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Tethys Oil: Financial update fourth quarter 2015

Tethys Oil’s revenue amounted during the fourth quarter 2015 to MSEK 222.
Tethys Oil’s share of the production, before government take, from Blocks 3
and 4 onshore the Sultanate of Oman amounted in the fourth quarter to 997,904
barrels. The average achieved oil price during the quarter was USD 47.9 per
barrel. All oil sales relate to Blocks 3 and 4 in Oman, where Tethys Oil
holds 30 per cent of the licence.

As per the fourth quarter 2015, Tethys Oil has changed its accounting
principles with regard to valuation of underlift and allocation and
presentation of over- and underlift. The purpose of the change is to better
align Revenue with the production development, have a more understandable
Operating expenses category and thereby increase transparency and investors’
understanding of the company. Both over- and underlift will, starting from
the fourth quarter 2015, be valued at market value, whereas the previous
accounting principles valued overlift to market price and underlift at cost.
Both over- and underlift will be presented within Revenue instead of within
Operating expense as was the previous accounting principle. As per the new
accounting principles Revenue will be aligned and follow the production
performance during the reporting period. There will be no changes to effects
on operating result or net result with regard to overlift. The change in
valuation will for individual quarters have an impact in case of underlift
following the change in valuation to market value. The change in accounting
principles will however over time have no impact. Historic financial data has
been recalculated in line with the new accounting principles.

| Tethys Oil’s share Blocks 3 and 4 Net sales (MSEK) Over-/underlift adjustment (MSEK) Revenue Average oil price Net sales Over-/underlift Production |
| (USD/bbl) (bbl)* (bbl)*** (bbl)** |
| (MSEK) |
| Q4 2015 151 70 222 47.9 366,746 22,725 997,904 |
| Q3 2015 307 -52 255 61.8 584,399 -129,439 918,474 |
| Q2 2015 265 -42 223 57.8 545,019 -22,647 848,939 |
| Q1 2015 163 41 205 63.8 308,892 80,924 774,315 |
| Q4 2014 310 -29 281 97.1 434,035 -12,828 757,730 |
| Full year 2015 886 18 905 58.1 1,805,056 22,725 3,539,631 |
| Full year 2014 1,046 -19 1,027 103.9 1,464,228 -12,828 2,765,654 |

* After government take

** Before government take

*** Volumes sold has not always correspond to Tethys Oil’s share of production
after government take during a period. The difference is called
over-/underlift. The over-/underlift position is stated as per the end of
each quarter. Overlift is stated as a negative number.

Tethys also has some production from Lithuania. The result from the Lithuanian
production is reported in the Group’s income statement as net profit/loss
from associates.

The report for the fourth quarter 2015 will be disclosed on 9 February 2016.

For further information, please contact

Magnus Nordin,
managing director, phone +46 8 505 947 00

Morgan Sadarangani, CFO, phone +46 8 505 947 01

The information in this press release has been made public by the Company in
accordance with 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 11,000 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).


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