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2016-05-18

Tethys Oil: Annual General Meeting in Tethys Oil

The shareholders of Tethys Oil AB (publ) gathered in Stockholm, Sweden,
Wednesday 18 May 2016 for the Annual General Meeting.

The income statements and the balance sheets for the Company and the Group
were approved and the Board of Directors and the Managing Director were
discharged from liability for the financial year 2015.

The Meeting resolved on a dividend of SEK 1.00 per share for the financial
year 2015, equal to approximately MSEK 35 in total, given the company’s
current holding of own shares.

Per Brilioth, Dennis Harlin, Magnus Nordin, Katherine Stövring and Geoffrey
Turbott were re-elected as members of the Board of Directors. Richard Rettig
was elected as new member of the Board of Directors. Dennis Harlin was
re-elected as Chairman of the Board.

The Meeting approved remuneration of the members of the Board of Directors and
the Chairman of the Board of Directors, including Board Committee membership,
to be as follows: (i) annual fees of the members of the Board of Directors
of SEK 250,000 (excluding the Managing Director); (ii) annual fee of the
Chairman of the Board of Directors of SEK 560,000; (iii) annual fees for
Committee members of SEK 35,000 per committee assignment; and (iv) annual
fees for the chairman of each of the audit and remuneration committee of SEK
65,000. The total fees for committee work, including committee chairmen fees,
shall not exceed SEK 410,000. If a member of the Board of Directors,
following a resolution by the Board of Directors, performs tasks which are
outside the regular Board work, separate remuneration in the form of hourly
fees on market terms may be paid by resolution of the Board of Directors, for
which purpose a frame of SEK 250,000 shall apply.

The registered accounting firm PricewaterhouseCoopers AB was re-elected as the
auditor of the Company, with authorised public accountant Johan Malmqvist as
the auditor in charge, for a period until the end of the 2017 Annual General
Meeting. The auditors’ fee shall be paid upon approval of their invoice.

The Meeting approved the Board of Directors’ proposal regarding guidelines for
compensation of senior executives.

The Meeting approved the Nomination Committee’s proposal for Nomination
Committee and nomination procedure for the Annual General Meeting 2017.

The Meeting resolved in accordance with the proposal of the Board of Directors
to issue warrants and approved transfer of warrants. Under the resolution,
the Company may issue a maximum of 350,000 warrants. Each warrant entitles to
subscription for one new share in the Company during the period from and
including 28 May 2019 up to and including 4 October 2019. The subscription
price shall be equal to an amount corresponding to approximately 122.50 per
cent of the volume-weighted average of the quoted price paid for the
Company’s share on Nasdaq Stockholm during the period from and including 2
May 2016 up to and including 17 May 2016. The increase of the Company’s share
capital will, upon exercise of the warrants, amount to not more than
approximately SEK 58,350. The reason for deviating from the shareholders’
preferential rights is to ensure that the Group can retain and recruit
qualified and committed personnel on a global market for oil companies by
offering such persons to participate in a long term incentive programme.

The Meeting resolved to authorize the Board of Directors to, up until the
Annual General Meeting 2017, resolve on purchases of Tethys Oil’s AB own
shares. The Meeting also resolved to authorize the Board of Directors to
resolve on transfer of own shares.

The meeting resolved to authorize the Board of Directors to resolve, at one or
several occasions until the next Annual General Meeting 2017, decide upon
issues of shares or convertibles in the Company against payment in cash, in
kind or through set-off and with the right to deviate from the shareholders’
preferential rights. The purpose of the authorisation and the reason for the
deviation from the shareholders’ preferential rights is to facilitate the
raising of capital for acquisitions and the Company’s operations. The total
number of shares and/or convertibles that may be issued/converted to shares
may not exceed 10.0 per cent of the total number of shares in the Company
calculated as per the day the issue was resolved upon. To the extent new
issues of shares are made with deviation from the shareholders’ preferential
rights, such issues shall be made on market conditions.

For further information, please contact Magnus Nordin, managing director,
phone +46 8 505 947 00

Tethys Oil AB (publ) discloses the information provided herein pursuant to the
Securities Market Act and/or the Financial Instruments Trading Act.

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on exploration and production
of oil. Tethys Oil’s core area is the Sultanate of Oman, where the company is
one of the largest onshore oil concession holders with a current net
production in excess of 12,000 barrels of oil per day. Tethys Oil also has
exploration and production assets onshore Lithuania and France. The shares
are listed on Nasdaq Stockholm (TETY).

www.tethysoil.com

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