Tethys Petroleum Press Release: Corporate update

Rhea-AI Summary

Tethys Petroleum (OTC: TETHF) announced a corporate update on operations in Kazakhstan, including a formal transition of the Kul-Bas oil field to a Production Period from Feb 17, 2026 to Jul 27, 2048.

Current oil output from wells KBD-02, KBD-06 and KBD-07 averages ~382 tons/day in 2026, with gas production ~227,000 m³/day. Equipment faults have limited output; commissioning a gas turbine and a new compressor is expected to raise oil capacity to ~700 tons/day. The Board approved drilling ARD-01 (Kronos) from May and appraisal well KBD-05 in July/August; a second Aral-4 prospect is under evaluation.

Positive

• Production Period approved: Feb 17, 2026–Jul 27, 2048
• Current oil production ~382 tons/day from Kul-Bas wells
• Natural gas production ~227,000 m3/day from 20 wells
• Board approved drilling of ARD-01 (Kronos) starting May
• Appraisal well KBD-05 approved for July/August start

Negative

• Oil output constrained by faulty gas turbine and compressor
• Near-term production shortfall versus expected 700 tons/day
• Company must purchase new compressor, implying near-term capex

Grand Cayman, Cayman Islands--(Newsfile Corp. - February 19, 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.

Update on transition to a Production Period of Kul-Bas Oil Field (Commercial Production)

The Ministry of Energy of the Republic of Kazakhstan and Kul-Bas LLP signed the Addendum #14 to the Subsoil use contract reflecting the approved terms of the Kul-Bas oil field for the Production Period starting from February 17, 2026 until July 27, 2048.

Operations update

Oil production from wells KBD-02, KBD-06, and KBD-07 has averaged approximately 382 tons per day in 2026. The production potential has been negatively impacted by issues with a gas turbine unit and a compressor. A gas turbine unit is to be put into service within a couple of days. The company is in the process of purchasing a new gas compressor. After commissioning the new gas turbine and compressor, the associated gas utilization capacity will increase, enabling daily oil production rate to reach an expected rate of approximately 700 tons per day. Natural Gas production from the Kyzyloi and Akkulka Gas Fields is currently averaging about 227,000 m³ per day from 20 gas wells.

Drilling Activities

The Board has approved the plans to drill an exploration well on the Aral-4 block called Kronos or ARD-01. The plan is to drill the Barremian and upper Jurassic zones down to 2,300 meters starting in May with a possible option of deepening down to the Middle Jurassic at 2,600 meters. The Board also approved the plan to drill the appraisal well KBD-05 in the Kulbas block starting in July or August. The Company is also evaluating a second prospect in the Aral-4 block called Kulandy or ARD-02, and may make the decision to drill this prospect later this year.

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/284607

FAQ

What does TETHF's February 19, 2026 update say about Kul-Bas production status?

Kul-Bas has entered a Production Period from Feb 17, 2026 to Jul 27, 2048. According to the company, current oil production averages ~382 tons/day, constrained by turbine and compressor issues pending equipment commissioning.

How much oil does TETHF produce now and what is the target after repairs?

Current oil production is about 382 tons per day and the target is ~700 tons per day. According to the company, commissioning a gas turbine and new compressor should enable the higher daily rate.

What are TETHF's natural gas production levels reported on Feb 19, 2026?

Natural gas production is averaging about 227,000 m3 per day from 20 gas wells. According to the company, this reflects current output from the Kyzyloi and Akkulka fields in Kazakhstan.

When will TETHF begin drilling the ARD-01 (Kronos) exploration well?

ARD-01 (Kronos) is planned to start drilling in May 2026 to 2,300 meters, with an optional deepening to 2,600 meters. According to the company, the target zones are Barremian and upper Jurassic.

What drilling and appraisal plans did TETHF approve in the February 2026 update?

The Board approved drilling ARD-01 (Kronos) in May and appraisal well KBD-05 in July/August 2026. According to the company, a second Aral-4 prospect, Kulandy, is under evaluation for potential later drilling.