Tethys Petroleum provides a corporate update in November 2013. The company is an independent oil and gas exploration and production company focused on Central Asia and the Caucasus region. Tethys has oil and gas production assets in Kazakhstan and Uzbekistan that generate cash flow, and high potential exploration assets in Tajikistan, Uzbekistan, and Georgia that offer significant upside. Tethys recently completed a farmout deal for its Tajikistan assets to Total and CNPC that provides funding to explore for potential supergiant oil and gas discoveries.

1. TETHYS PETROLEUM
LIMITED
CORPORATE UPDATE
NOVEMBER 2013
Dr. David Robson
Executive Chairman & President
NOC Rig 1 on Norio Field, Georgia
the Sprit of Tethys …
The Spirit of Tethys

2. Disclaimer and Forward Looking Statements
DISCLAIMER
All material information presented herein has been derived from Tethys Petroleum Limited’s (the “Company”) public disclosure
documents filed with the Canadian securities regulatory authorities (which are available at www.sedar.com) and must be read
in conjunction therewith. This presentation does not constitute an offer to sell any of the securities of the Company. Any offer to
sell may only be made in accordance with the terms of the prospectus of the Company filed under applicable securities laws
and may not be reproduced in whole or in part or provided to any person.
Additional information in respect of the Company’s projects in Kazakhstan, Tajikistan and Uzbekistan including location, area,
geologic age and lithology, depth, estimated costs and oil and gas marketing information, appears in the Company’s Annual
Information Form dated March 28, 2013. Barrels of oil equivalent (“BOEs”) may be misleading, particularly if used in isolation.
A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
References to "Prospective Recoverable Resources" means those quantities of petroleum estimated to be potentially
recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both
an associated chance of discovery and a chance of development. There is no certainty that any portion of these resources will
be discovered. These are Unrisked Prospective Resources that have not been risked for chance of discovery or chance of
development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as
to the timing of such development.
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements that are generally identifiable by terms such as anticipated, believe,
budget, intend, estimate, expect, outlook, plan or other similar words. The reader is cautioned that assumptions used in the
preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual
results will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and
other factors. Such factors include those described in the Company’s Annual Information Form dated March 28, 2013 and
include but are not limited to: general economic, market and business conditions; fluctuations in oil and gas prices, the results
of exploration and drilling and related activities; fluctuations in foreign currency exchange rates; the uncertainty of reserve
estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors,
many of which are beyond the control of the Company
IN THIS PRESENTATION ALL FINANCIAL FIGURES ARE IN US$ UNLESS OTHERWISE STATED
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3. The only Independent working in three Central
Asian Republics and the Caucasus


Oil & Gas Exploration &
Production
Public company since 2007, listed
on the main boards of:



Toronto Stock Exchange (TSX)
London Stock Exchange (LSE)
Focus on Central Asia & Caspian

Kazakhstan
 oil and gas production
 exploration upside

Tajikistan
 “supergiant” exploration upside
 key strategic partners


Uzbekistan
 oil production – new field
3 exploration area under negotiation
Georgia
 Strategic position being acquired
 Conventional & Unconventional

Long experience in area


Established operator
Mainly Institutional Shareholders
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4. Tethys Petroleum – Production & Upside in
High Potential Areas
 Oil and Gas Production underpins cash flow, generates
funds for reinvestment
 Strong cash balance
 Current total production potential ~6,000 boe/d
 High Potential areas offer massive upside
 “First entrant” advantage has given Tethys large high potential
exploration acreage
 World class upside in underexplored basins
 Variety of different basins and play types
 Attractive to majors – Tajik farmout to Total and CNPC
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 Focused approach – concentration on region
 Flexibility an Independent brings to projects
 Established team with over 20 years experience in region
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5. Reserves & Resources (NI51-101)
Reserves
(MMboe)
Proved
Proved + Probable
Proved + Probable
+ Possible
14.8
26.0
40.3
$170 MM
$312 MM
$489 MM
Oil & Condensate
(MMbbl)
Gas
(Bcf)
BOE
(MMboe)
Kazakhstan
1,230
634
1,336
Tajikistan
2,833*
32,278*
7,791*
Total
4,063
32,912
9,127
Total (Kazakhstan)
NPV10
Unrisked Mean
Prospective Recoverable
Resources
Reserves & Economics – Gustavson & Associates, Dec 31, 2012
Kazakhstan Resources - Gustavson & Associates, April 30, 2012
Tajikistan Resources – Gustavson & Associates June 30, 2012
* Tethys net interest after farmout
No reserves or resources quoted
for Uzbekistan
Georgia not included
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6. Tethys Petroleum – Recent Highlights
 Completed farmout of Tajikistan asset to
Total and CNPC
 Received $63 MM in cash plus retain 33% part
carried interest
 Acquired strategic position in Georgia
 Conventional and Unconventional oil plays
 Signed deal to sell 50% of Kazakh Assets
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to SinoHan
 Price $75 MM plus bonuses
 Subject to Kazakh State Consents
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7. KAZAKHSTAN
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the Sprit of Tethys …
The Spirit of Tethys

