GRAND CAYMAN, CAYMAN ISLANDS — (Marketwired) — 05/11/15 — Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) (LSE: TPL) today provides an update on the Strategic Review process and on-going discussions with SinoHan Oil and Gas Investment Number 6 B.V. (“SinoHan”).

The Strategic Review process, being undertaken with the assistance of Macquarie Capital, is progressing well, with a number of new parties expressing an interest in near term financing options, the Company and its assets. A further update will be provided in due course. At this stage, there can be no certainty that further funding will be secured or that any strategic transaction or alternative will be undertaken.

CIO, CTO & Developer Resources

As previously announced the Company is currently in discussions with SinoHan on matters relating to the termination of the sale and purchase agreement, including the US$3.88 million deposit advanced by SinoHan in the form of a minimal interest-bearing loan and the amount of up to US$0.70 million that would also be payable to SinoHan in the event of the CPs not being met or waived by the extended longstop date in certain circumstances. Demand for payment on both sums has been received from SinoHan. Tethys continues to conduct discussions with SinoHan and at this time remains confident that an amicable resolution can be reached between the parties on these matters.

About Tethys Petroleum:

Tethys Petroleum’s aim is to become the leading Independent E&P Company in Central Asia, by exercising capital discipline, by generating cash flow from existing discoveries and by maturing large exploration prospects within our highly-attractive frontier acreage.

This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to a strategic review and new parties expressing an interest in near term financing options, the Company and its assets, and discussions with SinoHan on matters relating to the termination of the SinoHan transaction including with regard to the US$3.88 million loan and a US$0.70 million amount payable in circumstances where the CPs are not met or waived by the longstop date and the buyer has complied with its obligations. Such forward-looking statements reflect our current views with respect to future events, including securing additional funding or achieving strategic alternatives and discussions of matters relating to the termination of the SinoHan transaction. The forward looking statements are based on the following assumptions; that further funding will be secured and that a strategic initiative or transaction will be achieved, and that discussions of matters relating to the termination of the SinoHan transaction conclude with a resolution of matters acceptable to both parties. These forward looking statements are subject to a number of risks and uncertainties, including that further funding will not be secured and that the strategic alternatives are not achieved and that discussions of matters relating to the termination of the SinoHan transaction will not conclude with a resolution of matters acceptable to both parties. These circumstances indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt about the Company’s ability to continue as a going concern and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. See our Annual Information Form for the year ended December 31, 2014 for a description of risks and uncertainties relevant to our business, including our exploration activities. The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.