Tethys Petroleum Corporate Update (TPL)

Executive Summary

• Oil production is rising, with a gradual increase of ~330 t/day over the past month and expected to reach ~500 t/day in November after turbine repairs.
• Gas production averages ~240,000 m³/day from 20 wells.
• A non‑binding LOI from Fincraft Group LLP proposes to acquire Tethys at CAD 1.38 per share; the board’s special committee has requested additional financing and regulatory information.

Key Details

• Oil Production: Current output from wells KBD‑02, KBD‑06, KBD‑07 is increasing by ~330 t/day; projected to reach ~500 t/day in November once gas turbine is back online (scheduled 1 Nov).
• Gas Production: Averaging ~240,000 m³/day across 20 wells.
• Gas Turbine Repair Delay: Service entry pushed to 1 Nov, affecting oil output schedule.
• Seismic Work: Interpretation of Aral‑4 block data ongoing; expected completion end of Oct. Diyar seismic processing continues.
• Legal Update: Astana Economic Court (1st instance) rejected claim to extend Akkulka Oil contract (License #265); appeal filed with 2nd instance court.
• Corporate Presentation: Updated presentation posted for shareholders at https://tethys-group.com/reports/corporate‑presentation‑october‑2025/.
• Non‑Binding LOI (Fincraft Group LLP):
• Proposed acquisition price: CAD 1.38 per Tethys share.
• Special committee of independent directors formed to review proposal.
• Committee has requested: documentation of committed financing, bid price calculations, regulatory approval evidence, and shareholder/creditor information on Fincraft.
• No response received from Fincraft to date.

Notable Quotes

No direct quotes included in the release.