2008-06-03

Commencement of AKK15 Shallow Gas Exploration Well

Monday, June 30, 2008, Bozoi, Kazakhstan – Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL) today announced the commencement of shallow gas exploration well AKK15 in its Akkulka Exploration Block in Kazakhstan.

The primary target of this well is gas in the Tasaran Sandstone, which was found to be productive in the AKK14 well where it flowed gas at a rate of some 7.5 million cubic feet per day (212 thousand cubic metres per day). The AKK14 test was the first commercial test of the Tasaran Sandstone in the Akkulka Block and has opened up a new target zone for gas in the area. The secondary target for the AKK15 well is sub-Tasaran sandstones which were not tested in AKK14. The AKK15 well is located on a separate mapped structure some 5.5 miles (8.8 kilometres) to the east of the AKK14 well and, if the well is successful, would only require a short (2.6 miles – 4.3 kilometre) tie-in line to the Company’s gas export facilities.

The well is planned to reach a total depth of 2,297 feet (700 metres) in early August with coring planned through some of the section.

This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined under the section titles “Risk Factors and Uncertainties” in our prospectus (available at www.sedar.com). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.

For further information please contact:

Sabin Rossi
Vice President Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1
Canada

Office: 1-416-572-2065
Fax: 1-416-572-2201
e-mail: info@tethys.gg
website: www.tethyspetroleum.com

In Kazakhstan

Ardak Akanov
Managing Director
PG Communications
Almaty, Samal 2 Business Center Satty

Office phone/fax: 2 72 88 67, 2 72 82 37, 2 72 77 45
Cell: +77017115604
Email: development@pressclub.kz