Tethys Petroleum Limited. · LSE:0PRL
Tethys Petroleum — Investor Presentation (October 2025)
30 slides from Tethys Petroleum's investor presentation, October 2025
Slide 1: Tethys Petroleum Presentation October 2025
Tethys Petroleum Presentation October 2025
Slide 2: Disclaimer
Disclaimer The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. You are encouraged to conduct your own analysis and review of Tethys Petroleum Limited (“Tethys”, “Tethys Petroleum”, or the “Company”) and of the infor
Slide 3: Forward-Looking Statements
Forward-Looking Statements Certain information set forth in this document contains forward-looking statements, forward-looking information, or financial outlooks (collectively, "forward-looking statements") under applicable securities law. The use of any of the words “plan”, “expect”, “project”, “in
Slide 4: Introduction
Introduction Tethys Petroleum Limited is an oil and gas exploration and production company focused on Central Asia and primarily the Aral Sea in Kazakhstan. Tethys Petroleum has a portfolio of assets including existing oil and gas fields and unproven exploration licenses. Tethys is a public company,
Slide 5: Tethys Petroleum License Area – License and Fields location
Tethys Petroleum License Area – License and Fields location Contract for Contract for exploration of exploration of Nurzhau block Zhanasu block Contract №1897 Exploration Kul-Bas Field Station Tassy Contract for Kul-bas oil Contract №265 exploration of Diyar Sagyr field Akkulka Exploration area bloc
Slide 6: Kul-Bas Oil State Reserves
Kul-Bas Oil State Reserves Recoverable Recoverable STOIIP, th.tons oil, th. tons oil, th. bbl Recovery Depth, TVDSS Average daily oil Formation Index Object (state reserves) (state (state Factor, m from all wells, t/d (000’s) reserves) reserves) % (000’s) (000’s) 225 t/d at 9mm choke, no Aptian NC-I
Slide 7: Kul-Bas Production Contract Application Plan
Kul-Bas Production Contract Application Plan Kul-Bas field and contract upgrade 2025 2026 2027 Projects Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Analysis of Development (AoD) Reserves Re Estimation 2026 Update FDP Production Contract (Commercial license) • Application for Production Contract will be subm
Slide 8: Kul-Bas State Reserves Maps
Kul-Bas State Reserves Maps West Jurassic Main Jurassic -I Barremian-III C1 C2 - Existing wells Aptian - Planned wells Hauterivian west Green – C1 reserves (explored, according to Kazakhstan classification, roughly comparable to proved reserves Yellow – C2 reserves (evaluated, broadly corresponding
Slide 9: Kul-Bas Reserves Estimate by McDaniel & Associates
Kul-Bas Reserves Estimate by McDaniel & Associates As of 31 December 2024 Barrel of Oil Equivalent Total of NPV (net Mboe) after taxes Reserves category (000’s) (USD $000’s) Discount rate 0% 10% Total Proved Reserves 46,960 $577,189 $332,056 Total Proved and Probable 85,554 $1,158,322 $560,407 Total
Slide 10: Well Stock and Drilling Plan
Well Stock and Drilling Plan Drilling of New Wells type 2027 2028 2029 2030 2031 Total Prod KBD-12, 13, 14, 15 KBD-16, 17 KBD-18 KBD-35, 36 KBD-40 10 Barremian Inj. KBD-1i 1 KBD-25, 26, 27, 28, KBD-30, 31, 37, 38, Main Jurassic Prod KBD-20, 21 KBD-22, 23, 24 15 29 39 West Jurassic Prod. KBD-32 KBD-3
Slide 11: Existing Wells Production
Existing Wells Production Well Test Data on Oil Production From Each Zone and Estimated Oil Production Rates (tons/day) through Different Choke Sizes Upper Barremian Upper Barremian Well # Aptian Main Barremian Hauterivian Jurassic NC-IIa1 NC-IIa KBD-02 235 t/d, 11mm × × 273 t/d, 9mm × 60 t/d, 9mm K
Slide 12: Estimated Rate of Potential Oil Production From Kul-Bas Field
Estimated Rate of Potential Oil Production From Kul-Bas Field 2500 Designed for 2000 t/day. according to the throughput of the arrangement 2000 1500 1000 500 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Main J-II Main Juras
Slide 13: Current Oil and Associated Gas Processing Capacity and Future Plan
Current Oil and Associated Gas Processing Capacity and Future Plan ➢ The Central Processing Facility in the Kul-Bas Field currently has an oil processing capacity of 500 tons per day. Ongoing construction aims to increase this capacity to 1,000 tons per day, with completion expected by July 2026. ➢
Slide 14: Current Logistical Capacity and Plans for Development
Current Logistical Capacity and Plans for Development ➢ Present ▪ Currently approximately 200 tons or more of oil is being transported direct without transshipment. Oil delivered to buyers in the Kul-Bas Field is transported by trucks to mini-refineries via direct delivery or using the Tassay or Sha
Slide 15: Akkulka and Kyzyloi Gas Fields
Akkulka and Kyzyloi Gas Fields The Akkulka gas field was discovered in 2007 and is located in the northeast of the North Ustyurt and is confined to a sublatitudinally oriented brachianticline on the northern slope of the Akkulka swell. The uplift has an area of about 30 km². Drilled wells have prove
