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2015-04-21

Tethys Oil: Sales update first quarter 2015

Tethys Oil’s net sales amounted during the first quarter 2015 to MSEK 163. The
average selling price during the quarter was USD 63.8 per barrel and 308,892
barrels were sold. As per 31 March 2015, the underlift position amounted to
80,924 barrels (overlift of 12,828 barrels as per 31 December 2014). All oil
sales relate to Blocks 3&4 in Oman, where Tethys Oil holds 30 per cent of the
licence.

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| Tethys Oil’s share Blocks 3&4 Net sales of oil and gas Average selling price Net sales Production Over-/underlift |
| (MSEK) (USD/bbl) (bbl)* (bbl)** (bbl)*** |
| Q1 2015 163 63.8 308,892 774,315 -80,924 |
| Q4 2014 310 97.1 434,035 757,730 12,828 |
| Q3 2014 296 107.6 399,352 762,375 -27,188 |
| Q2 2014 245 105.9 350,059 647,569 -30,105 |
| Q1 2014 195 106.6 280,782 597,979 -43,428 |
| Full year 2014 1,046 103.9 1,464,228 2,765,654 12,828 |
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* 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. Underlift 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.

Three month report 2015 (January – March 2015) will be disclosed on 5 May
2015.

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 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).

Website: www.tethysoil.com

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