Production update August 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in August 2020 to 334,812 barrels of oil, corresponding to 10,800 barrels of oil per day.

Production update July 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in July 2020 to 318,071 barrels of oil, corresponding to 10,260 barrels of oil per day. Oil production in Oman is currently subject to production limitations under the OPEC+ agreement. As a consequence, production from Blocks 3&4 is subject to limitations but is likely to fluctuate on a monthly basis.

Second quarter and half year report – 30 June 2020

Second quarter 2020 (first quarter 2020) · Production from Blocks 3&4, Oman, at 10,597 barrels per day (13,032 barrels per day) · Revenue and other income of MUSD 21.1 (MUSD 37.3) · EBITDA of MUSD 8.7 (MUSD 21.9) · Net result of MUSD -3.9 (MUSD 12.1) · Earnings per share amounted to USD -0.12 (USD 0.35) · Free cash flow MUSD 0.6 (MUSD 9.2) · Net cash MUSD 59.8 (MUSD 78.0) · Distribution of MUSD 17.6 (Q2 2019: MUSD 24.9) paid out to shareholders in the quarter. · Oil production in Oman is, since May 2020, subject to production limitations under the OPEC+ agreement and production from Blocks 3&4 is subject to the limitations · Tethys Oil’s share of the production quota (before government take) amounts to 9,300 barrels per day during July-December 2020. Production is likely to fluctuate on a monthly basis · In April Tethys Oil suspended its financial guidance following the introduction of production limitations in Oman Subsequent events · The Sultanate of Oman and Tethys Oil entered into an Exploration and Production Sharing Agreement (EPSA) for Block 58 onshore Oman in July 2020

Presentation of Tethys Oil’s second quarter 2020

Tethys Oil will publish the interim report for the second quarter 2020 on Tuesday 11 August 2020 at approximately 7:30 CEST. The Company has scheduled a webcasted conference call the same day at 10.00 CEST. Magnus Nordin, Managing Director, and Petter Hjertstedt, Acting CFO, will present the report and recent developments.

Production update June 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in June 2020 to 308,858 barrels of oil, corresponding to 10,295 barrels of oil per day. Oil production in Oman is currently subject to production limitations under the OPEC+ agreement. As a consequence, production from Blocks 3&4 is subject to limitations but is likely to fluctuate on a monthly basis.

Tethys Oil signs new exploration block onshore Oman

Tethys Oil is pleased to announce that the Government of the Sultanate of Oman and Tethys Oil has entered into an Exploration and Production Sharing Agreement (EPSA) for Block 58 onshore Oman. The block is located in the southern part of the Sultanate adjacent to Tethys Oil’s operated exploration licence Block 49. Tethys Oil will through its wholly owned subsidiary Tethys Oil Qatbeet Limited be the operator of the block and hold a 100% license interest.

Change in number of shares and votes in Tethys Oil

Tethys Oil (publ) (“Tethys Oil”) has, in accordance with previously announced information, completed a mandatory share redemption procedure whereby every redemption share in Tethys Oil has been redeemed. In addition, and as previously announced, Tethys Oil has in June cancelled treasury shares repurchased by the company. As a result, the number of shares and votes in Tethys Oil has changed.

Production update May 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in May 2020 to 277,309 barrels of oil, corresponding to 8,945 barrels of oil per day.

Temporary change in number of shares and votes in Tethys Oil

Tethys Oil has, in accordance with previously announced resolution on the Annual General Meeting (“AGM”) on 13 May 2020, launched a mandatory share redemption procedure whereby every share in Tethys Oil is split into one ordinary share and one redemption share. As a result, the number of shares and votes in Tethys Oil has changed. The change is temporary since the same AGM also resolved on a redemption of the new shares.

Annual General Meeting in Tethys Oil

The shareholders of Tethys Oil AB (publ) gathered in Stockholm, Sweden, Wednesday 13 May 2020 for the Annual General Meeting.

Production update April 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in April 2020 to 378,132 barrels of oil, corresponding to 12,604 barrels of oil per day.

First quarter report – 31 March 2020

First quarter 2020 (fourth quarter 2019) · Production from Blocks 3&4, Oman, at 13,032 barrels per day (13,475 barrels per day) · Revenue and other income of MUSD 37.3 (MUSD 36.2) · EBITDA of MUSD 21.9 (MUSD 21.3) · Net result of MUSD 12.1 (MUSD -0.3) · Earnings per share amounted to USD 0.35 (USD -0.01) · Free cash flow MUSD 9.2 (MUSD 4.9) · Net cash MUSD 78.0 (MUSD 75.1) · Blocks 3&4: Production limitations imposed until end of 2020 · Blocks 3&4: Seismic acquisition on the northern part of Blocks 3&4 completed · Block 56: Final government approval of farm-in transaction received

Presentation of Tethys Oil’s first quarter 2020

Tethys Oil will publish the interim report for the first quarter 2020 on Tuesday 5 May 2020 at approximately 7:30 CEST. The Company has scheduled a webcasted conference call the same day at 10.00 CEST. Magnus Nordin, Managing Director, and Petter Hjertstedt, Acting CFO, will present the report and recent developments.

