Production update July 2019

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in July 2019 to 397,376 barrels of oil, corresponding to 12,819 barrels of oil per day.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for the month of July 2019 amounts to USD 69.99 per barrel (1). The OSP, as published by Sultanate of Oman’s Ministry of Oil & Gas, is the benchmark price for Tethys Oil’s monthly oil sales excluding trading and quality adjustments.

Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest in Blocks 3&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 8 505 947 00
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The information was submitted for publication, through the agency of the contact person set out above, at 13:30 CEST on 7 August 2019.

(1) The July 2019 OSP is the arithmetic average of the daily market price of the DME Oman Crude Oil Futures Contract for July 2019, as traded through the month of May 2019.

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