Tethys Petroleum Press Release

Rhea-AI Summary

Tethys Petroleum (OTC:TETHF) provided an operations update for Kazakhstan on March 24, 2026. Oil from wells KBD-02, KBD-06 and KBD-07 averaged ~323 tons/day in 2026 to date, ramping to 375 tons/day as of yesterday after weather-related interruptions.

Natural gas production averages about 222,000 m³/day from 20 wells. The Ministry of Energy working group gave preliminary approval to the Kul Bas gas utilization program on March 12 and an expert panel approved the Akkulka gas contract extension while removing a reinvestment obligation. Central processing upgrades are ~80% complete. Drilling: ARD#1 slated for early May (≈3,000m) and KBD-5 for early August 2026 (≈2,500m).

Positive

• Oil production ramped to 375 tons/day
• Gas production averaging 222,000 m³/day from 20 wells
• Kul Bas utilization preliminarily approved by Ministry working group (Mar 12)
• Akkulka contract extension approved; reinvestment obligation removed
• Processing upgrade ~80% complete

Negative

• Weather caused temporary production shutdown and limited oil shipments earlier in March 2026
• Kul Bas approval is preliminary, leaving final regulatory risk through end of 2026

Grand Cayman, Cayman Islands--(Newsfile Corp. - March 24, 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.

Operations update

Oil production from wells KBD-02, KBD-06, and KBD-07 has averaged approximately 323 tons per day in 2026 through yesterday. Negative weather conditions temporarily limited oil shipments earlier in the month and production was also temporarily shut down. The conditions have improved and production has ramped back up to a level of 375 tons per day as of yesterday. Natural Gas production from the Kyzyloi and Akkulka Gas Fields is currently averaging about 222,000 m³ per day from 20 gas wells.

The gas utilization program for Kul Bas until the end of 2026 was preliminary approved by the Ministry of Energy working group on March 12. The expert panel approved the Akkulka Gas Contract extension and removed the obligation to reinvest incremental profit from oil product price increases. The Company is continuing to make progress in upgrading the oil processing and storage capacity at the central processing facility and is estimated to be 80% complete with the current phase of construction.

Drilling Activities

The drilling of ARD#1 (Kronos) in the Aral 4 block is scheduled to commence in the beginning of May. The well depth is projected to be 3,000 meters (+250m). KBD-5 is scheduled to commence in the beginning of August, 2026. The well depth is projected to be 2,500 meters (+/- 250m).

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia.

Disclaimer

Some 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 events occurring after the date of this announcement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Tethys Petroleum
Casey McCandless
Chief Financial Officer	info@tethys-group.com
901-763-4001	www.tethys-group.com

  

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289784

FAQ

What is TETHF's current oil production rate in Kazakhstan as of March 24, 2026?

Oil production ramped to 375 tons per day as of March 24, 2026. According to the company, production averaged ~323 tons/day earlier in 2026 and rose to 375 tons/day after weather-related interruptions.

How much natural gas is TETHF producing from Kyzyloi and Akkulka fields in 2026?

Natural gas production is about 222,000 m³ per day from 20 gas wells. According to the company, this is the current average output from the Kyzyloi and Akkulka gas fields.

What regulatory approvals did TETHF report on March 12, 2026 for Kul Bas and Akkulka?

The company says the Kul Bas gas utilization program received preliminary approval and Akkulka got a contract extension with reinvestment removal. According to the company, the expert panel removed the incremental profit reinvestment obligation.

What is the status of TETHF's central processing facility upgrades as of March 24, 2026?

Upgrades to the central processing and storage capacity are estimated to be 80% complete. According to the company, the current construction phase is roughly four-fifths finished.

When will TETHF begin drilling ARD#1 (Kronos) and KBD-5 in 2026?

ARD#1 (Kronos) is scheduled to start in early May 2026 and KBD-5 in early August 2026. According to the company, ARD#1 depth is projected ~3,000m and KBD-5 ~2,500m.

Did weather affect TETHF operations in March 2026 and how significant was the impact?

Yes. Weather temporarily limited oil shipments and caused a production shutdown earlier in March 2026. According to the company, conditions improved and production resumed to 375 tons/day as of March 24, 2026.