Tethys Petroleum Press Release: Corporate Update

Executive Summary

• Kazakhstan Ministry of Energy approved transition of the Kul‑Bas oil field to a Production Period through July 27 2028, extending production beyond the current preparatory period.
• December oil production from wells KBD‑02, KBD‑06 and KBD‑07 averaged ~425 tons/day; natural gas production from Kyzyloi and Akkulka fields averaged ~230,000 m³/day.
• Board approved voluntary delisting of Tethys Petroleum’s securities from the Kazakhstan Stock Exchange (KASE).

Key Details

• Kul‑Bas Production Period Approval: Ministry issued approval on 19 Dec 2025; Addendum to subsoil use contract expected signed by end‑Jan 2026.
• Oil Production: KBD‑02, KBD‑06, KBD‑07 – ~425 tons/day in Dec 2025 (subject to surface facility optimization).
• Gas Turbine & Compressor Work: Ongoing repairs on a gas turbine and commissioning of a new gas compressor aimed at boosting production capacity.
• Infrastructure Projects: Design/construction progressing for field camp, Central Processing Facility oil processing/storage, Gas Processing Facility, and 6‑inch, 18 km gas pipeline.
• Natural Gas Production: Kyzyloi & Akkulka fields – ~230,000 m³/day from 21 wells.
• Akkulka Subsoil Use Extension: Application submitted; approval expected Jan 2026; Addendum signing targeted Feb 2026; extension to Dec 2036.
• Voluntary Delisting from KASE: Board resolution approved; application filed; primary listing remains on TSX‑Venture Exchange due to low trading activity on KASE.

Notable Quotes

(No direct quotes provided in the release.)