Tethys Petroleum Limited
LSE : TPL

October 31, 2013 03:00 ET

Tethys Petroleum Limited: Drilling Commences on AKD09 ("Dexa") Well

FOR:  TETHYS PETROLEUM LIMITED

TSX, LSE SYMBOL:  TPL

October 31, 2013

Tethys Petroleum Limited: Drilling Commences on AKD09 ("Dexa") Well

BOZOI, KAZAKHSTAN--(Marketwired - Oct. 31, 2013) - Tethys Petroleum Limited ("Tethys" or "the Company")
(TSX:TPL)(LSE:TPL), the E&P Company focused on Central Asia and the Caspian Region announces that it has
commenced drilling of the AKD09 ("Dexa") well in Kazakhstan and updated on Kazakh oil production operations.

AKD09 ("Dexa")

The AKD09 ("Dexa") well is located to the North-West of the producing Doris field and is designed to target
Lower Cretaceous channel sandstone sequences similar to the current major producing unit in the Doris field. It
is forecast to take approximately 45 - 50 days to drill to a planned total depth of 2,400 metres.

The Dexa prospect has 14 million barrels gross mean unrisked recoverable prospective oil resources attributed
to it (Gustavson & Associates, April 30, 2012) in the Cretaceous sequences and the Company believes it to be an
attractive prospect.

Oil Production

Following the successful installation and optimisation programme, previous mechanical issues relating to the
downhole pumps have been resolved and production is currently approximately 3,300 barrels of oil per day from
the three producing wells, these still being optimised.

The references in this press release to "prospective resources" means those quantities of petroleum estimated,
as of April 30, 2012, 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.

The resources estimates contained or referred to 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 and cash flows that may be derived,
including many factors that are beyond the control of the Company. The following is a non-exhaustive list of
factors which may have a significant impact on the above estimates of prospective resources: despite the
classification that they are as yet undiscovered but may be potentially recoverable the Company may be unable
to carry out the development or their potential recovery; the activity may not be economically viable; the
Company may not have sufficient capital or time to develop them; there may be no market or transportation
routes for the production; legal, contractual, environmental and governmental concerns might not allow for the
recovery being undertaken; reservoir characteristics might prevent recovery. The recovery of the resources is
subject to the following risks and uncertainties: market fluctuations, the proximity and capacity of oil and
gas pipelines and processing equipment, government regulation, political issues, export issues, competing
suppliers, operational issues (exploration, production, pricing, marketing and transportation), extensive
controls and regulations imposed by various levels of government, lack of capital or income, the ability to
drill productive wells at acceptable costs, the uncertainty of drilling operations, factors such as delays,
accidents, adverse weather conditions, and the availability of drilling rigs and the delivery of equipment.

The Company's interest in the Dexa well located in the North Ustyurt basin in Kazakhstan, is subject to the
terms of the Akkulka Exploration Licence and Contract, which are described on pages 32, 33, 67 and 68 of the
Company's Annual Information Form for the year ended December 31, 2012 available on sedar.com. The hydrocarbon
product types reasonably expected from this well are oil, natural gas and non-associated gas.

This press release contains "forward-looking information" which include statements related to the expected
drilling period of the exploration well. Such forward-looking statements reflect our current views with respect
to future events and are subject to certain assumptions, including the assumption that the 45-50 day period
(AKD09) will be sufficient for drilling the exploration well to depth. These forward looking statements are
subject to risks and uncertainties, including the risk that the drilling period for the exploration well will
extend beyond the expected periods because of operational and geological factors. See our Annual Information
Form for the year ended December 31, 2012 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.

About Tethys Petroleum

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region
with activities currently in the Republics of Kazakhstan, Tajikistan, Uzbekistan and potential interests in the
Republic of Georgia. This highly prolific oil and gas area is rapidly developing and Tethys believes that
significant potential exists in both exploration and in discovered deposits.


FOR FURTHER INFORMATION PLEASE CONTACT:

Tethys Investor Relations
Sabin Rossi
Vice President Investor Relations
Tethys Petroleum Limited
srossi@tethyspetroleum.com

OR

Media / IR Enquiries
London
FTI Consulting
Ben Brewerton / Natalia Erikssen
+44 207 831 3113

OR

Asia Pacific
Quam IR
Anita Wan
Office phone/fax: +852 2217 2999

OR

Tethys Petroleum Limited
info@tethyspetroleum.com
Web: http://www.tethyspetroleum.com
Mobile site: m.tethyspetroleum.com
Twitter: https://twitter.com/tethyspetroleum

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