Corporate update
Grand Cayman, Cayman Islands–(Newsfile Corp. – April 10, 2026) – Tethys Petroleum Limited (TSXV: TPL) (“Tethys” or the “Company”) is pleased to provide an update on the Company’s operations in the Republic of Kazakhstan.
Reserve report
Tethys engaged McDaniel and Associates Consultants to provide a reserve report as of December 31, 2025. This report has now been completed and was prepared in compliance with NI51-101, Standards of Disclosure for Oil and Gas Activities and the COGE Handbook. Overall, the total proved and total proved + probable reserves are about the same as last year, but Net Present Value calculations are lower primarily due to lower oil prices. The Total Proved and Probable NPV using a 10% discount rate is about $474 million as compared to $560 million in 2024 (down about 15%). The following is a summary from the report:
2025
2024
Reserve Category
Barrel of Oil
Equivalent (net Mboe)
Barrel of Oil
Equivalent (net Mboe)
Total Proved Reserves
46,686
46,960
Total Proved and Probable
84,844
85,554
Total Proved, Probable, and Possible
125,332
126,802
2025
2024
Total of NPV after
taxes ($M US Dollars)
Total of NPV after
taxes ($M US Dollars)
Reserve Category
0.0% 10.0%
0.0% 10.0%
Total Proved Reserves
$453,779 $279,410
$577,189 $332,056
Total Proved and Probable
$922,648 $474,037
$1,158,322 $560,407
Total Proved, Probable, and Possible
$1,474,303 $655,908
$1,862,721 $783,478
While the volumes of Total Proved and Total Proved + Probable reserves remain broadly equivalent to the prior year, the Net Present Value (NPV) has declined. This reduction is primarily due to a decrease in Brent crude prices and lower domestic oil prices. The fiscal and regulatory framework continues to impose a significantly high tax and cost burden on exports, limiting the benefit of accessing international markets.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
