LITHUANIA EXPLORATION WELL STARTS DRILLING


Drilling of the Skomantai-1 well on the Gargzdai license onshore Lithuania has
started. The primary target of this exploration well is a previously undrilled
oil prospect near producing fields. The well will also penetrate a thick shale
section which will be evaluated for potential unconventional hydrocarbons.
Drilling operations are expected to last for two months.


The Skomantai-1 well is planned to be drilled to a total measured depth of
2,381 metres, and a true vertical depth of 2,042 metres. The well will target
potential oil in Cambrian sandstones, which is the same as in all the producing
oil fields on the license. The well will also investigate potential for
unconventional hydrocarbons in the Silurian source rock shales, located above
the Cambrian sandstones. The drill site is located 2 km north of the Pociai
field, in western Lithuania.  

The Gargzdai license 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.

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. 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).