1. business and industrial
2. energy
3. natural gas

CORPORATE UPDATE
March 2015
Contents
Tethys Petroleum Overview
• 
• 
Vision, Strategy, Investment, Achievement & Value
Reserves, Production & Resources – All time high & organic growth
Tethys Kazakhstan
• 
• 
• 
HanHong Farm Out – Transformational Deal
Gas Growth Story – Akkulka & Kyzyloi
Oil – Production and Exploration potential (Akkulka, Kul-Bas – Klymene Prospect)
Tethys Tajikistan – Jewel in Tethys Crown
• 
(Exceptional Resources, world class basin, global partnership)
Tethys Georgia
Tethys Investment for the future – SinoHan Deal Funds Utilization/Capex plans.
Disclaimer
Appendix
2
Tethys Petroleum Overview
3
Tethys Vision and Strategy
is to become the leading Independent E&P
“
“
Tethys Petroleum's Vision
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.
Our Strategy
• 
• 
• 
• 
• 
• 
is to
Be recognised as an ethically-responsible, transparent company, delivering safe, reliable,
operations through a culture of safety & performance related delivery.
Focus on cost structures and capital efficiency - Actively manage our portfolio by farming
down / reducing our capital commitment whilst retaining materiality
Increase production, revenue and cash flow from existing discovered reserves and monetize
low risk gas and oil prospects
Explore for ‘elephant’ prospects with ‘company making’ potential within existing acreage
Ultimately look to supply the growing energy demand of China
Combine international technical and management expertise with a strong local team
New Executive Chairman, John Bell, on behalf of the Board of Directors of Tethys Petroleum
Limited.
4
Investment case
New Board with focus on a performance-based culture and shareholder value
Current production capacity 5,000 boepd, (60% gas, 40% oil) with funded plans to grow this in 2015.
2P reserves of 27.08 MM boe, recoverable prospective resources of 10 billion boe*
Supermajor partners in world class basins
Intense focus on further G&A reductions in 2015
Near term value enhancing triggers
§ 
China gas pipeline to drive demand and pricing further
§ 
$75 MM capital injection from SinoHan or KazMuniaGaz farm-out
§ 
Extensive development and exploration work programme
§  Kazakhstan:
§  Drill shallow gas production and exploration wells
§  3D Seismic program
§  Klymene oil exploration well
§  Tajikistan:
§  Seismic program
* Unrisked Mean Prospective Resources as audited by Gustavson
Associates as at April 2012. See “Basis of Presentation of Prospective
Recoverable Resources” on page 31
5
New Team – First 100 days….
Corporate
Corporate G&A* forecast
reduction to
•  Re-balance of Board/ Executive Chairman
•  G&A and BD forecast reduction to $10.5 MM (from $20.6 MM) by end 2015*
•  $6 MM loan completed
•  Head count reduction of 21% since October 2014
Kazakhstan
•  New infrastructure, on time/budget, zero LTI’s
•  Doubled gas production Q1 2015 (520 MCM/day)
•  2015 gas sales contract, 42% increase in pricing
•  Extension Akkulka Exploration Contract - 4-years
•  Extension Kyzyloi Gas Production Contract – 15-years
$10.5
$6
MM*
MM
loan financing completed
•  Production Expense reduced: $13.5MMà$11.2MM (17%)**
Tajikistan
•  Decreased G&A for JV
•  Reduced 2015 commitment from $24MM à c.$15MM
•  Farm Out process commenced
Georgia
•  Restructured Georgian project/commenced farm-out process
*On annualized basis Inc. BD
**Expected annualized basis.
See “Forward Looking Statements”. All $ figures are USD
6
Tethys G&A*
2014
$20.6
Total
2015
Estimated
MM
Target*
$10.5
Total
MM
(annualised basis)
*Inc. BD. Based on annualized basis. See “Forward Looking Statements”.
