TETHYS PETROLEUM LIMITED Corporate Presentation – May 2012

1. TETHYS PETROLEUM LIMITEDCorporate Presentation – May 2012 Drilling East Olimtoi EOL09 discovery well, Tajikistan THE Central Asian Oil & Gas Company

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 30, 2012. 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. 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 30, 2012 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

3. Tethys Petroleum Limited (TPL) • Central Asian Exploration & Production • Public company since 2007 (TSX, LSE, KASE) • Significant Shareholders: • JP Morgan Natural Resources Fund • Capital Research • Pope Asset Management • Soros Fund Management and others • 2011 Revenue: $30.3 mln (2010: $14.7 mln) • Net Assets: $263 mln(year-end 2011) • Current Production • Oil – 4,830 bopd • Gas – 18 MMcf/d • BOE – 7,830 boe/d

4. Tethys Petroleum – Central Asian Assets

5. Why Central Asia? Geopolitical advantages Geological attractiveness

6. Tethys – The only independent working in three Central Asian Republics • Kazakhstan • Oil & gas production • Exploration upside – potentially significant new oil discovery “Doris” • Tajikistan • Large exploration area with huge potential for oil and gas • Sub-salt potential • Uzbekistan • Producing oilfield plus newly acquired additional field • Exploration MOU for high potential area

7. Reserves & Resources (NI51-101) Reserves – Gustavson & Associates, Dec 31, 2011 Kazakhstan Resources - Gustavson & Associates, April 30, 2012 Tajikistan Resources – TRACS, 2010 No reserves quoted for Uzbekistan

8. Tethys’ Kazakh Assets • Four Contracts: • Kyzyloi Production Contract • Akkulka Production Contract • Akkulka Exploration Contract • Kul-Bas E&P Contract • Oil discovery in 2010 – ‘Doris’ • World-class Cretaceous sandstone reservoir with excellent porosity and permeability • Light (46 API), sweet crude oil • Appraisal programme underway • Additional discoveries • Dione – oil from Jurassic sandstone • Kalypso – logged hydrocarbons in Jurassic and Carboniferous - to be tested • Tested Oil to Date > 13,000 bopd • Exploration Upside • 2D and 3D seismic • Multi-horizon targets • Dyna Prospect (128 million barrels) Kazakhstan • New oil rail-loading terminal (AOT): • First shipment April 2012 • 50/50 JV with local partner • Improved logistics, increasing production • Kyzyloi & Akkulka dry (shallow) gas developments – 11 new gas discoveries made

9. Doris Area – discoveries and prospects KBD01 hydrocarbons logged to be tested 2H 2012 Close up of fan system Planned AKD07 - Dyna well • New AKD07 well • Targeting Doris 3P reserves • Targeting large Dyna prospect • Sheet sand • 127 MMbbl mean unrisked potential resources • Targeting deeper Jurassic sand • Planned spud mid-year 2012 • Planned TD 2,600 metres – 50 days Schematic Map of Doris Area

10. Commercialisation of Doris – Aral Oil Terminal • Phase 1 capacity 4,200 bopd plus 1,300 bbl crude storage • Phase 2 capacity 6,300 bopd plus 12,580 bbl crude storage • Phase 3 capacity 12,000 bopd plus 125,800 bbl crude and 12,580 bbl refined product storage

11. Kyzyloi & Akkulka Shallow Gas • Currently producing 18 MMcf (512 mcm) per day of gas • Dry gas – almost entirely methane • Shallow sandstones – 450 metres • System designed for 77 MMcf/d (2,200 mcm/d) • Constructed and operating “state of the art” booster compression station • pumping gas into Bukhara-Urals pipeline – first of its kind • Significant upside in undrilled anomalies • Already made 11 new discoveries – waiting for higher gas price • Potential for further development in the future and export into new Kazakh – China gas pipeline • Potential game changer with regard to gas price – maybe 5 – 7x uplift • Planned to be open 2013 • Gives big price upside on gas

12. Tajikistan – the “Jewel in the Crown” • Large underexplored area • 35,000 km2 (8.6 million acres) • Bokhtar PSC • Very good terms • Tethys ownership 85% • Afghan-Tajik portion of prolific Amu Darya basin • Enormous potential in deeper section for super-giant discoveries • Sub-salt plays • Never drilled in area • New resource report due July 2012 • Short term focus on cash flow from shallow section • Current production ~120 bopd

13. Tajikistan – Targeting Deep Potential – 2008 Programme • Set up of exploration and operations team and collection of a good database • Database from results of previous era exploration that discovered 14 shallow oil and gas fields based often on mapping surface structures • Data for 363 vintage wells • Over 1,000 kmsof vintage seismic lines made accessible to modern computerised mapping • Field surveys to check geological interpretation

14. Tajikistan – Targeting Deep Potential – 2009 /2010 Programme • No previous long regional seismic lines existed in country • Lines show deep and complex geology and cross old fields tying wells together for the first time as shown on the map • Interpretation significantly increased understanding of the Afghan Tajik basin and its potential

15. Tajikistan – Targeting Deep Potential – 2011 Graviometry Survey Shelf Edge High Areas Jurassic Sea Reefs – World Class Reservoirs

16. Tajikistan – Targeting Deep Potential – 2012 Programme – detailing seismic data • Integration of seismic, magnetic & gravity data has led to the new mapping of 182 deeper and multi level leads • New Resource Report due June 2012 • To image these better before drilling detailing seismic survey planned for summer 2012 • First Deep Well planned Q1 2013 Possible Seismic Possible Seismic Possible Seismic Possible Seismic

17. Shallower drilling targets • Oil discovered at East Olimtoi • Kick whilst drilling • 36° API oil flowed • Needs further testing • Oil production recommenced at Beshtentak • Persea exploration well – hydrocarbons logged E Komsomolsk Beshtentak East Olimtoi Persea Aero Mag/Gravity Survey

18. Uzbekistan • High potential in several oil and gas basins • 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 • Current gross production ~715 bopd • Chegara Oilfield – contract now signed • Potential projects • High potential exploration areas • MOU signed for negotiation of 10,000 km2Bayterekexploration block in the North Ustyurt basin • Potential for Doris look alikes and other prospects Ustyurt Exploration SA Oil Production Projects

19. North Urtabulak and surrounding fields North Urtabulak Chegara Group

20. Tethys Petroleum - Summary • Operating E&P company with oil & gas exploration and production assets across Central Asia • UNIQUE OPERATIONS IN THREE CENTRAL ASIAN COUNTRIES • Existing oil & gas production plus massive exploration upside • Potential for billion barrel discoveries • Well respected operator in the area with proven track record of exploration success and rapid developments • Good relationships with host governments at the highest levels and local populations • Experienced management team with many years working in the region THE Central Asian oil & gas company

21. Tethys Petroleum Contacts North America: Sabin Rossi Vice President Investor Relations Office: +1 416-941-1257 Europe: Veronica Zhuvaghena Vice President Corporate Communications Office: +44 1481 725911 Media/IR Enquiries Europe: FTI Consulting Ben Brewerton / Edward Westropp Office: +44 207 831 3113 Media/IR Enquiries Asia Pacific: Quam IR Anita Wan Office phone/fax: +852 2217 2999 Corporate brokers: FirstEnergy Hugh Sanderson / Derek Smith Office: + 44 207 448 0200 Seymour Pierce Richard Redmayne / Jonathan Wright / Stewart Dickson Office: +44 207 107 8000 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