Tethys Petroleum Press Release (TPL)

About this update from Tethys Petroleum Limited.

Corporate updateGrand Cayman, Cayman Islands--(Newsfile Corp. - April 10, 2026) - 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.Reserve reportTethys engaged McDaniel and Associates Consultants to provide a reserve report as of December 31, 2025. This report has now been completed and was prepared in compliance with NI51-101, Standards of Disclosure for Oil and Gas Activities and the COGE Handbook. Overall, the total proved and total proved + probable reserves are about the same as last year, but Net Present Value calculations are lower primarily due to lower oil prices. The Total Proved and Probable NPV using a 10% discount rate is about $474 million as compared to $560 million in 2024 (down about 15%). The following is a summary from the report: 2025 2024Reserve CategoryBarrel of OilEquivalent (net Mboe)Barrel of OilEquivalent (net Mboe)Total Proved Reserves46,68646,960Total Proved and Probable84,84485,554Total Proved, Probable, and Possible125,332126,802 2025 2024Total of NPV aftertaxes ($M US Dollars)Total of NPV aftertaxes ($M US Dollars)Reserve Category0.0% 10.0%0.0% 10.0%Total Proved Reserves$453,779 $279,410$577,189 $332,056Total Proved and Probable$922,648 $474,037 $1,158,322 $560,407Total Proved, Probable, and Possible$1,474,303 $655,908$1,862,721 $783,478While the volumes of Total Proved and Total Proved + Probable reserves remain broadly equivalent to the prior year, the Net Present Value (NPV) has declined. This reduction is primarily due to a decrease in Brent crude prices and lower domestic oil prices. The fiscal and regulatory framework continues to impose a significantly high tax and cost burden on exports, limiting the benefit of accessing international markets. About TethysTethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. DisclaimerSome 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 eve...

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