Mr. Casey McCandless reports

TETHYS PETROLEUM ANNUAL RESULTS AND CORPORATE UPDATE

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

Financial highlights

Oil and gas sales decreased by 58 per cent to $15.2-million in 2024 from $36.5-million in 2023, due to lower production volume and lower prices. The net loss for 2024 was $19.1-million, compared with a profit of $9.7-million in 2023. The group's results in 2024 were negatively impacted by two significant non-cash charges: an impairment of Kul-Bas contract area costs that were unrelated to the current Klymene field development and also by currency translation differences from depreciation of the Kazakhstani tenge against the U.S. dollar.

Management remains confident on the future of Tethys despite the delays experienced in the production licence approval and the decline in oil and gas prices. Tethys has little to no debt and has valuable operating assets. While it will be a challenge to develop the oil handling, gas utilization, gas operations and logistics necessary to increase production, the company remains confident that, over time, these challenges and requirements can be met. It appreciates the continued support and understanding of Tethys shareholders through a more challenging period, and wants shareholders to know that the board and management are doing what they can to create a good company and return on investment.

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 in both exploration and in discovered deposits in the area.

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