDAR+ or on Tethys's website.

Financial highlights

Oil and gas sales decreased by 80 per cent to $1.9-million in the first quarter of 2024 from $9.9-million in 2023 due primarily to halting of the oil production. The loss for the period was $983,000 compared with a profit of $2.5-million in 2023.

Operations update

Test production from the KBD-10 and KBD-11 wells commenced on April 8, and has totalled about 8,200 tons. Current production on KBD-10 is about 25 tons per day from an Upper Barremian zone after averaging about 300 tons per day from the Main Barremian zone. KBD-11 is planned to perforate a new Upper Barremian zone tomorrow after averaging about 75 tons per day in the first Barremian zone tested.

Regulatory update

The company is in the process of trying to obtain the commercial licence for the production and sale of oil.

Gas contract negotiations

The company is continuing to pursue a resolution with QazaqGaz in regard to payment and price for gas production. The gas fields remain shut in.

About Tethys Petroleum Ltd.

Tethys is focused on oil and gas exploration and production activities in central Asia and the Caspian region. Tethys believes that significant potential exists both in exploration and in discovered deposits in the area.

We seek Safe Harbor.