7
TPL Share Price (Net Asset Value)
0.60
TPL: Net Asset Value
0.50
GBP/Share
0.40
0.30
0.20
0.10
0.40
Current TPL Share Price
0.00
Cash End Jan MV Kazakhstan MV Tajikistan
2015
Georgia
historical Costs
MV Rigs
less: loans &
advances
less: G&A
Total Core NAV
•  Share of GBP 0.40/share based on Net Asset Value of $212.25 MM
•  Current share price: GBP 0.09/share (USD/GBP: 1.58)
•  Does not include value for Klymene exploration well or Tajikistan exploration well
Company calculations. Please see appendix for assumptions underlying
calculations of Market Value (MV) and Total Core NAV
8
Tethys Assets/Strategic Partnerships
Kazakhstan
•  Oil and Gas Production
•  Sale of 50% to SinoHan (HanHong SPV - Beijing private equity) for $75 MM
•  Completion subject to receipt of final government consents
•  27.08 MM BOE 2P Reserves*, 1.3 Billion bbls Prospective Resources** (gross pre-sale of 50%)
•  Growing gas production – mid-term goal to supply to China at higher prices
•  Integrating HSSE in the business and the company culture
•  Exciting oil exploration – Klymene 422 MM bbls prospective resources** drill ready
Tajikistan
•  High impact exploration in world class basin
•  113.9 tcf (3.22 tcm) prospective resources** of natural gas (32.3 tcf net to Tethys)
•  8.5 billion barrels of oil/condensate (2.4 billion barrels net to Tethys)
•  CNPC and Total partners, Joint Operating Company
•  Total and CNPC, 33% each; Tethys net interest 28.33% (local partners 5%)
Georgia
•  3.2 billion boe prospective resources** (1.58 billion** net to Tethys)
•  Tethys reduced funding obligation and equity reduced to 49% (from 56%)
•  Farm out plan commenced
*Proven and Probable reserves as audited by Gustavson (as at 31/12/14)
** Gross Unrisked Mean Prospective Resources as audited by Gustavson Associates. See “Basis
of Presentation of Prospective Recoverable Resources” on page 31
9
Gross Reserves at December 31st 2014 (NI 51-101)
Reserves
Category
Oil &
Condensate
(MMbbl)
Gas (Bcf)
BOE
(MMboe)
BOE NPV 10%
After Tax
($MM)
Total Proved
6.56
60.36
16.62
$108.32
Total Proved +
Probable
12.36
88.29
27.08
$185.86
Total Proved +
Probable +
Possible
20.55
124.56
41.31
$287.13
The figures are prepared by Gustavson Associates in accordance with the NI 51-101 standard and are for Kazakhstan only. All figures
are Gross to Tethys with the numbers being pre-SinoHan transaction completing, Gross implying before the application of Kazakhstan
Mineral Extraction Tax (MET).
10
Gross Production & Reserves
TPL Gross Production & NI 51-101 Reserves - Kazakhstan Business Unit - MM boe
•  1P Proved reserves up
17% à 16.62 MM boe
50
Possible
•  Highest 1P volume in
Tethys history.
Probable
40
Proven
•  2P Proved + Probable
up 6% à27.08 MM boe
•  3P Proved + Possible +
Probable up 2% à 41.31
MM boe
MM boe
•  40% of total reserves
Cumulative
Production
30
20
10
•  Increase of 1.52 MM boe
in 2014 – after
production
0
2007
2008
2009
2010
2011
2012
2013
2014
Year
11
Resources
Unrisked Mean
Prospective
Recoverable
Resources
Kazakhstan
Oil &
Condensate
(MMbbl)
Gas (Bcf)
BOE (MMboe)
1,230
634
1,336
2,411
32,272
7,790
1,427
889
1,576
5,068
33,795
10,702
(as of April 2012 – pre SinoHan
transaction)
Tajikistan
(as of June 2012)
Georgia
(as of July 2013)
Total
The resources numbers are evaluated in accordance with NI 51-101 standard. See “basis of preparation of prospective recoverable
resources and possible reserves”. All figures are net to Tethys with Kazakhstan figures being pre-SinoHan transaction completing.
