Tethys Petroleum — Proxy Solicitation & Information Statement 2025

Jul 10, 2025

TETHYS PETROLEUM LIMITED
GRAND PAVILION HIBISCUS WAY, 802 WEST BAY ROAD
GRAND CAYMAN, KY1-1205, CAYMAN ISLANDS

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

NOTICE IS HEREBY GIVEN THAT an annual general meeting (the “Meeting”) of the holders of Ordinary Shares of Tethys Petroleum Limited (the “Company”) will be held at 5100 Poplar Avenue, Suite 3120, Memphis, Tennessee, 38137, United States on August 11, 2025 at 9.00am (Central Daylight Time – local time in Memphis, United States) for the following purposes as well as to transact such other business as may properly be brought before the Meeting or any adjournment thereof:

General Business

1. Resolution 1 – Receipt of Financial Statements and Auditors’ Report

To receive and consider the financial statements of the Company for the year ended December 31, 2024 and the report of the auditors thereon.

1. Resolutions 2.1 to 2.4 – Election of Directors

To propose each of the following separate resolutions as ordinary resolutions of the Company, the appointment of which and the resignation of the existing directors pursuant to Article 69 of the Articles shall take effect from the conclusion of the Meeting:

2.1 to re-elect Adeola Ogunsemi as a director of the Company;
2.2 to re-elect Mattias Sjoborg as a director of the Company;
2.3 to re-elect Don Streu as a director of the Company; and
2.4 to re-elect William P. Wells as a director of the Company.

1. Resolution 3 – Appointment and Remuneration of Auditors

To propose the following resolution as an ordinary resolution of the Company:

That Grant Thornton LLP, be appointed as auditors of the Company to hold office in accordance with the Company’s Articles of Association, and that their compensation be fixed by the board of directors.

The Company has elected to use the notice-and-access provisions under National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer (the “Notice-and-Access Provisions”) for the Meeting. The Notice-and-Access Provisions are a set of rules developed by the Canadian Securities Administrators that reduce the volume of materials that must be physically mailed to shareholders by allowing the Company to post the Circular and any additional materials online. Shareholders will receive a notice package including form of proxy and may choose to receive a paper copy of (i) the combined Notice of Meeting and Circular (the “Circular”); and/or (ii) the Company’s audited financial statements for the most recently completed financial year, together with the report of the auditor thereon, and any interim financial statements of the Company’s subsequent to the financial statements for the Company’s most recently completed financial year. The Company will not use the procedure known as 'stratification' in relation to the use of Notice-and-Access Provisions. Stratification occurs when a reporting issuer using the Notice-and-Access Provisions provides a paper copy of the Circular to some shareholders with this notice package. In relation to the Meeting, all shareholders will receive the required documentation under the Notice-and-Access Provisions, which will not include a paper copy of the Circular.

If you are a non-registered Shareholder and have received these materials through your broker, investment dealer or other intermediary, you will not receive a form of proxy. Please follow the instructions provided by such broker,

---

investment dealer or other intermediary to ensure that your vote is counted at the Meeting. See “Advice to Beneficial Owners” in the accompanying Circular.

The details of all matters proposed to be put before shareholders at the Meeting are set forth in the Circular. At the Meeting, shareholders will be asked to approve each of the foregoing resolutions, all as more particularly described in the Circular.

Only shareholders of record as of June 30, 2025 (the “Record Date”) are entitled to receive notice of the Meeting.

DATED this June 26, 2025.

BY ORDER OF THE BOARD OF DIRECTORS

“Casey McCandless”
Corporate Secretary

ii