Mr. Casey McCandless reports

TETHYS PETROLEUM CORPORATE UPDATE

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

Arbitration update

In November of 2023, Tethys initiated an arbitration with the International Arbitration Centre regarding a settlement deed and release agreement that was entered into in December of 2019. The relief sought by Tethys was to declare that the settlement deed and release agreement is no longer binding, and for DSFK Special Finance Company LLP to pay Tethys Petroleum 1,434,692,762 Kazakhstani tenge, and for the 18 million shares issued to Olisol Petroleum Limited to be cancelled.

On May 13, the sole arbitrator ruled and declared that the settlement deed is declared no longer binding. DSFK Special Finance Company is ordered to pay Tethys 434,692,762 Kazakhstani tenge. Olisol Petroleum Ltd. is ordered to cancel share certificates GS 44 and GS 43 (totalling 18 million shares). DSFK Special Finance Company and Olisol Petroleum are ordered to pay Tethys 50,000 euros and 50 million Kazakhstani tenge toward the reimbursement of the costs of the arbitration and the company's legal costs.

The company is in the process of determining the next steps necessary to have the arbitration ruling enforced.

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.