Report for the period 1 January 2011 – 30 June 2011

Highlights
·  During the first half year 2011 Tethys Oil sold 20,903 barrels of oil, after
government take, from the early production system (EPS) onshore Oman, resulting
in net sales of TSEK 12,561 (-). During the second quarter Tethys Oil sold
4,871 barrels of oil, after government take, from the early production system
(EPS) onshore Oman, resulting in net sales of TSEK 3,164 (-)  

·  The production under the EPS amounted in the six month period 2011 to
277,497 barrels and in the second quarter to 215,283. Tethys' share of the test
production oil amounts to 30 per cent, or 83,249 barrels and 64,585
respectively, before government take  

·  Result for the first half year of 2011 amounted to TSEK -14,012 (TSEK 8,333
for the corresponding period last year) and TSEK 724 (TSEK 15,017) for the
second quarter. Included in the result is net currency exchange losses of TSEK
-16,429 for the first half year of 2011 and currency exchange gains of TSEK
2,283 for the second quarter  

·  Earnings per share amounted to SEK -0.43 (SEK 0.28) for the first half of
2011 and SEK 0.02 (SEK 0.50) for the second quarter  

·  Operating result for the first half year of 2011 amounted to TSEK 2,459
(TSEK -6,011) and TSEK -1,534 (TSEK -3,236) during the second quarter  

·  Cash and cash equivalents as per 30 June 2011 amounted to TSEK 178,355 (TSEK
190,512). Remaining carry as per 30 June 2011 on Blocks 3 and 4 from Mitsui
amounts to MUSD 23. Oil and gas investments amounted to TSEK 20,597 (TSEK
42,695) mainly related to Oman 

·  Construction of permanent production system on Blocks 3 and 4 continues.
Pipeline trenching has commenced  

·  Well Farha South-12 discovers oil in new fault block - completed and put on
test production  

·   Well East Saiwan-8 completed and put on test production at a rate in excess
of 1,000 BOPD  

·  During August 2011, after the reporting period, Tethys Oil sold 37,692
barrels of oil after government take from the Early Production System on Blocks
3 and 4 in Oman, resulting in net sales of approximately TSEK 26,429


 

(For full report with tables, se attached file)

 

For further information, please contact Magnus Nordin,

Managing Director, phone +46 8 679 4995; magnus@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).