Update on the General Meeting of Tethys Petroleum Limited

TORONTO, Oct. 02, 2025 (GLOBE NEWSWIRE) -- Gazexport Limited (“Gazexport” or the “Company”) announces an update regarding changes to the Board of Directors of Tethys Petroleum Limited (“Tethys”).

The Company considers the exclusion of its votes at the Annual General Meeting held on August 11, 2025, to be improper.

On August 20, 2025, the law firm Osler, Hoskin & Harcourt, representing Gazexport in North America, addressed a letter to Tethys’s independent directors — Mattias Sjoborg, Adeola Ogunsemi, and Don Streu. In its letter, Osler, Hoskin & Harcourt outlined governance issues within the Tethys Board of Directors and raised concerns about the independence of its decision-making. However, despite the importance of these matters, the shareholder’s concerns were left unanswered.

Subsequently, on September 24, 2025, Ogier (Cayman) LLP, Gazexport’s legal representatives in the Cayman Islands, issued a formal request calling for:

• holding a new General Meeting of Shareholders no later than October 15, 2025;
• including Gazexport’s nominees, Piers Johnson (United Kingdom) and Paul J. Ostling (United States), on the election ballot.

Gazexport considers the current composition of the Board of Directors illegitimate, and all resolutions adopted after August 11, 2025, unlawful.

Key issues of corporate governance

The Company informs shareholders of the following governance concerns at Tethys:

• The concentration of authority by Tethys Chairman and CEO Bill Wells has adversely affected corporate governance.
• Lack of infrastructure at the Kul-Bas oil field, discovered in 2020, leads to regular oil production shutdowns and reduces development efficiency.
• Inefficient management of gas assets:
  • no properly developed agreements with the national company QazaqGaz;
  • reduction in the price of supplied natural gas, leading to lost revenue of up to 2.5 million US dollars;
  • failure by the Tethys Board of Directors to pursue a potential claim before the London Court of International Arbitration (LCIA) to maintain the price of natural gas under the terms of the 2019 Natural Gas Supply Agreement; and subsequently, the acceptance of the terms for reducing the price of supplied natural gas;
  • suspension of natural gas supplies for more than 1.5 years.
• Loss of the Akkulka oil field license due to insufficient oversight by the Board of Directors.
• Financial Risks:
  • Lack of forecasting and transparent dividend policy;
  • Ineffective management of subsidiaries;
  • Additional tax assessment by the Belgian tax authorities in the amount of 3 million US dollars.

All of the above factors, according to Gazexport, indicate ineffective management, poor decision-making, and a systematic disregard for shareholders’ interests. These factors are significantly hindering the development of Tethys.

Gazexport’s Position

The Company reserves the right to:

• seek accountability of Tethys officers;
• challenge the legitimacy of decisions made after August 11, 2025, as well as transactions by subsidiaries (including oil and gas sales, procurement of materials and services);
• dispute any payments made by Tethys and its subsidiaries after the above-mentioned date.
  

About Gazexport

Gazexport Limited is a major shareholder of Tethys. The Company invests in oil and gas projects in Central Asia and is also engaged in oil and petroleum product trading and transportation.

Forward-Looking Statements

Certain statements in this press release are forward-looking. Such statements reflect the current intentions, expectations, and assessments of the Company or its officers and may include words such as “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those stated.

www.gazexport.com

info@gazexport.com

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