Mr. Casey McCandless reports

TETHYS PETROLEUM PRESS RELEASE: INTERIM RESULTS AND CORPORATE UPDATE

Tethys Ltd. has filed its interim results for the three months ended Sept. 30, 2025, 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 via SEDAR+ or on Tethys' website.

Financial highlights

Oil and gas sales increased by 33 per cent to $7.1-million in the third quarter of 2025 from $5.4-million in 2024, due primarily to increased oil production. The profit for the period was $1.4-million, compared with a loss of $600,000 in 2024.

Operations update

Oil production is continuing from wells KBD-02, KBD-06 and KBD-07, with a gradual increase from an average of 330 tons per day to 390 tons per day over the last month. It is anticipated that daily oil production will ramp up to about 500 tons per day within a week. This assumes the commissioning of the second gas compressor and successful repair of the second gas turbine.

Natural gas production from the Kyzyloi and Akkulka gas fields is averaging about 235,000 cubic metres per day from 21 gas wells. Workover and well services operations are currently being performed to reactivate several previously suspended gas wells.

The Aral-4 structural interpretation of seismic data has been completed, and prospect identification and evaluation are under way. The initial review is that there will likely be one or two sites that will be drilled in the licence. The Diyar seismic processing and structural interpretation has not been fully completed. The initial review of results is discouraging as to a promising structure in the south of Diyar. The northern part of Diyar and southern part of Zhanasu licence will continue to be analyzed for prospectivity.

Corporate update

In November, 2025, the company signed new collective agreements covering the work forces of Kul-Bas LLP, TethysAralGas LLP and DMS Services LLP. The agreements were concluded in the ordinary course of business, and the company continues to maintain stable and constructive labour relations across its operations.

Regulatory update -- Akkulka oil contract

As previously disclosed, the company appealed the decision of the Astana Economic Court (first instance) dated Sept. 9, 2025, which rejected the company's claim regarding the extension of the Akkulka oil contract (licence No. 265). The appellate court has now upheld the first instance decision. The company intends to file a further appeal to the Supreme Court (cassation) in accordance with the applicable legal procedures.

The Akkulka oil area represents a legacy asset that has been subject to impairment in prior reporting periods; however, the company continues to pursue the extension process as a matter of maintaining its contractual rights.

Fincraft update

Tethys has received a response from Fincraft Group LLP regarding its proposal to acquire the company. The independent director special committee shall respond to Fincraft once a full review has taken place.

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.

We seek Safe Harbor.