/KASE, March 17, 2022/ – Tethys Petroleum Limited (Cayman Islands), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated March 10, 2022:

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Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide a corporate update.

Oil Sale prepayment

The Company has concluded a tender to enter into another agreement to sell 50,000 tons of oil for a minimum price of $385 USD per ton. This is a price increase of $120 per ton from the previously announced oil sale agreement announced on December 21, 2021. Upon closing and funding, this will provide Tethys with approximately $19.25 million USD. The primary use of proceeds will be to go toward a combination of the outstanding payables, the Gemini debt repayment, share repurchases, tax obligations, upcoming payments for drilling wells, infrastructure spending and other obligations.

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The complete press release is available on KASE website:

• see more – in Russian;
• see more – in Ebnglish.

[2022-03-17]