TETHYS OIL’S RESOURCES IN OMAN

Tethys Oil's net working interest resources oil base in the Sultanate of Oman
as per December 31, 2011, amounts to 9,8 million barrels of oil (“mmbo”) of 2C
contingent resources in Oman. The contingent resources have been audited by
independent petroleum consultant DeGolyer and MacNaughton.
 

┌─────────────────────────────────┐
│Contingent Resources (Audited)   │
├────────────────────┬───┬───┬────┤
│mmbo                │1C │2C │3C  │
├────────────────────┼───┼───┼────┤
│Blocks 3 and 4, Oman│2.6│9.8│12.4│
└────────────────────┴───┴───┴────┘

 

In addition, Tethys Oil has conducted an in-house estimate of prospective
resources attributable to mapped prospects and leads within the Farha South 3D
area as at year end 2011. The prospective resources are ranging from 3 to 16
mmbo.

 

┌───────────────────────────────────────┐
│Prospective resources                  │
│                                       │
│(In-house estimate)                    │
├────────────────────┬────────┬─────────┤
│mmbo                │Low case│High case│
├────────────────────┼────────┼─────────┤
│Blocks 3 and 4, Oman│3       │16       │
└────────────────────┴────────┴─────────┘

 

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).

 

Contingent Resources

The contingent resources are located on Block 3 and 4 onshore Oman. The
contingent resources are mainly contingent on a finalized field development
plan ("FDP"). An FDP has been submitted to the Omani Ministry of Oil and Gas.

In their report, effective December 31, 2011, D&M has estimated the contingent
resources in the Barik layer in Block 3 and the Khufai layer in Block 4. The
estimates are also limited to reservoirs on production, or reservoirs that are
likely to be put into production during 2012 in Fault Blocks that have been
penetrated by producing wells. Further extensions of the production layers as
well as other reservoirs on the licensed Blocks that did not have production
were not included.

 

Prospective Resources

In addition, Tethys holds prospective resources along the Farha Trend on the
Farha South oil field on Block 3. The prospective resources is an estimation
using Tethys volumetrics on prospects and leads within the Farha South 3D area
mapped as at year end 2011. The recovery factors applied are derived from the D
&M Farha South contingent resource report. The estimates have been limited to
prospects and leads that are likely to be explored during 2012. Further
extensions of the Farha trend as well as other prospects and leads outside the
Farha South 3D area have not been included.

 

About Contingent and Prospective 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.

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.

Tethys has a 30 per cent interest in Blocks 3 and 4 in Oman.

 

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).