Tethys Petroleum Limited (TSXV: TPL,OTC:TETHF) (“Tethys” or the “Company”) would like to provide you with an update on the Company’s activities in the Republic of Kazakhstan.
Operational update
Oil production from wells KBD-02, KBD-06 and KBD-07 continues, with a gradual increase of approximately 330 tons per day over the past month. Gas production averages about 240,000 m3 per day from 20 wells.
The repair of the gas turbine has been delayed and the gas turbine is now expected to be put into service on November 1. This should allow oil production to increase to around 500 tonnes per day in November.
Interpretation of the seismic data for the Aral-4 block is ongoing and is expected to be completed by the end of October. Seismic processing in Diyar is underway.
The Astana Economic Court (First Instance) on September 9, 2025 rejected the Company’s claim to the Ministry of Energy for renewal of the Akkulka Oil contract (license No. 265). The Company has appealed against this decision to the court of second instance.
Presentation
In an effort to provide greater information and visibility into the Company’s operations and business prospects, the Company has updated its corporate presentation and is providing this information to all shareholders on the Company’s website under Investor Relations/Corporate Reports and Communications. https://tethys-group.com/reports/corporate-presentation-oktober-2025/
Non-binding letter of intent to acquire the company update
On September 15, 2025, Fincraft Group LLP announced that it has filed a non-binding letter of intent with the Tethys Board of Directors regarding a proposed transaction pursuant to which Fincraft would acquire all of the issued and outstanding common shares of Tethys at a price of CAD 1.38 per share. The Tethys Board of Directors has formed a special committee, consisting of independent directors, to assess the proposal. The Special Committee responded to Fincraft’s letter of intent with a request for additional information, including documentation of the committed financing, the calculations used to arrive at the offering price, evidence of indications of regulatory approval for the proposed transaction and additional information about Fincraft’s shareholders and creditors. To date, the Special Committee has not received any answers to these questions.
About Tethys
Tethys focuses on oil and gas exploration and production activities in Central Asia.
Disclaimer
Some statements in this document are forward-looking. No part of this announcement constitutes or should be construed as 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. Except as required by applicable law, the Company undertakes no obligation to update or alter 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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