2016-04-01

Grant of Options

April 1, 2016

Tethys Petroleum Limited Press Release: Grant of Options

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - April 1, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") announces the grant of options under the Company's Long-Term Stock Incentive Plan ("LTSIP").

Grant of options pursuant to the LTSIP

The Company announces in accordance with the provisions of DTR 3 that each of the persons set out below, each being a Person Discharging Managerial Responsibility ("PDMR") of the Company (and together representing all of the PDMRs of the Company for the purposes of DTR 3), has today been granted the following options over ordinary shares of US$0.10 each in the capital of the Company pursuant to the LTSIP:

---------------------------------------------------------------------------
            Number of
             ordinary
          shares over
                which Exercise
Name of       options    price
 PDMR         granted    (GBP)               Vesting            Expiry date
---------------------------------------------------------------------------
John Bell   2,362,500     2.5p Date of completion of  The fifth anniversary
                                         the Placing         of the date of
------------------------------                            completion of the
David         433,125     2.5p                        Placing, or the tenth
  Henderson                                              anniversary of the
------------------------------                            date of grant (if
James         433,125     2.5p                                    earlier).
 Rawls
------------------------------
David         433,125     2.5p
 Roberts
---------------------------------------------------------------------------
Julian      1,968,750     2.5p       One-third of the  The fifth anniversary
 Hammond                         Shares over which it         of the date of
------------------------------     was granted on the      completion of the
Clive       1,487,500     2.5p  date of completion of  Placing, or the tenth
 Oliver                        the Placing; One-third     anniversary of the
------------------------------   of the shares on the      date of grant (if
Alexander     433,125            first anniversary of              earlier).
 Abramov                       the date of completion
------------------------------   of placing; and One-
William       433,125     2.5p third of the shares on
 Wells                         the second anniversary
------------------------------         of the date of
Adeola        433,125     2.5p  completion of placing.
 Ogunsemi
---------------------------------------------------------------------------

'Placing' is defined as a transaction where Olisol Petroleum Limited, a wholly owned subsidiary of Olisol Investments Limited, or such other investor, subscribes for such number which brings significant funding into the Company.

Where the price per Share at which the Placing occurs is higher than the Exercise Price set out above then the Exercise Price shall automatically be adjusted to the Placing price and in any event where the par value of a Share on the date of exercise of this Option is higher than the Exercise Price as set out above, the Exercise Price shall automatically be adjusted to such par value.

As a result of the above, the PDMRs hold options over the following (aggregate) numbers of ordinary shares of the Company:

----------------------------------------------------------------------------
Name of PDMR       Aggregate number of ordinary   Percentage of total issued
                      shares over which options       ordinary shares of the
                                        granted                      Company
----------------------------------------------------------------------------
John Bell                             4,712,500                         1.3%
----------------------------------------------------------------------------
Julian Hammond                        3,363,750                         0.9%
----------------------------------------------------------------------------
Clive Oliver                          2,427,500                         0.6%
----------------------------------------------------------------------------
Alexander Abramov                       433,125                         0.1%
----------------------------------------------------------------------------
James Rawls                             800,625                         0.2%
----------------------------------------------------------------------------
David Henderson                         680,625                         0.2%
----------------------------------------------------------------------------
Adeola Ogunsemi                         433,125                         0.1%
----------------------------------------------------------------------------
David Roberts                           680,625                         0.2%
----------------------------------------------------------------------------
William Wells                           433,125                         0.1%
----------------------------------------------------------------------------


FOR FURTHER INFORMATION PLEASE CONTACT:

Tethys Petroleum Limited
Clive Oliver
Corporate Secretary
+44 207 821 6128
info@tethyspetroleum.com  
www.tethyspetroleum.com