NEW OIL DISCOVERY ONSHORE OMAN – EXPLORATION WELL FLOWS 2,400 BOPD ON TEST

The exploration well B4EW3 on Block 4 onshore Oman has been successfully
completed. At an initial flow test, the well flowed at a rate of 2,400 BOPD
from the Khufai formation. B4EW3 has been connected to the production
facilities at the Saiwan East oilfield to undergo a long term production test.
The well was drilled approximately 6 km east of the Saiwan East oil field
within the Block 4 3D seismic area. It was drilled to a total depth below
surface of 2,025 metres. A 36 metre gross oil column was encountered in the
Khufai formation, while no significant oilshows were recorded in the Masirah
Bay formation. A close to 400 metre long horizontal section was then drilled in
the Khufai, which produced at a rate of 2,400 BOPD of 30 degree API oil when
tested. B4EW3 has been connected to the Saiwan East oil field production
facilities to undergo a long term production test. Heavy oil was encountered in
the Miqrat and Amin formations overlying the Khufai.

“We are delighted with the success of B4EW3. After much diligent work another
Khufai field with conventional oil has been found. We are hopeful that these
results will confirm that we are on the right way to find the key to
understanding the complex oil patterns of the Saiwan area,” comments Tethys
Managing Director Magnus Nordin.

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 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 have
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).