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Report for the period 1 January 2011 - 31 December 2011

2012-02-13T08:58:00 CET

Highlights

  • Result for 2011 amounted to TSEK 68,991 and TSEK 44,376 for the fourth quarter

  • Net sales of TSEK 103,538 during 2011 and TSEK 49,839 during fourth quarter

  • In early January 2012 after the reporting period, Tethys Oil sold 52,484 barrels of oil to a value of TSEK 37,702, which is not included in the 2011 result

  • Tethys Oil's share of oil production before government take from Block 3 and 4 during 2011 amounted to 423,469 barrels and during the fourth quarter to 197,916 barrels

  • Block 3 and 4 daily field production averaged 10,047 barrels per day in January 2012 of which Tethys' share is 30 per cent

  • Field development plan submitted to the Ministry of Oil and Gas for approval

  • Four new Farha fault blocks drilled along the Farha trend - three encountered oil

  • DeGoyler and MacNaughton appointed reserves auditors

  • Tethys establishes second leg with oil production and appraisal/exploration potential in three licence areas onshore Lithuania

  • Block 15 well test terminated - no hydrocarbon flow established

  • Cash and cash equivalents as per 31 December 2011 amounted to TSEK 93,105 (TSEK 190,512)

  1 Jan 2011 - 31 Dec 2011  12 months 1 Oct 2011 - 31 Dec 2011  3 months 1 Jan 2010 - 31 Dec 2010  12 months 1 Oct 2010 - 31 Dec 2010  3 months
Production, before government take (bbl) 423,469 197,916 41,764 32,687
Net sales, after government take (bbl) 147,228 69,574 18,898 18,898
Average selling price per barrel, USD 107.37 108.08 80.56 80.56
Net sales of oil and gas, TSEK 103,538 49,839 11,066 11,066
Operating result, TSEK 83,057 44,393 100,661 6,896
Cash flow operations 113,604 70,440 -36,770 -9,604
Result, TSEK 68,991 44,376 80,0691 4,810
Earnings per share, SEK 2.12 1.36 2.60 0.15
Cash and cash equivalents, TSEK 93,105 93,105 190,512 190,512
Shareholders' equity, TSEK 455,559 455,559 380,055 380,055
Long term debt, TSEK - - - -
Investments, TSEK 208,392 36,327 28,838 6,990

The comparable result for the twelve month period last year was positively impacted by the farmout to Mitsui adding TSEK 103,236 to the result

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets. Tethys Oil's core area is the Sultanate of Oman, where the company is the second largest onshore oil and gas concession-holder with licence interest in three onshore blocks. Tethys Oil also has licence interests onshore France, Lithuania and Sweden. Tethys Oil's strategy is to invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk. The shares are listed on First North (TETY) in Stockholm. Remium AB is the company's Certified Adviser.

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 679 49 95; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 679 49 91; morgan@tethysoil.com

Corporate Head Office

Tethys Oil AB

Hovslagargatan 5B

SE-111 48 Stockholm Sweden

Tel. +46 8 505 947 00

Fax +46 8 505 947 99

E-mail: info@tethysoil.com

Website: www.tethysoil.com

This report has not been subject to review by the auditors of the company.

Bilagor

Om Tethys Oil

Tethys Oil är ett svenskt oljebolag med fokus på onshoreområden med kända oljefynd. Tethys kärnområde är Oman, där bolaget har 22 miljoner fat i bevisade och sannolika oljereserver och 17 miljoner fat i betingade resurser 2C. Under 2017 hade Tethys Oil en genomsnittlig oljeproduktion om 12 162 fat om dagen från Block 3&4. Tethys Oil har också prospekteringstillgångar onshore Frankrike och Litauen och viss produktion i Litauen. Aktierna är noterade på Nasdaq Stockholm (TETY).