OPERATIONAL UPDATE – OMAN

Drilling and development continue as planned on Blocks 3 and 4 onshore Oman,
and production volumes are at record levels. Infrastructure construction is
making good progress with additional pipeline constructions and major units
being put into place.
On the Farha South field on Block 3, a total of 11 wells were drilled and
completed during the first quarter of 2012. Of these, five were exploration/
appraisal wells drilled into the Barik reservoir of previously undrilled fault
blocks resulting in the discovery of three new oil bearing blocks. Two of the
blocks drilled where found to be dry. As at March 31 2012, a total of eleven
fault blocks are in production with several more planned to be drilled in 2012.

Four production wells were drilled and completed in previously drilled blocks
to increase production and two water injections wells were drilled and
completed.

Construction of the permanent facilities continue. The first part of the
pipeline connecting Farha South with Saiwan East was completed in February and
has been functioning without interruption. New and larger tanks for oil storage
at Saiwan have been completed as has the laying of the pipeline connecting
Saiwan with the Alam station, the connection point to the national
transportation system. Final installations are in progress and it is expected
that the time plan will hold and that the Saiwan to Alam part will be
operational before the end of the second quarter.

"Tethys is at its strongest point ever operationally. With producing assets in
two countries and significant exploration potential, we now feel ready to leave
First North behind and aim for a listing on the main market. It is our
intention to apply for a listing on the Nasdaq OMX Nordic exchange as soon as
practical, but certainly within twelve months from now," comments Tethys
Managing Director Magnus Nordin.

 

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).