12
Kazakhstan
13
Kazakhstan
North Ustyurt Assets
BOZOI-BEYNEU-SHYMKENT PIPELINE
TOWARDS CHINA*
*Dotted line indicates pipeline under construction
14
Han Hong Farm-out – Transformational Deal
Closure key priority of new management team
Key Terms
•  TPL currently 100% owners
•  US$75 MM for 50% to SinoHan
•  First US$9million Work Program (WP) carry for TPL
•  SinoHan released US$3.88 MM deposit for WP
•  Extended contract to 1st May 2015
•  Tethys remains as operator – joint board control
Conditions Precedent
Base Consideration
$75
MM
Released
$3.88
MM
Deposit
•  Article 36 pre-emption waiver
§  Currently waiting KazMunaiGaz decision (state appointed company), expected Q1 2015
•  Antimonopoly Agency
§  Application Submitted and in process
•  National Bank of Kazakhstan (NBK) permissions
§  Listing of Tethys Kazakhstan SA (transaction entity) on Kazakhstan Stock Exchange required – documents being
finalized for submission.
15
Gas Growth Story - Development
Kyzyloi and Akkulka gas fields
•  Phase 1 Q4 2014 260 mcm/day
•  Phase 2 delivered Q1 2015
•  520 mcm/day (18.3 mmcf/day, 3,060 boe/day)
•  Completed pipeline and dehydrator infrastructure on time
with zero LTI’s,
•  AKK 15,16,17,18 & 19 currently on production
•  Phase 3 on schedule – Q2/3 2015
•  Put AKK14 and AKK05 on and add compressors to reach 570 mcm/day
•  Objective to maintain production throughout 2016 of c.560M mcm/day
(natural 25% decline to be offset by more wells & compression)
Gas sales
•  Increased gas price to US$75/mcm* (US$2.12/mcf) from January 2015 (by 42%)
•  Contract flexible should China gas sales commence in 2015
•  Forecast materially higher prices upon commencement of gas sales to China
*Contract denominated in Tenge fixed at year-end 2014
16
The Gas Growth Story - Kyzyloi
Kyzyloi Gas Field
•  Contract recently extended to 31st December 2029
•  KYZ110, KYZ112 production wells planned
•  Prospect E nearby
Kyz-112
•  Bright spots on seismic (2D)
•  High chance of success forecasted
Kyz-110
Kyz Pros E
17
The Gas Growth Story - Akkulka
Exp = Exploration prospects (most potential identified)
Field = Development fields (drill ready)
18
The Gas Growth Story – Track record of exploration success
Akkulka Gas
•  Very good exploration track record
•  15 out of 20 successes, the last 13
consecutively
•  Circa 20 new prospects & leads identified
•  4 drill ready in Akkulka field area
•  Bright spots on seismic
•  High chance of success forecasted
•  3D seismic program planned 2015 in AKK
Exp D,E,F
No drilling pending higher gas price
•  Kyzyloi and Akkulka Proven + Probable 85.2
Bcf*(14.2 million boe)
•  Significant increase in well discovery
following 2007 TPL modern seismic
methodology
* Gustavson Associates December 31st, 2014
19
Oil Production
Oil production
Doris oil field
•  Exploration success, first commercial oil discovery in area
•  Cretaceous Sandstone and Jurassic Carbonate
•  Doris sand at around 2,200 metres
•  Current production capability ~2,000 bopd
•  Light (46 API°), sweet crude oil
Dione oil field
•  Jurassic Sandstone at around 2,500 metres
Oil sales
•  Currently domestic sales only
•  Current pricing <$15/barrel net at field
•  Recent opex optimisation ensures still profitable
•  Q1 sales restricted by seasonal weather
•  Continue to produce but no more CAPEX until prices recover
20
Akkulka / Kul-Bas Area
Deeper Oil and Gas Exploration
21
Klymene Prospect – Planned drilling 2015
Gross Unrisked Mean Prospective Resources (Gustavson)
•  Up to 422 MM barrels oil (106 MM barrels risked)*
Defined on newly shot seismic
• 
• 
• 
• 
Good four way dip closure
Upper Aptian P50
Up to 130 MM barrels
Mid Aptian
Up to 213 MM barrels
Jurassic
Up to 78 MM barrels
422
Up to
MM
Barrels
oil
Potential at several levels
•  Well TD up to 2750m – Forecast cost of $7.3MM
•  Cretaceous sands (multiple)
•  Jurassic carbonate & Jurassic sands
*.See “Basis of Presentation of Prospective Recoverable Resources” on page
31
22
Tajikistan
23
Amu Darya – World Class Basin
S YOLOTAN
21.2 Tcm (749 Tcf)*
YASHLAR
5.5 Tcm (176 Tcf)*
DAULETABAD
1.7 Tcm (60 Tcf)
All figures depicted in the map above are the resource estimate sourced from Gaffney, Cline and Associates or the report entitled
"Petroleum Geology and Resources of the Amu-Darya Basin, Turkmenistan, Uzbekistan, Afghanistan and Iran, US Geological Survey"
dated 2004.
