Tethys Petroleum - Company Update

TPL provided further details on oil test results from AKD01 (Doris) oil discovery. TPL estimated oil in place to amount to 28.9MMbbls in Cretaceous based on an excellent
permeability (1.75 Darcy) and a large investigated distance (in excess of 10 km). The lower Dolomite zone may contain 3.8MMbbls based on a good permeability (700 millidarcies) and an investigated distance of 4 km.Generally, oil reserve estimations are in line with our projections (29.7MMbbls) that we used in our DCF valuation.We reiterate our BUY rating and 12-month target price CAD2.00/share.

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