Production update March 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in March 2020 to 399,881 barrels of oil, corresponding to 12,899 barrels of oil per day.

Annual General Meeting in Tethys Oil

The shareholders of Tethys Oil AB (publ) (the “Company” or “Tethys Oil”) are hereby invited to attend the Annual General Meeting (the “Meeting”) on Wednesday, May 13, 2020, at 3.00 p.m. CEST at Grand Hôtel, Södra Blasieholmshamnen 8, in Stockholm.

Revised proposal of extraordinary distribution to shareholders, proposal to cancel treasury shares and Q1 2020 cash update

Tethys Oil’s Board of Directors has, in light of recent market developments, decided to revise its proposal for an extraordinary distribution to shareholders. The original proposal was for an extraordinary distribution of SEK 6.00 per share by way of a mandatory share redemption programme. The Board of Directs now proposes an extraordinary distribution of SEK 3.00 per share by way of a mandatory share redemption. The proposal of an ordinary dividend of SEK 2.00 per share remains, but is proposed to be paid in one instalment of SEK 2.00 per share immediately after the AGM instead of originally proposed two instalments of SEK 1.00 per share in May and November 2020. The Board of Directors’ proposal represents a total distribution to shareholders of SEK 5.00 per share through dividend and extraordinary distribution which represents a total cash distribution of MSEK 165.3 (MUSD 16.3 at current exchange rates).

Revised Capital Expenditure Guidance and COVID-19 Update

In response to the sharp drop in oil prices and increased uncertainty resulting from the Novel Coronavirus (COVID-19) pandemic, Tethys Oil has put in place plans to enable reduced expenditure in 2020. While maintaining an unchanged production guidance, the range for 2020 capital expenditure is expected to be lower and somewhat wider than previously communicated.

Production update February 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in February 2020 to 369,336 barrels of oil, corresponding to 12,736 barrels of oil per day. February 2020 production has been negatively impacted by temporary system constraints.

Production update January 2020

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in January[.....]

Fourth quarter and year-end report – 31 December 2019

Fourth quarter 2019 (third quarter 2019) · Record Production from Blocks 3&4, Oman, at 13,475 bopd (13,053 bopd) · Record Reserves at year-end 2019 (see below) · Revenue and other income of MUSD 36.2 (MUSD 40.7) · EBITDA of MUSD 21.3 (MUSD 26.6) · Net result of MUSD -0.3 (MUSD 14.9) · Earnings per share amounted to USD -0.01 (USD 0.44) · Exploration cost of MUSD 8.0 (MUSD 0.0) · Blocks 3&4: Net entitlement 48 percent (52 percent) following the full recovery of the historic cost pool in the third quarter · Blocks 3&4: Two exploration wells drilled and tested · Block 56: Testing of three exploration wells ongoing · Block 49: Preparations for exploration well proceeding Reserves and Contingent Resources · 2P internal reserve replacement ratio of 116 percent · Year-end 2019 2P Reserves of 26,112 mbo and 2C Contingent Resources of 13,458 mbo Dividend & Distribution · The board of directors proposes an ordinary dividend of SEK 2.00 per share (2019: SEK 2.00), to be paid in two instalments of SEK 1.00 per share each in May and November 2020 · The board of directors proposes an extraordinary distribution of SEK 6.00 by way of a mandatory share redemption programme following the 2020 AGM (2019: SEK 6.00)

Tethys Oil announces Financial Guidance for 2020

Tethys Oil is pleased to announce the company’s financial guidance for 2020: · Production: annual average in the range of 12,600 - 13,400 bopd · Investments: MUSD 64 - 71 · Operating expenditures: at or around USD 11.5 per barrel · Net entitlement from oil production: between 51-52 percent*

Tethys Oil 2019 reserves development – 2P reserve replacement ratio 116 percent

Tethys Oil’s net working interest Reserves in Blocks 3&4, Oman as per 31 December 2019 amount to 17,336 thousand barrels of oil (“mbo”) of proven Reserves (1P), 26,112 mbo of proven and probable Reserves (2P) and 36,919 mbo of proven, probable and possible Reserves (3P). The Company’s 2019 and 2018 year-end Reserves reports were audited by ERC Equipoise Limited (“ERCE”) as independent qualified Reserves evaluator.

Financial update Fourth Quarter 2019

Tethys Oil provides a financial update ahead of its fourth quarter and year-end report for 2019. The financial result for the fourth quarter 2019 will be impacted by a reduction of net entitlement share of oil production from 52 to 48 percent and exploration costs of MUSD 8.0.

Presentation of Tethys Oil’s fourth quarter 2019

Tethys Oil will publish the interim report for the fourth quarter of 2019 on Tuesday 11 February 2020 at approximately 7:30 CET. The Company has scheduled a webcasted conference call the same day at 10.00 CET. Magnus Nordin, Managing Director, and Petter Hjertstedt, Acting CFO, will present the report and recent developments.

Production update December 2019

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in December 2019 to 419,397 barrels of oil, corresponding to 13,529 barrels of oil per day.

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 26.1 mmbo and net working interest 2C Contingent Resources of 13.5 mmbo and had an average oil production of 12,832 barrels per day from Blocks 3&4 during 2019. The company’s shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com