24
Tajikistan: the “Jewel in the Tethys Crown”
“Early mover” advantage
§  Tethys entered Tajikistan in 2007
Acquired large acreage
•  Bokhtar PSC, approximately 36,000 km2
(8.9 million acres)
•  25 year initial term
•  Exceptional commercial terms
§ 91% of gas/oil in cost recovery stage
§ 70% of gas/oil in profit stage
•  Afghan-Tajik portion of the prolific Amu Darya basin
Potential in deeper section for
super-giant discoveries
•  Sub-salt Jurassic carbonate plays & Lower
Cretaceous sands
25
Tajik Exploration – Exceptional Resource Base
Gross 27.5 billion barrels oil equivalent1 comprising
§  113.9 tcf1 (3.22 tcm) of natural gas
§  8.51 billion barrels of oil/condensate
§  Gross mean unrisked prospective resources greater than the estimated remaining potential of UKCS2
§  Net to Tethys 32.2 tcf gas and 2.4 billion bbls oil
§  Based on seismic (wide line 2D), graviometry, well data & field outcrops
§  Mainly in deep targets (likely gas condensate)
113.9
8.5
Tcf of
natural gas
Billion barrels
of oil/
condensate
Gross unrisked mean recoverable prospective resources from independent report prepared in accordance with Canadian NI 51-101 by
Gustavson Associates (USA) – June 30, 2012, see “Basis of Preparation of Prospective Recoverable Resources and Possible Reserves” on page 31.
2 Oil & Gas UK forecasts between 14 and 24 billion barrels oil equivalent still to be recovered in the UK Continental Shelf (UKCS)
1
26
Bokhtar PSC Partnership
Partners with Total and CNPC - Joint Operating Company (BOC)
§  2013 Farm in to Tethys project
§  TPL, Total 33%, CNPC 33%
§ 
§ 
§ 
§ 
Tethys net 28.33%, local partners 5%
Excellent working relationship
Each partner provides unique contribution
88.89% of first $80MM work programme funded by partners and 11.11% funded by Tethys
§  Value added through set up of trading operating company, commencement
of work programs, establishment of supply chains, logistics etc
§  Currently acquiring 826km 2D Seismic program
27
Georgia Projects – in Kura Basin
Partners with Georgian Oil and Gas (“GOG”)
§ 
§ 
§ 
§ 
Tethys 49%, GOG 51%
Block XIA, Block XIM, Block XIN
Good potential acreage with both conventional and unconventional plays
1.6 Billion boe net unrisked mean prospective resources
Currently being evaluated with the intention to farm down interest or sell.
1.6
49% 51%
Billion boe net
unrisked mean
prospective resources*
Tethys
GOG
* Unrisked Mean Prospective Resources as audited by Gustavson Associates
as at July 2013. See “Basis of Presentation of Prospective Recoverable
Resources” on page 31
28
Investment case
New Board with focus on a performance-based culture and shareholder value
Current production capacity 5,000 boepd, (60% gas, 40% oil) with funded plans to grow this in 2015.
