As per June 30, Tethys Oil's net working interest resources oil base in the
Sultanate of Oman amounts to 13,8 million barrels of oil (“mmbo”) of 2C
contingent resources, an increase by 41% compared to December 31, 2011.
Tethys Oil has contingent resources on Blocks 3 and 4 onshore Oman. The
contingent resources are only contingent on the finalization and the final
approval of a field development plan ("FDP"). Tethys Oil’s contingent resources
have been audited by independent petroleum consultant DeGolyer and MacNaughton
(“D&M”) as per 31 December 2011. D&M has made an updated audit of the reserves
as per 30 June 2012.

Tethys Oil's net working interest resources oil base in the Sultanate of Oman
as per 30 June 2012 amounts to 3.4 million barrels of oil (“mmbo”) of 1C
contingent resources, 13.8 mmbo of 2C and 17.3 mmbo of 3C.

│Contingent Resources*                        │
│                                             │
│Blocks 3 and 4, Oman                         │
│Mmbo                          │1C  │2C  │3C  │
│As per 31 Dec, 2011           │2.6 │9.8 │12.4│
│Production 1 Jan – 30 Jun 2012│-0.6│-0.6│-0.6│
│Revisions                     │+1.4│+4.6│+5.5│
│As per 30 Jun, 2012           │3.4 │13.8│17.3│
│Increase                      │31% │41% │40% │

The review of the contingent resources in Oman has been conducted by
independent petroleum consultant DeGolyer and MacNaughton (“D&M”). The report
has been calculated using 2007 Petroleum Resources Management System (PRMS),
Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Council
(WPC), American Association of Petroleum Geologists (AAPG) and Society of
Petroleum Evaluation Engineers (SPEE).

About Contingent Resources Contingent Resources are those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology under
development, but which are not currently considered to be commercially
recoverable due to one or more contingencies.

For further information, please contact

Magnus Nordin, Managing Director, phone +46 70 576 6555; magnus@tethysoil.com


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. 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