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2016-10-18

Tethys Oil: Financial update third quarter 2016

Tethys Oil’s revenue amounted during the third quarter 2016 to MUSD 26. Tethys
Oil’s share of the production, before government take, from Blocks 3 and 4
onshore the Sultanate of Oman amounted in the quarter to 1,120,764 barrels.
The average achieved oil price during the quarter was USD 45.8 per barrel.
All oil sales relate to Blocks 3 and 4 in Oman, where Tethys Oil holds 30 per
cent of the licence.

* After government take

** Before government take

*** Volumes sold do 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 third quarter 2016 will be disclosed on 1 November 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

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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 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 18 mmbo and has oil production of about 12,000 barrels per day
from Blocks 3 and 4. 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

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