JUNE TEST PRODUCTION AVERAGES 3,450 BOPD


Test production from the Early Production System (EPS) on Blocks 3 and 4
onshore the Sultanate of Oman continues and amounted in June to 103,505 barrels
of oil, corresponding to 3,450 barrels of oil per day (BOPD). Total production
in the second quarter 2011 amounted to 215,283 barrels of oil, corresponding to
2,366 BOPD. Tethys' share of the production, before government take, amounts to
30 per cent of the total, or 31,051 barrels in June and 64,585 barrels in the
second quarter.


Long term production tests have been carried out on wells from both the Saiwan
East oil field on Block 4 and the Farha South oilfield on Block 3. The
production rates vary depending on test programme design and available
capacity.

 

The EPS is running close to full capacity. Followingly, wells that have been on
long term test for an extended period of time may have to be shut in to allow
new wells to be properly tested. Ways to increase the capacity of the EPS is
being investigated while work on a more permanent production system is
continuing.

 

Tethys 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 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 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

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).