Letter from the Managing Director

Dear stakeholders,

2018 was a year of record financial results, continued reserve growth and operational and organisational progress for Tethys Oil. While I am proud of these results and achievements, I am even more proud in the knowledge that this was done in a sustainable and responsible way. Sustainability means running a business that is not only profitable but in tune with the requirements and expectations of stakeholders both within and outside the company.

Tethys Oil is in the oil and gas business and has as a stated objective to create shareholder value by operating across the entire upstream lifecycle. About a third of the world’s energy needs are satisfied by oil and will likely remain so for some time to come. In our view, as long as this demand remains, Tethys Oil sees it as its objective to seek to satisfy that demand in an economically, socially, and environmentally responsible way.

During the year Tethys oil has developed as a company. This mainly involves growing as an organisation as well as growing the organisation’s capabilities. Aside from this it has also entailed Tethys Oil’s development as a responsible actor and corporate citizen through the development of its corporate social responsibility programme in Oman. With the operatorship of Block 49 onshore Oman we have again a much more direct involvement with the people and the environment in our operating area. And again we have encountered the great satisfaction in being present on the ground and interacting with one of our main stakeholder groups- those directly affected by our operation. It is our hope that we will be able to make a lasting contribution to these communities, whether we are successful in finding oil on Block 49 or not.

Tethys Oil is active in a competitive and heavily regulated industry where opportunities are scarce, and skilled personnel is critical for success. In such an environment a company like Tethys Oil cannot afford to not act responsibly and sustainably. We will therefore continue to develop as a sustainable and responsible company, because this is the only way forward. And being active in an extractive industry gives us an added opportunity to show that it is possible to be responsible and at the same time contribute to the world’s demand for energy. I hope that you as a stakeholder will share in our pride in what we as a Company have and will achieve.

Magnus Nordin
Managing Director

Download and read Tethys Oil’s Sustainability Report 2018



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).