Tethys Petroleum Press Release: Corporate Update

About this update from Tethys Petroleum Limited.

Grand Cayman, Cayman Islands--(Newsfile Corp. - December 26, 2025) - Tethys Petroleum Limited TSXV:TPL ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the Republic of Kazakhstan.Update on transition to a Production Period of Kul-Bas Oil Field (Commercial Production)The Ministry of Energy of the Republic of Kazakhstan issued an approval on December 19, 2025 for the transition of the Kul-Bas oil field to the Production Period through July 27, 2048. This approval is a critical milestone for the Company, as it ensures the continuation of production at Kul-Bas beyond the expiry of the current preparatory period in July 2026. The next step is to sign an Addendum to the Kul-Bas subsoil use contract reflecting the approved terms. The Company expects this Addendum to be signed by the end of January 2026, subject to completion of the required formal procedures.Operations updateOil production from wells KBD-02, KBD-06, and KBD-07 has averaged approximately 425 tons per day in December. This period has had fluctuations reflecting ongoing optimization of surface facilities. Work is underway on one of the gas turbines with an expectation this will support higher production levels once the unit is returned to service. Commissioning activities on the new gas compressor are also continuing. If successful, the additional capacity is expected to support increased production. Design and construction work on the field camp, the oil processing and storage capacity at the Central Processing Facility in the Kul-Bas Oil Field is progressing. Design and construction work for the Gas Processing Facility and the 6-inch, 18 kilometer gas pipeline is also moving forward. Natural Gas production from the Kyzyloi and Akkulka Gas Fields is currently averaging about 230,000 m³ per day from 21 gas wells.Extension of Akkulka Gas Field Subsoil use ContractThe Company submitted an application to the Ministry of Energy of the Republic of Kazakhstan to extend Subsoil use contract for Akkulka Gas Field until December 2036, which currently expires in December 2026. The Company expects to receive approval in January 2026, followed by the signing of the Addendum to the Akkulka subsoil use contract in February 2026, subject to completion of the required procedures.Update on Voluntary Delisting from the Kazakhstan Stock ExchangeThe Board of Directors of Tethy...

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