Reported Earnings • May 29
First quarter 2026 earnings released: EPS: US$0.02 (vs US$0.002 in 1Q 2025) First quarter 2026 results: EPS: US$0.02 (up from US$0.002 in 1Q 2025). Revenue: US$8.10m (up 104% from 1Q 2025). Net income: US$2.00m (up US$1.73m from 1Q 2025). Profit margin: 25% (up from 6.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • May 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €77.1m (US$89.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (€77.1m market cap, or US$89.9m). Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Director Don Streu was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 20
Tethys Petroleum Limited Provides an Update on the Company's Operations in the Republic of Kazakhstan Tethys Petroleum Limited provided an update on the Company's operations in the Republic of Kazakhstan. Oil production is continuing from wells KBD-02, KBD-06, and KBD-07 with a gradual increase of about 330 tons per day over the last month. Gas production has been averaging about 240,000 m3 per day from 20 wells. The gas turbine repair has experienced a delay and the gas turbine is now scheduled to be put into service on November 1. This should allow for the oil production to increase to about 500 tons per day in November. The interpretation of the seismic data for the Aral-4 block is underway and expected to be completed by the end of October. The Diyar seismic processing is ongoing. The Astana Economic Court (1st instance) rejected the Company's claim to the Ministry of Energy for extending the Akkulka Oil contract (license #265) on September 9, 2025. The Company has filed an appeal on this decision at the 2nd instance court. Announcement • Sep 16
Fincraft Group LLP submitted a non-binding letter of intent to acquire remaining 59.81% stake in Tethys Petroleum Limited (TSXV:TPL) for CAD 94.8 million. Fincraft Group LLP submitted a non-binding letter of intent to acquire remaining 59.81% stake in Tethys Petroleum Limited (TSXV:TPL) for CAD 94.8 million on September 15, 2025. Fincraft owns an aggregate of 30,959,133 Ordinary Shares, representing approximately 26.95% of the issued and outstanding Ordinary Shares. Fincraft also has outstanding agreements to purchase an additional 15,211,546 Ordinary Shares, representing approximately 13.24% of the issued and outstanding Ordinary Shares. These agreements have not been completed.
The transaction is subject to confirmatory due diligence satisfactory, execution of mutually acceptable definitive transaction documents, formal approval of the Proposed Transaction by the Tethys Board, the receipt of shareholder approvals, court approval and delisting of Tethys' securities from the TSX Venture Exchange and Kazakhstan Stock Exchange and Tethys ceasing to be a reporting issuer in Canada. Announcement • Jun 20
Tethys Petroleum Limited, Annual General Meeting, Aug 11, 2025 Tethys Petroleum Limited, Annual General Meeting, Aug 11, 2025. Announcement • Sep 10
Tethys Petroleum Limited, Annual General Meeting, Nov 12, 2024 Tethys Petroleum Limited, Annual General Meeting, Nov 12, 2024. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: US$0.01 (vs US$0.036 in 2Q 2023) Second quarter 2024 results: EPS: US$0.01 (down from US$0.036 in 2Q 2023). Revenue: US$4.79m (down 47% from 2Q 2023). Net income: US$1.03m (down 75% from 2Q 2023). Profit margin: 22% (down from 46% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Jun 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Market cap is less than US$100m (€64.7m market cap, or US$70.5m). Buy Or Sell Opportunity • Mar 07
Now 33% undervalued Over the last 90 days, the stock has risen 102% to €0.75. The fair value is estimated to be €1.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 61% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 93% After last week's 93% share price gain to €1.11, the stock trades at a trailing P/E ratio of 57.7x. Average trailing P/E is 15x in the Oil and Gas industry in Germany. Total returns to shareholders of 174% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: US$0.04 (vs US$0.071 in 3Q 2022) Third quarter 2023 results: EPS: US$0.04 (down from US$0.071 in 3Q 2022). Revenue: US$11.1m (down 32% from 3Q 2022). Net income: US$4.25m (down 44% from 3Q 2022). Profit margin: 38% (down from 47% in 3Q 2022). The decrease in margin was driven by lower revenue. Buying Opportunity • Nov 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be €0.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Aug 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.3% Last year net profit margin: 26% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Dividend is not well covered by cash flows (113% cash payout ratio). Profit margins are more than 30% lower than last year (9.3% net profit margin). Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Market cap is less than US$100m (€57.8m market cap, or US$62.8m). Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: US$0.04 (vs US$0.061 in 2Q 2022) Second quarter 2023 results: EPS: US$0.04 (down from US$0.061 in 2Q 2022). Revenue: US$9.08m (down 45% from 2Q 2022). Net income: US$4.13m (down 37% from 2Q 2022). Profit margin: 46% (up from 39% in 2Q 2022). The increase in margin was driven by lower expenses. Announcement • Aug 16
