Tethys Petroleum Press Release

Executive Summary

• A court in the Astana International Financial Centre (AIFC) upheld the arbitration award ordering DSFK to pay Tethys approximately 1.4 billion KZT and confirmed cancellation of 18 million Olisol shares, clearing the way for enforcement.
• Fincraft Group LLP submitted a revised non‑binding Letter of Intent to acquire all outstanding Tethys shares at CAD $1.75 per share (up from CAD $1.38), and the Special Committee of independent directors is reviewing the updated proposal.

Key Details

• Arbitration Enforcement:
• Original award (May 13, 2025) – DSFK to pay ~1.4 billion KZT; 18 million Olisol shares to be cancelled.
• AIFC Court hearing on challenges held November 7, 2025; judgment issued November 17, 2025 rejecting all claims by DSFK and Olisol and confirming enforceability of the award.
• Next Steps:
• Tethys will proceed with enforcement actions to collect the awarded amount.
• Non‑Binding Letter of Intent (LOI) – Updated Terms:
• Initial LOI (September 15, 2025) proposed acquisition of all Tethys ordinary shares at CAD $1.38 per share.
• Revised proposal now offers CAD $1.75 per share for any Tethys shares not already owned by Fincraft Group LLP.
• Board Review:
• The Special Committee of independent directors is actively reviewing the updated LOI and engaging with Fincraft Group LLP regarding the proposed transaction.

Notable Quotes

(No direct quotes were provided in the release.)