FIELD DEVELOPMENT PLAN FOR BLOCKS 3 & 4 ONSHORE THE SULTANATE OF OMAN APPROVED


Tethys is pleased to report that the Ministry of Oil and Gas of the Sultanate
of Oman has approved the Field Development Plan for Blocks 3 and 4, and
consequently the declaration of commerciality where the Exploration and
Production (EPSA) term of Block 3 and 4 is extended for a period of 30 years
from the deemed discovery date of July 20, 2010.


“We are extremely pleased with the approvals and would like to take this
opportunity to express our sincere thanks to the Ministry of Oil and Gas of the
Sultanate of Oman, to the operator CCED and our partner Mitsui. Tethys is proud
to be part of these efforts to turn Blocks 3 and 4 into a major oil producing
region,” says Tethys Managing Director Magnus Nordin.

Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 and 4
ltd, has a 30 per cent interest in Blocks 3 and 4. Partners are Mitsui E&P
Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L.
(Oman branch) holding the remaining 50 per cent.

 

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 exploration and production of
oil and natural gas. Tethys Oil’s core area is Oman, where the company is one
of the largest onshore oil and gas concession holders. Tethys Oil also has
exploration and production assets onshore France, Lithuania and Sweden.

The shares are listed on First North (TETY) in Stockholm. Remium AB is
Certified Adviser.

Website: www.tethysoil.com

About Tethys Oil

Tethys Oil is a 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 25 mmbo and 2C Contingent Resources of 13 mmbo and had an average oil production of 11,767 barrels per day from Blocks 3&4 during 2018. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY).