Tethys Petroleum posts losses for Q1 2014

May 16, 2014

Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) (LSE:TPL) on May 15 announced its First Quarter 2014 Financial Results.

--  Drilling of a further 3 successful shallow gas exploration wells: AKK17,
    AKK18 and AKK19. These wells have a predicted test capacity of over 20
    million cubic feet (570,000 cubic metres) of gas per day based on nearby
    similar well results. Further shallow well drilling is planned as well
    as tie in of these and other wells to increase production of natural gas

--  Independent report commissioned on the "Klymene" prospect in Kazakhstan
    estimated Unrisked Mean Recoverable Oil Resources at over 400 million
    barrels. The Klymene exploration well is planned for later this year
    following successful completion of the recently announced SinoHan
    acquistion

--  Completion of the acquisition of a 56% interest in Blocks XIA, XIM and
    XIN, in eastern Georgia; areas which the Company believes have good
    potential for both unconventional and conventional oil, with independent
    estimates giving some 1.8 billion barrels oil equivalent of Unrisked
    Mean Recoverable Resources to Tethys' interest

--  Selection of seismic contractor for the next phase of the geophysical
    acquisition on the Bokhtar PSC in Tajikistan by the joint
    Tethys/TOTAL/CNPC joint operating company BOC

--  Successful capital raise of USD15 million completed in May, 2014

Financial Highlights

--  Loss for the period from continuing operations reduced 6% year-on-year
    to USD 4.4 million (Q1 2013: USD4.7 million)

--  Basic & diluted loss per share of USD0.01 cent from continuing
    operations (Q1 2013: USD0.02 cents)

--  Capital Expenditure of USD7.3 million (Q1 2013: USD1.3 million)

--  Cash and cash equivalents at the end of Q1 2014 of USD13.7 million (Q1
    2013: USD1.4 million)

--  Oil and gas revenue from continuing operations of USD6.8 million - a
    decrease of 35% on the comparative period (Q1 2013: USD10.5 million)
    primarily due to trucking issues related to weather and issues with
    downhole pumps (now largely resolved)

Source: Tethys Petroleum Press Office, 2014