Financial update first quarter 2016


Tethys Oil’s revenue amounted during the first quarter 2016 to MUSD 20.
Tethys Oil’s share of the production, before government take, from
Blocks 3 and 4 onshore the Sultanate of Oman amounted in the first
quarter to 1,101,031 barrels. The average achieved oil price during the
quarter was USD 35.7 per barrel. All oil sales relate to Blocks 3 and 4
in Oman, where Tethys Oil holds 30 per cent of the licence.


US Dollar reporting Tethys Oil will publish its results in US dollars
for the first time in the first quarter 2016 report. Historic financial
data below has been recalculated into US Dollars.

| Tethys Oil’s share Blocks 3 and 4 | Revenue (MUSD) | Of which: Net sales
(MUSD) | Of which: Over-/underlift adjustment (MUSD) | Average oil price
(USD/bbl) | Net sales (bbl)* | Over-/underlift (bbl)*** | Production
(bbl)** | 
| Q1 2016 | 20 | 19 | 1 | 35.7 | 531,918 | 63,343 | 1,101,031 |
| Q4 2015 | 26 | 18 | 8 | 47.9 | 366,746 | 22,725 | 997,904 |
| Q3 2015 | 30 | 36 | -6 | 61.8 | 584,399 | -129,439 | 918,474 |
| Q2 2015 | 26 | 31 | -5 | 57.8 | 545,019 | -22,647 | 848,939 |
| Q1 2015 | 25 | 20 | 5 | 63.8 | 308,892 | 80,924 | 774,315 |
| Full year 2015 | 107 | 105 | 2 | 58.1 | 1,805,056 | 22,725 | 3,539,631 |

* After government take

** Before government take

*** Volumes sold has not always correspond to Tethys Oil’s share of
production after government take during a period. The difference is
called over-/underlift. The over-/underlift position is stated as per
the end of each quarter. Overlift is stated as a negative number.

Tethys also has some production from Lithuania. The result from the
Lithuanian production is reported in the Group’s income statement as net
profit/loss from associates.

The report for the first quarter 2016 will be disclosed on 3 May 2016.

 

For further information, please contact

Magnus Nordin, managing director, phone +46 8 505 947 00

Morgan Sadarangani, CFO, phone +46 8 505 947 01

 

The information in this press release has been made public by the
Company in accordance with the Securities Market Act and/or the
Financial Instruments Trading Act.

 

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on exploration and
production of oil. Tethys Oil’s core area is the Sultanate of Oman,
where the company is one of the largest onshore oil concession holders
with a current net production in excess of 11,000 barrels of oil per
day. Tethys Oil also has exploration and production assets onshore
Lithuania and France. The shares are listed on Nasdaq Stockholm (TETY).

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).