Tethys Petroleum Limited has provided a corporate update to shareholders.

Highlights: •Q1 2015 gas production achieved was the highest quarterly gas volume in the last three years. •First sales under the new gas contract completed. •Tethys continues to actively progress the SinoHan transaction tocompletion through seeking to close the conditions precedent that are required prior to concluding the transaction, including the Kazakhstan Ministry of Energy's approval. •In parallel, the Company is proactively developing a number of strategic options in the event the SinoHan transaction does not complete, with the intention of considering all opportunities for maximising value for shareholders. •US$3.5 million loan financing has now closed and funds have been received in March. •New compelling prospective resource economics issued for Klymene in the Kul-Bas Contract, Kazakhstan; and Karatau in Tajikistan. •Planned workovers of the AKK14 and AKK05 wells to commence shortly, targeted at growing gas production. •Substantial operational and overhead cost reductions continue. •Currently conducting tenders and/or finalising contracts for drill projects and 3D seismic in the Kyzyloi and Akkulka areas. •Seismic survey in Tajikistan now underway after winter break. •In Tajikistan, the Bokhtar Operating Company has started implementing the recently agreed cost reductions. •Updated work programme agreed in Georgia.

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