Tethys Oil

Regulatory Filings • Dec 10, 2019

Press release 2019-12-10

Production update November 2019

Tethys Oil's share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in November 2019 to 401,527 barrels of oil, corresponding to 13,384 barrels of oil per day.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for the month of November 2019 amounts to USD 61.81 per barrel. ¹ The OSP, as published by Sultanate of Oman's Ministry of Oil & Gas, is the benchmark price for Tethys Oil's monthly oil sales excluding trading and quality adjustments.

Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest in Blocks 3&4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L. (Oman branch) holding the remaining 50 per cent.

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 00

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The information was submitted for publication, through the agency of the contact person set out above, at 11:30 CET on 10 December 2019.

Tethys Oil AB (publ)

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). Website: www.tethysoil.com

¹ The November 2019 OSP is the arithmetic average of the daily market price of the DME Oman Crude Oil Futures Contract for November 2019, as traded through the month of September 2019.