Tethys Petroleum Press Release

Rhea-AI Summary

Tethys Petroleum (OTC:TETHF) provided a corporate update on November 19, 2025 covering a legal ruling in Kazakhstan and an updated acquisition proposal.

The AIFC Court issued a November 17, 2025 judgment rejecting all challenges by DSFK and Olisol and confirming enforcement of a May 13, 2025 arbitration award of ~1.4 billion KZT and cancellation of 18 million Tethys shares held by Olisol. Tethys says it will proceed with enforcement steps.

Separately, Fincraft Group LLP updated its non-binding proposal: initially CAD 1.38 per share, now offering CAD 1.75 per share for remaining Tethys shares; the Special Committee is reviewing and engaging with Fincraft.

Positive

• AIFC Court confirmed enforcement of ~1.4 billion KZT arbitration award
• Updated acquisition proposal: Fincraft offered CAD 1.75 per share

Negative

• Fincraft proposal remains non-binding, leaving deal uncertainty
• Enforcement and acquisition timing unresolved while next steps are pursued

Corporate update

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

Legal update

The Company had previously reported that an arbitration ruling has been made on May 13, 2025 ordering DSFK to pay the Company approximately 1.4 billion KZT and for 18 million shares of the Company held by Olisol Petroleum Limited to be cancelled. DSFK and owners of Olisol challenged the final award. The AIFC Court directed that the hearing on these challenges be conducted on November 7, 2025. The Court issued its judgment on November 17. All claims of DSFK, Olisol and its owners were rejected and the court confirmed that the award is to be enforced. Tethys is moving forward on the next steps to enforce the judgment.

Non-Binding Letter of intent to acquire the Company update

On September 15, 2025 Fincraft Group LLP announced that it had submitted a non-binding letter of intent to the Board of Directors of Tethys in respect of a proposed transaction pursuant to which Fincraft would acquire all of the issued and outstanding ordinary shares of Tethys at a price of 1.38 CAD per share. Fincraft Group LLP has provided an update to their proposal indicating that they are prepared to purchase all of the Tethys Shares not already owned by Fincraft at a purchase price of $1.75 CAD per share. The Special Committee of independent Directors is reviewing the updated proposal and is in the process of engaging with the Fincraft Group LLP.

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 www.tethys-group.com

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275263

FAQ

What did the AIFC Court decide on November 17, 2025 regarding TETHF?

The AIFC Court rejected challenges and confirmed enforcement of the May 13, 2025 award of ~1.4 billion KZT and cancellation of 18 million Tethys shares.

How much did Fincraft offer per TETHF share in the updated proposal?

Fincraft updated its offer to CAD 1.75 per Tethys share for shares it does not already own.

Is the Fincraft acquisition offer for TETHF binding?

No, the proposal is described as non-binding; the Special Committee is reviewing the updated offer.

What immediate steps will Tethys take after the AIFC judgment for TETHF?

Tethys stated it is moving forward on the next steps to enforce the judgment following the court decision.

How does the 18 million share cancellation affect TETHF shareholder count?

The court confirmed cancellation of 18 million shares held by Olisol; the announcement does not state the new total outstanding share count.