LITHUANIA EXPLORATION WELL COMPLETED


The work programme on the exploration well Skomantai-1 on the Gargzdai licence
onshore Lithuania has been completed. The well has been suspended to allow for
additional work in the future. The rig is moving to another location on the
Gargzdai licence to drill a sidetrack in the Cambrian sandstone in an existing
well.


The Skomantai-1 well had two objectives. The primary target was a previously
undrilled oil prospect in the Cambrian sandstone near producing fields. The
well was also drilled to evaluate the thick shale section overlaying the
Cambrian sandstone for unconventional hydrocarbon potential. The well was
drilled to a total measured depth of 2,431 metres. Oil was present in the
Cambrian prospect target, but porosity was found to be insufficient to produce
commercial quantities of oil.

An extensive data gathering was carried out on the shale section. Electric logs
were recorded and seven cores with a total combined length of 63 metres were
taken. The cores are being sent to a laboratory for analysis of various
properties, including natural fracture, induced fracturing potential, porosity,
permeability, source rock quality and maturity. The well has been suspended to
allow for future work on the shale section.

The Gargzdai licence is owned by Lithuanian Company UAB Minijos Nafta. Tethys
Oil has a 25% indirect interest in the licence through an agreement with Odin
Energi A/S. Current production on the Gargzdai licence is in excess of 600
barrels of oil per day. In addition to the Gargzdai licence, Tethys holds in
Lithuania interests in the non producing licences Rietavas and Raiseiniai. All
licences are onshore.

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, Lithuania 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. 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