Mr. Casey McCandless reports

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

Operations update

Oil production from wells KBD-02, KBD-06 and KBD-07 has averaged approximately 323 tons per day in 2026 through yesterday. Negative weather conditions temporarily limited oil shipments earlier in the month and production was also temporarily shut down. The conditions have improved and production has ramped back up to a level of 375 tons per day as of yesterday. Natural gas production from the Kyzyloi and Akkulka gas fields is currently averaging about 222,000 cubic metres per day from 20 gas wells.

The gas utilization program for Kul Bas until the end of 2026 was preliminary approved by the Ministry of Energy working group on March 12. The expert panel approved the Akkulka gas contract extension and removed the obligation to reinvest incremental profit from oil product price increases. The company is continuing to make progress in upgrading the oil processing and storage capacity at the central processing facility and is estimated to be 80 per cent complete with the current phase of construction.

Drilling activities

The drilling of ARD No. 1 (Kronos) in the Aral 4 block is scheduled to commence in the beginning of May. The well depth is projected to be 3,000 metres (plus 250 metres). KBD-5 is scheduled to commence in the beginning of August, 2026. The well depth is projected to be 2,500 metres (plus or minus 250 metres).

About Tethys Petroleum Ltd.

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

We seek Safe Harbor.