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Internal control

The board of directors’ responsibility for internal control is governed by the SCA and the Code which require the annual announcing of information regarding how the internal control of financial information is organised. The internal control of Tethys Oil is designed to provide reasonable assurance that the Company’s assets are protected and that financial reporting is reliable and in accordance with generally accepted accounting principles, laws and regulations. The internal control is in accordance with what is expected from a listed company, taking into account the size and the complexity of the Company’s operations.

Tethys Oil continually works on improving the financial reporting through evaluating the risk of errors in the financial reporting and related control activities. Control activities include following up instructions and the application of accounting principles. The board of directors is responsible for and monitors the control activities, which involve all levels of the organisation. The activities limit the identified risks and ensure correct and reliable financial reporting. The Group’s central financial department analyses and follows up on budget deviations, draws up forecasts, follows up on significant variations between periods and reports to the board of directors, which minimises the risks for errors in the financial reporting. The control activities also include following up on the authorization manual and accounting principles. These control activities also include the operators of co-owned projects. The board of directors further decides on specific control activities and internal auditing and auditing of operators in cooperation projects.

About Tethys Oil

Tethys Oil is a mid sized Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P reserves of 21.4 mmbo and has an oil production of about 12,000 barrels per day from Blocks 3&4. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The head office is located in Stockholm and the company's shares are listed on Nasdaq Stockholm (TETY).