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 and Block 56. 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