2P reserves of 27.08 MM boe, recoverable prospective resources of 10 billion boe*
Supermajor partners in world class basins
Intense focus on further G&A reductions in 2015
Near term value enhancing triggers
§ 
China gas pipeline to drive demand and pricing further
§ 
$75 MM capital injection from SinoHan or KazMuniaGaz farm-out
§ 
Extensive development and exploration work programme
§  Kazakhstan:
§  Drill shallow gas production and exploration wells
§  3D Seismic program
§  Klymene oil exploration well
§  Tajikistan:
§  Seismic program
* Unrisked Mean Prospective Resources as audited by Gustavson
Associates as at April 2012. See “Basis of Presentation of Prospective
Recoverable Resources” on page 31
29
2015 Work Programme – Capex
Minimum
Total Requirements
Kazakhstan Capex *
41.9
Tajikistan Capex**
15
Georgia Capex**
TOTAL 2015 Capex
0.9 57.8
5
0.9
5.9
Exploration Development
21.3
15
36.3
Infrastructure &
Other
4.4
11.2
4.4
11.2
*Main capital expenditure items – the Kyzyloi/Akkulka gas development & exploration program and the Kul-Bas exploration program
Note: $21.3 MM Kaz exploration includes Kyzyloi/Akkulka Gas exploration – i.e. Low risk exploration (13 consecutive successes). *Capital expenditure programme contingent on closing of SinoHan Deal. Tethys funding 50% of the total $42 MM
**Tethys share of costs as per the JV. Includes Taj JV G&A
30
Disclaimer and Forward Looking Statements
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 (including the risk factors in the latest AIF). This presentation does not constitute an offer to issue or sell any of
the securities of the Company nor does it constitute a recommendation regarding any of the securities of the Company. You are encouraged to seek individual advice from your personal, financial,
legal, tax and other advisers before making any investment or financial decisions regarding subscribing for or purchasing any securities of the Company. This presentation has not been approved as
a prospectus by the UK Financial Conduct Authority ("FCA") under Section 87A of FSMA or by any securities regulatory authority and has not been filed with the FCA pursuant to the United Kingdom
Prospectus Rules.
This presentation is being supplied to you solely for your information. This presentation has not been independently verified by FirstEnergy Capital LLP together with its respective shareholders,
directors, officers, agents, employees, or advisors, the “Agent”). The presentation does not purport to contain all information that a prospective investor may require in deciding whether or not to
subscribe for or purchase securities in the Company. While the information contained herein has been prepared in good faith, neither the Company, its directors, officers or employees nor the
Agent give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this
presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as
“Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company, its directors, officers or employees nor the Agent take any responsibility for, or will accept any
liability whether direct or indirect, express or implied, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions
contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising from the use of this presentation. In furnishing this presentation, neither the Company nor the
Agent undertake or agree to any obligation to provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this
presentation which may become apparent. Information contained in this presentation is confidential information and the property of the Company. It is made available strictly for the purposes
referred to above. This presentation has not been approved by an authorised person pursuant to Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and accordingly it is being delivered in the United
Kingdom only to persons to whom this presentation may be delivered without contravening the financial promotion prohibition in Section 21 of the FSMA. Those persons are described in the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“Order”) and include persons who are (i) qualified investors (within the meaning of Prospective Directive 2003/71/EC)
and (ii) have professional experience in matters relating to investments and who fall within the category of person set out in the Article 19 (investment professionals) of the Order or high net worth
bodies corporate, unincorporated associations or partnerships and trustees of high net worth trusts as described in Article 49 of the Order (in each case "Relevant Persons"). It is a condition of your
receiving this document that you represent and warrant to the Company and the Agent that (i) you are a Relevant Person; and (ii) you have read and agree to comply with the contents of this
notice. Any investment activity to which this presentation relates in the United Kingdom is available to, and will only be engaged with such persons and this presentation should not be acted or
relied upon in the United Kingdom by persons of any other description. This presentation should not be considered as the giving of investment advice by the Agent. Each party to whom this presentation is made available must make its own independent assessment of
the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve
significant elements of subjective judgment, analysis and assumption and each recipient should satisfy itself in relation to such matters. The Agent is acting exclusively for the Company and no one
else in connection with the proposed placing and will not regard any other person (whether or not a recipient of this document) as a client in relation to such matters and will not be responsible to
any other person for providing the protections afforded to its clients, or for providing advice in connection with the proposed private placement, or any other matters referred to in this document.