8. Kazakhstan – Tethys’ North Ustyurt
Assets
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9. Kazakhstan: Doris Area – discoveries
and prospects
Four Contracts
• Kyzyloi Production Contract - gas
• Akkulka Production Contract - gas
• Akkulka Exploration Contract – Doris and others
• Kul-Bas E&P Contract
Oil discovery in 2010 – ‘Doris’
• First oil discovery in whole area
• World-class Cretaceous sandstone and
• Jurassic carbonate reservoirs
• Light (46 API°), sweet crude oil – on
production
• Appraisal programme underway
Additional discoveries
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• Dione – oil from Jurassic sandstone
• Kalypso – logged hydrocarbons in
Carboniferous - to be tested
• Tested Oil to Date > 13,000 bopd
Exploration Upside
Schematic Map of Doris Area
• 2D and 3D seismic
• Multi-horizon targets
• More drilling planned in 2013 – Doto well
targeting 22 MMbbl prospective resources, Dexa
well14 MMbbl prospective resources
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10. Kazakhstan – 2013 Programme
 Further oil development activity
 AKD08 (“Doto”) Exploration well drilling
 AKD09 (“Dexa”) Exploration / Appraisal well drilling
 Testing programme on suspended oilwells
 To potentially extend Doris productive area
 Further oil exploration wells planned after Doto results
 Further gas development activity
 2 gas well workovers planned
 Up to 5 new shallow gas wells to be drilled on Akkulka Block
 Kalypso gas condensate
 10 to be stimulated and tested in Q4 – major stimulation planned of
Well
hydrocarbon bearing Carboniferous limestone section
 Seismic
 2D Seismic completed over Kul-Bas Block and Kyzyloi Field
 3D Seismic in the Akkulka Block
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11. Doris – Doto Base Cretaceous Map
Dexa
AKD02
Further Testing
Planned
Doris
AKD09
AKD05
AKD04
AKD01
Doto
AKD06
AKD07
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AKD08
Further Testing
Planned
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12. Kazakhstan: Commercialisation of Doris
– Aral Oil Terminal

Remote desert area – no infrastructure

Constructed new rail loading terminal to
reduce trucking distance

Current capacity 4,200 bopd plus crude
storage – increased to over 12,000 bopd

Additional equipment will improve oil quality
for higher prices

Dependent on drilling success - separate oil
export pipeline planned
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13. SinoHan Deal
 Deal with SinoHan Oil & Gas Resources BV
 Part of HanHong Private Equity
 Well respected Beijing Private Equity Fund
 50% plus one share – Base Price $75 MM
 Tethys remains as operator – joint Board control
 Bonuses paid on increasing reserves and on
profit made by SinoHan on any exit
 Good deal for both sides
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 Access to additional capital plus good business links with
China for product sales etc.
 Equity investor only – Tethys remains operator of project
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14. TAJIKISTAN
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the Sprit of Tethys …
The Spirit of Tethys

