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THE ANNUAL GENERAL MEETING OF TETHYS OIL

2012-05-18T08:22:00 CET

The Annual General Meeting of Tethys Oil AB was held in Stockholm, Sweden, on 16 May, 2012.

Annual Report and discharge from liability

The Income Statement and the Balance Sheet for the Company and the Group respectively were approved and the Board of Directors and the Chief Executive Officer were discharged from liability for the financial year 2011.

Resolution in respect of appropriation of the company's result

The Meeting resolved that the disposable earnings of SEK 173,464,688 of which the loss for the year, SEK 14,669,177, should be brought forward and that no dividend be paid.

Election of Board of Directors, Chairman and resolution on remuneration

Vincent Hamilton, John Hoey, Magnus Nordin, Jan Risberg and Håkan Ehrenblad were appointed to the Board of Directors (all re-elected). Katherine Støvring and Staffan Knafve were elected as new directors.

Vincent Hamilton was re-elected as Chairman of the Board.

The Meeting approved a total compensation to the Board of Directors of SEK 675,000 to be allocated with an amount of SEK 125,000 to each of Håkan Ehrenblad, Jan Risberg, John Hoey, Katherine Støvring and Staffan Knafve. In addition, the Chairman shall receive SEK 25 000 for each of the two Board committees, in total SEK 50 000.

The auditors' fee shall be paid upon approval of their invoice.

Authorization to issue shares

The Meeting resolved to authorize the Board of Directors to resolve, at one or more occasions until the next Annual General Meeting, to issue new shares with consideration in cash and/or with consideration in kind or by set-off and thereby be able to resolve to disapply the shareholders pre-emption rights. The purpose with the authorization and the reason for disapplying the shareholders' pre-emption rights is to enable the Company to make business acquisitions and to raise capital for the Company's business operations. The total number of shares that can be issued based on the authorization may not exceed 10 per cent of the shares. In case it is resolved to deviate from the shareholders pre-emption rights, the share issue shall be made in accordance with market conditions.

Nomination Process for the AGM in 2013

The Meeting resolved on the Board's proposal for Nomination Committee and nomination procedure for the Annual General Meeting 2013.

For further information, please contact

Magnus Nordin, Managing Director, phone +46 70 576 6555; magnus@tethysoil.com

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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' core area is the Sultanate of Oman, where the company is the second largest onshore oil and gas concession-holder with licence interests in three onshore blocks. Tethys also has licences onshore France, Lithuania and Sweden. Tethys' 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 Certified Adviser.

Website: www.tethysoil.com

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).