Tethys Petroleum — Audit Report / Information 2021

May 1, 2021

FORM 51-101F2

REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR

This is the form referred to in item 2 of section 2.1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (" NI 51-101 ").

1. Terms to which a meaning is ascribed in NI 51-101 have the same meaning in this form.

2. The report on reserves data referred to in item 2 of section 2.1 of NI 51-101 , to be executed by one or more qualified reserves evaluators or auditors independent of the reporting issuer , shall in all material respects be as follows:

Report on Reserves Data

To the Board of Directors of Tethys Petroleum Limited (the “Company”):

1. We have evaluated the Company’s reserves data as at 31st December 2020. The Company has oil and gas and natural gas liquid reserves estimated as at 31st December 2020. The related future net revenue has been estimated.

2. The reserves data are the responsibility of the Company’s management. Our responsibility is to express an opinion on the reserves data based on our evaluation.

We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society).

1. Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes preparing estimates of reserves data in accordance with principles and definitions presented in the COGE Handbook.

2. The following table sets forth the estimated net present value of the reserves of the Company evaluated by us as at 31st December 2020, using a forecast pricing scenario, and identifies the respective portions thereof that we have evaluated and reported on to the Company's management:

IndependentQualified ReservesEvaluator	Description andEffective Date ofReport	Location ofReserves	Net Present Value of Future Net Revenue(thousands US$, before income taxes,10% discount rate)	Net Present Value of Future Net Revenue(thousands US$, before income taxes,10% discount rate)	Net Present Value of Future Net Revenue(thousands US$, before income taxes,10% discount rate)	Net Present Value of Future Net Revenue(thousands US$, before income taxes,10% discount rate)
			Audited	Evaluated	Reviewed	Total
Cameron T.BoultonMikhail Alexeev	Evaluation Report31 December2020	Kazakhstan	0	Proved:$172,312Probable:$191,962Possible:$403,594	0	Proved:$172,312Probable:$191,962Possible:$403,594

1. In our opinion, the reserves evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook. We express no opinion on reserves data that we did not audit or evaluate; however, to our knowledge, all data were evaluated.

2. We have no responsibility to update our reports referred to in paragraph 4 for events and circumstances occurring after their respective preparation dates.

3. Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.

Executed as to our report referred to above:

Cameron T. Boulton

Mikhail Alexeev,

Calgary, Canada, 25 March 2021