Tethys Petroleum Announces Interim Results and Corporate Update

About this update from Tethys Petroleum Limited.

Grand Cayman, Cayman Islands--(Newsfile Corp. - May 28, 2026) - Tethys Petroleum Limited TSXV:TPL ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended March 31, 2026 with the Canadian securities regulatory authorities comprising its Unaudited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at or on Tethys' website at .Financial highlightsOil and gas sales increased by 104% to $8.1 million in the first quarter of 2026 from $4.0 million in 2025 due primarily to increased oil production. The net profit for the period was $2.0 million compared with a gain of $0.3 million in 2025.Operational challengesRevenues for Q1 were improved from Q1 2025 but the Company is continuing to be frustrated on oil sales prices and other regulatory challenges. Over the last four months Tethys has received no export allocation on oil sales despite the Company's requests. The domestic allocation has required Tethys to sell oil to the state refinery that results in the least favorable economics for Tethys. The allocations from the Ministry of Energy have resulted in significantly lower economics for the Company and the Company is in the process of revising the projected budget for the year.QazaqGaz, the principal national gas company of Kazakhstan, has failed to provide Tethys with an offer to buy the Company's natural gas. The only approved buyer has delayed paying for delivered gas and is currently about 3 months behind on its payments.Given the uncertainty on the timing of receiving the cash payments for the natural gas sales as well as the oil sales the Company is delaying its plans to drill ARD-01 until later in the year.Negative press reportsTethys has recently become aware of some negative press articles. Tethys refutes the recent press reports by journalist Oleg Chervinsky on his recent publications at the media portal of . Tethys is not aware of any attempt being made by the journalist to contact Tethys to verify the facts from Tethys perspective. The publication contains a number of inaccurate and misleading statements and characterizations.Tethys entered into a Settlement Agreement with Olisol, EGG and their principals and DSFK in 2019 to resolve all disputes between the parties. Tethys fulfilled all of its obli...

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