15. Tajikistan: the “Jewel in the Tethys Crown”
 Tethys entered Tajikistan in 2007
 Initially signed Investment Operating
Agreement for Beshtentak field
 Negotiated first Production Sharing
Contract in Tajikistan
 Bokhtar PSC
Khujand
U z b e k i s t a n
 Large underexplored area
 35,000 km2 (8.6 million acres)
 Afghan-Tajik portion of prolific Amu Darya
basin
Istaravshan
Konibodom
Isfara
Kyrgystan
Panjakent
C h i n a
Garm
Dushanbe
Tursunzoda
Faizobod
Kofamikhon
T a j i k i s t a n
Kulob
 Enormous potential in deeper
section for super-giant
discoveries
 Sub-salt Jurassic reefal plays & Lower
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Cretaceous sands
 No sub-salt well ever drilled in area – 27
billion boe potential
Gafurov
Qurgonteppa
Khorog
Bokhtar
PSC Area
0
100 Km
A f g h a n i s t a n
P a k i s t a n
 Farmout to Total and CNPC
completed
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16. Amu Darya – World Class Basin
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* Based on Gaffney Cline publically quoted figures
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17. Tajik Prospective Resources
 27.5 billion barrels oil equivalent1 comprising
 113.7 trillion cubic feet (3.22 trillion cubic metres) of natural gas
 8.5 billion barrels of oil/condensate
 More than estimated remaining potential of UKCS2
 Based on seismic, graviometry, well data & field outcrops
 Mainly in deep targets (likely gas condensate)
 Cretaceous sandstones
 Possible analogues –
 Dautelabad (Turkmenistan – 1.7 Tcm – 60 Tcf)
 Sub-Salt Jurassic carbonate reefs

17 Possible analogues –
 Galkynysh(Turkmenistan – 21.2 Tcm – 749 Tcf)
 Shallower targets (likely oil)
Gross unrisked mean recoverable prospective resources from independent report prepared in accordance with
Canadian NI 51-101 by Gustavson Associates (USA) – June 30, 2012
2 Oil & Gas UK forecasts between 14 and 24 billion barrels oil equivalent still to be recovered in the UKCS
1
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18. Central Asian Gas Export Infrastructure
Russia & Europe
China
Europe
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Nowruz
Project
Current
Tethys
Projects
India & Pakistan
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19. Tajikistan Bokhtar PSC Farmout
 “Transformational” deal places Tethys and Tajikistan in unique position
inworld class project with world class partners



Farmout to Total S.A. and CNPC
Only deal involving an independent, a supermajor and a super IOC in Central Asia
Deal closed June 18, 2013
 Puts Tajikistan on world energy map as a potential significant supplier of
energy to China (and other markets) in the future!
 Post farmout equity:
 Kulob Petroleum (Tethys):
 Total Tajikistan (Total S.A.):
 CNPC Central Asia BV (CNPC):
33.330% (Tethys interest 28.3305%)
33.335%
33.335%
 Repayment to Tethys of $63 MM back costs
 2/3 carry on costs of $80 MM initial work programme – leaves only $9 MM to fund
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 Joint Operating Company (BOC)
 Partnership of equals – each company brings strengths
 BOC launched tender for new seismic program
- First well planned to be located by year-end 2014
 Deal brings Tethys strong partners, project funding and additional capital
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20. UZBEKISTAN
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the Sprit of Tethys …
The Spirit of Tethys

21. Uzbekistan

High potential in several oil and gas basins

Ustyurt Exploration
MOU
Relatively underexplored

Tethys is only independent oil and gas
company working there

Mixture of oil cash flow with new production
projects and potential additional exploration
upside

Current projects

North Urtabulak Oilfield – enhanced
production

Chegara Oilfield –final Presidential
decree now issued

Potential projects


Oil Production
Projects
High potential exploration areas
POI signed for negotiation of 10,000 km2
Bayterek exploration block in the North
Ustyurt basin
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22. GEORGIA
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the Sprit of Tethys …
The Spirit of Tethys