Additional information in respect of the Company’s projects in Georgia, 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 31, 2014 available on the Company’s website. Barrels of oil equivalent (“BOE”) 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. BASIS OF PRESENTATION OF PROSPECTIVE RECOVERABLE RESOURCES AND POSSIBLE RESERVES
References to "Prospective Recoverable Resources" means those quantities of petroleum estimated, as of July 1, 2013 in respect of Project Iberia (Georgia), January 15, 2014 in respect of the
Klymene prospect (Kazakhstan), April 30, 2012 in respect of Akkulka (Kazakhstan) and Kul-Bas (Kazakhstan), and June 30, 2012 in respect of Bokhtar (Tajikistan) 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. If discovered, there is no certainty that it will be commercially viable to produce any portion of these resources. These are Unrisked
Prospective Resources as of July 1, 2013 in respect of Project Iberia (Georgia), January 15, 2014 in respect of the Klymene prospect (Kazakhstan), April 30, 2012 in respect of Akkulka (Kazakhstan)
and Kul-Bas (Kazakhstan), and June 30, 2012 in respect of Bokhtar (Tajikistan) 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.
31
Disclaimer and Forward Looking Statements (continued)
The resources estimates contained or referred to in this presentation are estimates only and are not meant to provide a determination as to the volume or value of hydrocarbons attributable to the
Company’s properties. There are numerous uncertainties inherent in estimating quantities of resources, including many factors that are beyond the control of the Company. For a non-exhaustive list
of factors which may have a significant impact on the estimates of prospective resources contained herein, see the Company’s Annual Information Form dated March 31, 2014 available on the
Company’s website. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the
sum of proved plus probable plus possible reserves.
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
and includes projected G&A Expenses for 2015 and the expected sale of a 50% interest in the Companys Kazakhstan assets. Also, information relating to reserves and resources is deemed to be
forward looking-statements, as it involves the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or
estimated, and can be profitably produced in the future.
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, including the Companys
ability to reduce its G&A costs for 2015 and future periods by the amount stated and that the sale of a 50% interest in the Companys Kazakhstan assets will be completed by April 30, 2015. 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 31, 2014 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; that approvals for the sale of a 50% interest in the Company’s Kazakhstan assets will not be obtained and the risk that the Company will not be successful in all aspects of its cost
reduction strategy; and other factors, many of which are beyond the control of the Company. OVERSEAS JURISDICTIONS
The delivery or distribution of this presentation in or to persons in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves
about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.
