Tethys Petroleum Press Release: Interim Results and Corporate Update

Grand Cayman, Cayman Islands--(Newsfile Corp. - August 29, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended June 30, 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 via SEDAR at www.sedar.com or on Tethys' website at www.tethys-group.com.

Financial highlights

Oil and gas sales decreased by 47% to $4.8 million in the three months of 2024 from $9.1 million in 2023 due primarily to the reduction of oil production. The net income for the period was $1.4 million compared with a profit of $4.0 million in 2023.

Operations update

Test production from the KBD-10 and KBD-11 wells commenced on April 8^th, and has totaled about 28,500 tons. We recently started test production on KBD-11 in the Upper Barremian.zone. KBD-11 has produced 109 tons using a 7 mm choke.

Regulatory update

The Company is continuing to pursue the commercial license for the production and sale of oil.

Gas Contract Negotiations

The Company is communicating with QazaqGaz to pursue a resolution on payment and price for gas production. The gas fields remains shut in.

About Tethys

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.

Disclaimer

Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221568