Tethys Oil

Delisting Announcement • May 25, 2015

Press release 2015-05-25

25 May last day of trading including right to receive redemption shares

The Annual General Meeting on 13 May 2015 resolved on a mandatory share redemption procedure, whereby every share in Tethys Oil is split into one ordinary share and one redemption share. Each redemption share will automatically be redeemed for a cash payment of SEK 2.00. After the redemption procedure, each shareholder will own the same amount of shares as before.

The last day of trading in Tethys Oil's share including the right to receive redemption shares is 25 May 2015. The record date for the share split and receipt of redemption shares is 27 May 2015. There is no action required on the part of the shareholder in order to receive redemption shares. Trading in redemption shares is expected to take place on Nasdaq Stockholm during the period 28 May–10 June 2015.

The record date for payment of the redemption settlement is 12 June 2015. The redemption settlement will be paid on or about 17 June 2015. Payment will be effected automatically via Euroclear Sweden to the redemption shareholder's yield account.

More information on the share redemption procedure is available on Tethys Oil's website, www.tethysoil.com.

For further information, please contact

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

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 has exploration and production assets onshore France and Lithuania. The shares are listed on Nasdaq Stockholm (TETY).

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Website: www.tethysoil.com