Tethys Petroleum Limited to Report Q2, 2023 Results on Aug 17, 2023 Tethys Petroleum Limited announced that they will report Q2, 2023 results on Aug 17, 2023 Announcement • Jul 18
Tethys Petroleum Limited, Annual General Meeting, Sep 21, 2023 Tethys Petroleum Limited, Annual General Meeting, Sep 21, 2023. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: US$0.11 (vs US$0.037 loss in FY 2021) Full year 2022 results: EPS: US$0.11 (up from US$0.037 loss in FY 2021). Revenue: US$65.5m (up 312% from FY 2021). Net income: US$12.3m (up US$16.3m from FY 2021). Profit margin: 19% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Announcement • Feb 15
Tethys Petroleum Limited Provides an Update on the Claim Made by the Prosecutor's Office of the Aktobe Region or the Republic of Kazakhstan Tethys Petroleum Limited provided an update on the claim made by the Prosecutor's Office of the Aktobe region or the Republic of Kazakhstan ("the Republic"). Tethys wishes to announce that a court hearing regarding the Kul-Bas license took place in Astana on February 13, 2023. Judge Nurlanov asked for additional information from the prosecutor and from each of the co- defendants but did not make a ruling on the claim. The judge has scheduled an additional hearing with arguments to be presented on February 23, 2023. The company has received the ecological approval from the Ministry in regards to the right to burn gas to power the turbines. The turbines are necessary for Tethys to be able to power the pumps for transport of the gas to Joint Stock Company National Company "QazaqGaz" (the buyer of the gas). QazaqGaz has not paid for gas since the gas sales for January, 2022. Tethys Aral Gas (TAG) has been paying for the production as well as the taxes on the sales while not receiving payment for almost one year. The field remains shut in for the time being. The Board of Directors plan to meet this week with Tethys management in Istanbul to discuss how to best address this issue. Announcement • Jan 19
Tethys Petroleum Limited Approves Quarterly Dividend, Payable on February 9, 2023 Tethys Petroleum Limited approved a quarterly dividend of CAD 3 cents per share on common shares. The record date shall be January 26, 2023 and the pay date shall be February 9, 2023. Board Change • Oct 31
High number of new directors Director Don Streu was the last director to join the board, commencing their role in 2022. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: US$0.071 (vs US$0.001 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.071 (up from US$0.001 loss in 3Q 2021). Revenue: US$16.4m (up US$13.8m from 3Q 2021). Net income: US$7.61m (up US$7.71m from 3Q 2021). Profit margin: 47% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: US$0.06 (vs US$0.008 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.06 (up from US$0.008 loss in 2Q 2021). Revenue: US$16.6m (up US$14.6m from 2Q 2021). Net income: US$6.53m (up US$7.38m from 2Q 2021). Profit margin: 39% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jun 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Director Mattias Sjoborg was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
Full year 2021 earnings released: US$0.037 loss per share (vs US$0.40 loss in FY 2020) Full year 2021 results: US$0.037 loss per share (up from US$0.40 loss in FY 2020). Revenue: US$15.9m (up 22% from FY 2020). Net loss: US$3.99m (loss narrowed 90% from FY 2020). Oil reserves Proven reserves: 41.9 MMbbls Combined production and costs Oil equivalent production: 1.018 MMboe (1.14 MMboe in FY 2020) Average production cost/Boe: US$3.20 (US$2.59/Boe in FY 2020) Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Third quarter 2021 earnings released: US$0.001 loss per share (vs US$0.002 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$2.52m (up 17% from 3Q 2020). Net loss: US$108.0k (loss narrowed 55% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 29
Executive Chairman & CEO recently bought €103k worth of stock On the 24th of September, William Wells bought around 235k shares on-market at roughly €0.44 per share. This was the largest purchase by an insider in the last 3 months. This was William's only on-market trade for the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: US$0.01 loss per share (vs US$0.042 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$1.95m (down 34% from 2Q 2020). Net loss: US$848.0k (down 122% from profit in 2Q 2020). Reported Earnings • May 02
Full year 2020 earnings released: US$0.40 loss per share (vs US$0.13 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$13.0m (up 2.5% from FY 2019). Net loss: US$38.5m (loss widened 338% from FY 2019). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth.