Mr. Casey McCandless reports

Tethys Petroleum Ltd. has provided an update on the company's operations in the Republic of Kazakhstan.

Legal update

The company had previously reported that an arbitration ruling was made on May 13, 2025, ordering DSFK to pay the company approximately 1.4 billion tenge and for 18 million shares of the company held by Olisol Petroleum Ltd. 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 Nov. 7, 2025. The court issued its judgment on Nov. 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 Sept. 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 per share. Fincraft Group has provided an update to its proposal indicating that it is prepared to purchase all of the Tethys shares not already owned by Fincraft at a purchase price of $1.75 per share. The special committee of independent directors is reviewing the updated proposal and is in the process of engaging with the Fincraft Group.

About Tethys Petroleum Ltd.

Tethys is focused on oil and gas exploration and production activities in central Asia.

We seek Safe Harbor.