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2014-10-27

Tethys Oil: Sales update third quarter 2014

Tethys Oil’s net sales amounted during the third quarter 2014 to MSEK 296. The
average selling price during the quarter was USD 107.6 per barrel and 399,352
barrels were sold. As per 30 September 2014, the underlift position amounted
to 27,188 barrels (underlift of 30,105 barrels as per 30 June 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)*** |
|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 |
|Q4 2013 193 108.5 271,175 488,522 -13,261 |
|Q3 2013 142 102.1 213,397 430,764 -30,404 |
|Full year 2013 592 106.6 850,926 1,663,069 -13,261 |
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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.

Nine month report 2014 (January – September 2014) will be disclosed on 4
November 2014.

For further information, please contact

Magnus Nordin,
Managing Director, phone +46 70 576 6555; magnus@tethysoil.com

Morgan Sadarangani, CFO, phone +46 8 505 947 01; morgan@tethysoil.com

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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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