Tethys Oil announces management changes

Tethys Oil has appointed Jesper Alm as new Chief Financial Officer
(“CFO”) following the decision by Morgan Sadarangani to step down.
Tethys Oil has also appointed Fredrik Robelius as Chief Technical
Officer (“CTO”).
Mr. Alm is currently EVP Corporate Development at Tethys Oil. Mr.
Sadarangani will step down as CFO on November 30, 2016, and remain
available to the company until the March 1, 2017. Dr. Robelius has been
with the company since 2011, first as senior petroleum engineer and
currently as technical manager, and he will assume his new role as CTO
with immediate effect.

 “I am happy to welcome Jesper and Fredrik to their new roles in the
company. I look forward to continue our cooperation for Tethys Oils’
future success. I would also like to thank Morgan for his major efforts
and dedicated work over 12 years. Morgan has been our CFO since we went
public in 2004, and during this time the company has evolved from a
minor exploration venture to a producing oil company. I have every
understanding that Morgan wants to pursue other paths in his life, and
we wish him the very best of luck with his new venture,” says Magnus
Nordin, managing director of Tethys Oil AB.

Jesper Alm joined Tethys Oil in 2014 from investment bank Pareto
Securities, where he was a partner in the corporate finance department.
Mr. Alm holds a Master of Economics in Business Administration from the
University of Lund, Sweden.

Fredrik Robelius joined Tethys Oil in 2011. He has previously held
engineering positions at Fortum, Tanganyika Oil and Sinopec. Dr.
Robelius holds a PhD in Engineering Physics from Uppsala University,
Sweden, and a Postgraduate Diploma in Petroleum Engineering from
Heriot-Watt University, United Kingdom.

 

For further information, please contact

Magnus Nordin, managing director, phone +46 8 505 947 00

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The information in this press release has been made public by the
Company in accordance with the Securities Market Act and/or the
Financial Instruments Trading Act.

 

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on exploration and
production of oil. Tethys Oil’s core area is the Sultanate of Oman,
where the company is one of the largest onshore oil concession holders
with a current net production of about 12,000 barrels of oil per day.
Tethys Oil also has exploration and production assets onshore Lithuania
and France. The shares are listed on Nasdaq Stockholm (TETY).

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).