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Tethys Oil: Tethys increases interest in Rietavas licence onshore Lithuania

Tethys Oil AB has increased its indirect interest in the Rietavas licence
onshore Lithuania from 14% to 30% as joint venture partner Chevron elects to
leave the licence. The work programme, focused on evaluation of the licence
area for conventional and unconventional hydrocarbon potential, continues as
planned and is not affected by Chevron’s exit. The work programme is fully
funded from available funds within the joint venture company LL Investicos.
In addition, after adjustments amongst the shareholders, Tethys’ interest in
the Raiseiniai licence onshore Lithuania has increased from 26% to 30%.

Tethys Oil has indirect interests in three onshore Lithuanian licences: The
Gargzdai licence (25%), the Raiseiniai licence (30%) and the Rietavas license

For further information, please contact

Magnus Nordin,
Managing Director, phone +46 70 576 6555;


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 with a production
of some 7,000 barrels of oil per day. Tethys Oil also has exploration and
production assets onshore France and Lithuania. The shares are listed on
NASDAQ OMX Stockholm (TETY) in Stockholm.


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