Slide 16: Gas Reserves
Gas Reserves Approved by GKZ Approved by GKZ Cumulative gas Remaining Gas Evaluation remaining (State Reserves) Gas fields (State Reserves) produced as af 1 (State Reserves) Gas by McDaniel as Recoverable Gas, GIIP, mln.m3 Jul 2025 as af 1 Jul 2025 atf31 Dec 2024 mln.m3 mln.m3 Kyzyloi 3,360 2,879 1,
Slide 17: Gas Production, mln.m3/year
Potential Gas Production for 2023 – 2036 Field name 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Kyzyloi field 83.20 61.68 0.18 15.70 42.29 77,48 115.88 105.23 95.23 86.60 78.90 72.19 65.81 60.25 55.23 50.83 mln.m3 Akkulka field 34.70 21.40 0.11 6.49 20,24 68.84 71
Slide 18: Layout of Existing & Potential Surface Facilities in Kul-Bas Oil Field
LAY-OUT OF EXISTING & POTENTIAL SURFACE FACILITIES & INFRASTRUCTURE IN KULBAS OIL FIELD Possible ability to convert associated gas to electricity or treat and convert to natural gas and LPG 18
Slide 19: McDaniel Cash Flow Projection
McDaniel Cash Flow Projection ▪ Total Proved reserves cash flow projection for Kul-Bas (in $000’s US dollars) 2025 2026 2027 2028 2029 Revenue $25,744 $54,351 $157,601 $237,974 $299,876 Operating costs -$5,731 -$15,442 -$48,794 -$73,817 -$88,913 Capital costs -$14,427 -$20,327 -$41,505 -$29,500 -$31
Slide 20: Management 5 Year Budget Revenues
Management 5 Year Budget Revenues (in $000’s US dollars) 2025 2026 2027 2028 2029 Oil production, tons 114,215 268,777 424,330 723,200 729,036 Oil production, bbl 909,155 2,139,466 3,377,669 5,756,676 5,803,128 Gas production - TAG, mcm 64,599 132,757 142,938 170,093 142,000 Oil price in US$ per ton
Slide 21: Management 5 Year Budget CAPEX
Management 5 year Budget CAPEX (in $000’s US dollars) 2025 2026 2027 2028 2029 Oil Exploration $2,741 $10,807 $0 $0 $0 Oil field development - wells $228 $2,588 $18,900 $19,845 $20,837 Gas exploration and field work $1,922 $5,629 $5,958 $7,507 $0 Oil handling & gas utilization $7,226 $13,372 $2,426
Slide 22: Management 5 Year Budget Cash Flow
Management 5 Year Budget Cash Flow (in $000’s US dollars) 2025 2026 2027 2028 2029 Total Revenue: $27,288 $71,101 $110,799 $189,846 $192,900 Operating Expenses -$13,177 -$21,401 -$26,752 -$40,127 -$38,580 Per BOE $10.2 $7.3 $6.3 $5.9 $5.8 Social obligations -$72 -$142 -$808 -$1,091 -$1,411 Taxes -$4
Slide 23: Summary of Tethys Advantages
Summary of Tethys Advantages 1. Diversified portfolio of high-quality assets with low production cost: ▪ (1) Kulbas oil field and associated gas ▪ (2) Gas fields – Kyzyloi and Akkulka Fields ▪ (3) High-quality exploration licenses ▪ Possible approval of production license for Akkulka oil production.
Slide 24: Tethys Board of Directors
TETHYS BOARD of DIRECTORS WILLIAM P. WELLS Chairman of the Board of Directors Bill is the founder and primary portfolio manager for Pope Asset Management, LLC. Founded in 2000, Pope Asset Management, LLC is a Registered Investment Advisor (RIA) offering financial asset management services to high ne
Slide 25: Tethys Management in Kazakhstan
TETHYS MANAGEMENT IN KAZAKHSTAN DANIYAR MUKUSHEV General Director Kazakhstan Daniyar is an experienced professional with focus in oil and gas industry with over 20 years of overall experience. Joined Tethys in September 2023 as General Director. Led multinational management teams in different projec
Slide 26: Tethys Petroleum Organisation Structure
Tethys Petroleum Organisation Structure Board of Directors William P. Wells (Chairman), Adeola Ogunsemi, Mattias Sjoborg, Don Streu CEO General Director Kazakhstan William P. Daniyar Mukushev Consultants* Wells Deputy General Director Daniyar Orazbayev Marketing Finance Director Operations Sub-surfa
Slide 27: Tethys Petroleum Corporate Structure
Tethys Petroleum Corporate Structure Tethys Petroleum Limited (Cayman Islands) TPL Holdings Tethyda Limited Limited (Cyprus) (Cyprus (Funding to Kazakhstan via (Non-operating) Tethys Kazakhstan SA Tethys Kazakhstan SA* Asia Oilfield Equipment B.V. (Belgium) (Investment holding of (Netherlands) (Non-
Slide 28: Forward-Looking Non-GAAP Measures
Forward-Looking Non-GAAP Measures This presentation includes “net cash flow”, “free cash flow”, and “revenue per barrel”, forward-looking non-GAAP financial measures. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be cons
Slide 29: Forward-Looking Non-GAAP Measures (continued)
Forward-Looking Non-GAAP Measures (continued) Tons per day or t/d has been calculated using 7.96 bbl per ton. BOEs have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of
Slide 30: Forward-Looking Non-GAAP Measures (continued)
Forward-Looking Non-GAAP Measures (continued) flow information set forth in the McDaniel December 31, 2024 Reserves Report are estimates only. GIIP refers to the total gas content of a gas reservoir and does not represent reserves or recoverable production, which may be materially less than GIIP est
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