23. Republic of Georgia
Baku-Supsa Oil line
Baku-Tbilisi-Ceyhan
South Caucasus Gas
Telavi
Tbilisi
Railway
River
Major Town
Capital
National Border
Ship to
Central
Europe
Offshore
loading
tankers Supsa
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Tankers to
Mediterranean
To Ceyhan
From Caspian
The Spirit Tethys
The Spirit ofof Tethys
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24. Georgia Projects – in Kura Basin
 Project “Iberia”
 Farm-in as Operator to 56% of:
 Block XIA
 Block XIM
 Block XIN
 Conditional on State approval (expected before year end)
 High potential acreage with both conventional and
unconventional plays
 Tethys management have extensive in-country
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experience
 Further potential projects available in the country
 Good business climate
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25. Georgia Licence Blocks
Project Iberia
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26. Kura Basin - Tertiary Geology
Project Iberia
Cretaceous
Discoveries
Basin
XIN
Edge
Source rocks
B
XIM
Samgori Oilfield
>210 MMbbl
XIA
Mesozoic Potential
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Shale oil Play area - U. Eocene-Maikopian (Oligocene-L. Miocene)
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27. Gustavson Resources (Project Iberia Only)
STOIIP
(MMbbl)
Recoverable
(MMbbl)
Recoverable
Gas
(Bcf)
Recoverable
(MMbbl
BOE)
Conventional
1,758
380
282
427
Unconventional
33,053
2,533
1,534
2,788
TOTAL
(unrisked)
34,810
2,913
1,815
3,216
Mean Prospective Resources – Gustavson Associates NI51-101, June 1, 2013
NO INDEPENDENT RESOURCES YET CARRIED OUT FOR PROJECT TAMAR BLOCKS
Figures Gross to PSC
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28. Catalysts for the next 6 months
 Kazakhstan
 Drilling of “Doto”(AKD08) and “Dexa”(AKD09) wells
 Testing of Kalypso (KBD01) discovery
 Further production growth and production from Doris and from Dione oil
discovery – testing programme
 Further shallow gas well work and gas production increases
 Completion of installation of the electric dehydrator – increase oil price
 Uzbekistan
 Field handover and first production from Chegara field
 Progress negotiations on Bayterek exploration block
 Tajikistan
 Commencement of additional seismic acquisition by Group
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 Georgia




Closure of acquisition
Commencement of new seismic data acquisition
Detailed source rock and shale oil studies
Possible early oil production (to be verified)
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29. Tethys Petroleum - Summary




Operating E&P company with assets across Central Asia and Caspian Region
UNIQUE OPERATIONS IN THREE CENTRAL ASIAN AND ONE CASPIAN REGION
COUNTRY gives broad spread of regional and political risk cover
First mover advantage
Building high impact business on existing production and exploration potential

Potential for billion barrel discoveries

Well respected established operator in the area with proven track record of exploration
success and rapid developments – long term player

Good relationships with host governments at the highest levels and local populations



Tajik farmout brings additional credibility, strong partners and corporate funding
Kazakh farmout brings good investment partner, capital and sharing of forward funding
New Georgian assets brings further high potential conventional as well as unconventional
29
potential in different complementary area

Experienced management team with many years working in the region

Very significant potential for further growth in Central Asia, the Caspian Region and similar
areas
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30. Tethys Petroleum Contacts
Tethys Petroleum Investor Relations:
Sabin Rossi
Vice President Investor Relations
E-mail: srossi@tethyspetroleum.com
Corporate brokers:
Media/IR Enquiries Europe:
FTI Consulting
Ben Brewerton / Natalia Erikssen
Office: +44 207 831 3113
Cantor Fitzgerald - Seymour Pierce
Richard Redmayne / Stewart Dickson
Office: +44 207 107 8000
Media/IR Enquiries Asia Pacific:
Quam IR
Anita Wan
Office phone/fax: +852 2217 2999
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FirstEnergy
Hugh Sanderson / David Van Erp
Office: + 44 207 448 0200
Financial Advisors – East Asia:
Quam Capital Limited
Adrian Bradbury
Office +852 3184 8628
Company electronic communication
E-mail:
info@tethyspetroleum.com
Web:
www.tethyspetroleum.com
Mobile site: m.tethyspetroleum.com
Twitter:
#tethyspetroleum
Ticker:
TSX:TPL LSE:TPL
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31. 31
Tethys sponsored horse racing on the Steppe, Bozoi, Kazakhstan
The Spirit of Tethys