Tethys Petroleum Limited announced Oil - The KBD-03 and KBD-08 wells have ended the allowed production period and are currently shut in. KBD-08 was producing approximately 500 tons/day from the Barremian at the time of its recent shut in. The KBD-02, KBD-06, and KBD-07 wells are continuing to produce under the pilot production program.

These wells are limited by an approved quota for the year. The KBD-04 is an exploratory well and will finish test production from the Jurassic formation around October 31st. The plan is to then begin test production from the Barremian zone.

The Company is not drilling any wells at present but is evaluating options and timing for drilling additional gas and oil wells. A new gas well is planned to be spudded for the Kyzloi gas field in November. The Company has until October, 2023 to drill two additional oil wells (#5 and #9) on the Kulbas license.

The initial read from the seismic analysis is that the anticipated sites generated from prior seismic no longer look productive and while subject to further confirmation, the plan to drill these wells has been put on hold for now. The Company anticipates approval to drill two new wells in the Klymene field (#10 and #11) and hopes to have this approval close to year end where it can spud at least one well by the first quarter. The Company anticipates receiving ecological approval in November to allow continued production and the flaring of gas in the Klymene field from year end until the Kulbas license maturity in October, 2023.

Unless the Company is able to get a commercial license or approval to continue production during the preparatory period, the Company anticipates it will be required to shut in all oil production from Klymene. The Company is pursuing alternatives for achieving a commercial license as soon as possible in order to continue and expand production and in the alternative is seeking permission to continue oil production during the preparatory period. As part of the requirements Tethys may need to have facilities in place to eliminate the flaring of the gas.

These plans are being developed and at this point the Company does not have a good estimate on the required expenses to satisfy the requirements.