CONFIDENTIALITY
This presentation is strictly confidential and is being provided to you solely for your information and may not be reproduced in any form or further distributed to any other person or published in
whole or in part, for any purpose. Any failure to comply with this restriction may constitute a violation of applicable securities laws. The information contained herein should be deemed inside
information (for the purposes of the Criminal Justice Act 1993 (the "CJA") and within the meaning of the FSMA). Accordingly, behaviour by the recipient in relation to the information contained in
this document may constitute the offence of insider dealing within the meaning of the CJA or market abuse within the meaning of the FSMA. In particular, the recipient may not deal in the securities
of the Company until such information ceases to be inside information. By participating in this document and/or by accepting any copy of this document, you agree to be bound by the foregoing
limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken to the Company and the Agent that: (i) you have read and agree to comply with the
contents of this notice, including, without limitation to the obligation to keep this document and its contents confidential; and (ii) you will not at any time have any discussion, correspondence or
contact concerning the information in this document with any of the directors or employees of the Company or its subsidiaries, nor with any of their suppliers, or any governmental or regulatory
body without the prior written consent of the Company. IN THIS PRESENTATION ALL FINANCIAL FIGURES ARE IN US$ UNLESS OTHERWISE STATED
32
APPENDIX
33
New Tethys Board
Executive Chairman
John Bell
Chief Executive Officer
Julian Hammond
Chief Financial Officer
Denise Lay
Non-Executive Director Non-Executive Director
David R. Botting
David R. Henderson
Non-Executive Director
Jim Rawls
Non-Executive Director Non-Executive Director
Marcus Rhodes
J. David M. Roberts
Joined 2014
34
TPL Net Asset Value
Value (US$m) Value (GBPm) MV Kazakhstan MV Tajikistan Georgia historical Costs MV Rigs Cash less: loans & advances Less: G&A 160 45.75 12 15 7 (17) (10.5) 101.27 28.96 7.59 9.49 4.43 (10.76) (6.64) TOTAL Number of Outstanding Shares Value/Share 212.25 134.33 336 0.40 35
0.63 §  Net Asset Value based on Market Value of Assets as calculated by Company: US$ 212.25m*
§  US$ /Share: 0.63
§  GBP/Share: 0.40 (GBP/USD:1.58)
* See assumptions on next page
35
TPL Net Asset Value
MV Kazakhstan
•  Based on SinoHan transaction plus $10 million loan funded to date
MV Tajikistan
•  Based on Total and CNPC farm-in deal value & back costs till December 2014.
• 
$63M paid for 66.66% of Tajikistan; therefore 100% = $94.5M.
• 
100% of costs from inception to End of December 2014 = $41.2M.
• 
Total: $135.7M
• 
TPL Participating Interest (28.33%) = $38.44M
• 
Add: Remaining Carry $7.31M (85% of $8.6M)
• 
TPL Share: $45.75M
MV Georgia
•  Based on investment to date (including Farm In consideration of $9.6M)
MV Rigs
•  Market Value of Rigs (Independent Appraisal of $15M in 2014)
Cash
•  Current cash balance
Loans and advances
•  $6 million loan, Rig loan, released escrow funds
Less G&A
• 
One year
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Bokhtar 2015/16 Work programme
2015/16 WP
§  Phase 1 (of 2) - an 826km 2D wide line
seismic survey expected to finish in H2 2015
§  Magnetotelluric acquisition
§  Jurassic petroleum geological survey
§  Cretaceous petroleum geological survey
§  Field work, G&G studies, well log digitization etc.
§  Reinterpretation and integration of
previous Tethys (2009) seismic into model
§  JV Partners expect to receive the first fully
processed data in late March 2015 and then
in batches from September – November 2015
§  Phase 2 of the wide line seismic survey
planned to commence in Q4 2015
§  All BOC and JV partners aim to have agreed
a preferred first drilling location based on
mapping by end 2015
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Proven Drilling Track Record - Kazakhstan
Kazakhstan Exploration Wells
Kazakhstan Deep Wells
2800
140
2700
120
100
2600
80
2500
5000
300
4500
250
4000
3500
200
3000
2500
60
2400
40
2300
20
2200
0
AKD02 AKD04 AKD05 AKD06 AKD07 AKD09
Depth
Days
150
2000
100
1500
1000
50
500
0
0
AKD01
KBD01
Depth
AKD08
Days
AKD03 excluded as drilling plan changed during drilling operations
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Tethys Petroleum Contacts
Tethys Petroleum Investor Relations
Sabin Rossi
Vice President Investor Relations
E-mail: srossi@tethyspetroleum.com
Financial PR
Corporate broker
FirstEnergy “Capital LLP”
Hugh Sanderson / David van Erp
Office: + 44 207 448 0200
Camarco
Billy Clegg/ Georgia Mann
Office: + 44 20 3757 4983
Company electronic communication
E-mail: info@tethyspetroleum.com
Web: www.tethyspetroleum.com
Mobile site: m.tethyspetroleum.com
Ticker: TSX:TPL LSE:TPL
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Tethys sponsored horse racing on the Steppe, Bozoi, Kazakhstan