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www.tethysoil.com

Tethys’ assets
Sweden - Gotland större - Gotland mindre Lithuania - Gargzdai - Rietavas - Raiseiniai

France - Attila - Permis du Bassin D’Alès

Oman - Block 3 & 4 - Block 15

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www.tethysoil.com

Tethys Oil - An expanding oil & gas company
Invests in areas with known oil and gas accumulations and extract upside potential through the use of modern technologies
• Strategic assets with long term potential • Recently awarded 30 year production license in Oman • Chevron entered as partner in Lithuanian license in Q4 Positive cash flow from production in Oman and Lithuania Significant production growth through ramp-up in Oman through 2012 Market cap ~ SEK 2 billion

• • •

2001

2004
IPO on First North on 6 April 2004

2007
Interest in Block 3 & 4 in Oman acquired

2012
Strategic investment in Lithuania – agreement with Odin Energi Production record of 14 981 bopd in Oman FDP Block 3 & 4 approved

Company is founded

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www.tethysoil.com

private investors. Mitsui Odin Energi Odin Energi. Geonafta Galli Coz Mouvoil Production Exploration > 140 bopd 4 www.tethysoil.5% 100% Odin Energi. private investors Odin Energi.com . Chevron Production > 3 500 bopd Lithuania Lithuania France France Sweden Raiseiniai Gargzdai Attila Alès Gotland större/mindre 1 535 km2 884 km2 1 986 km2 215 km2 581 km2 20% 25% 40% 37.Asset overview Country Oman Oman Lithuania Licence name Block 3 & 4 Block 15 Rietavas Total area 33 125 km2 1 389 km2 1 594 km2 Tethy’s interest 30% 40% 14% Partners CCED.

tethysoil.com .Oman – Tethys’ core area • • Three blocks: 3 & 4 and 15 Tethys is one of the largest license holders in Oman. measured by acreage Two main projects: ‒ Farha South – Conventional oil (Block 3) ‒ Saiwan East – Conventional oil (Block 4) Other projects: ‒ Saiwan East – Heavy oil (Block 4) ‒ Jebel Aswad – Gas/Condensate (Block 15) 15 • 3 4 • 5 www.

8 mmbo ‒ Large upside potential in exploration and increased recovery Gross production of 14.8 3.Oman Block 3 & 4 – The primary assets Al Saad – Qulam Al North Saad • • – Qulam North Huwayr Deep` Huwayr Deep` Abu Zeinah Abu Zeinah Deep Farha South Farha South Deep North Saiwan North Saiwan Maeen Qarn Sahmah Maeen Flank Qarn Sahmah Flank • Saiwan East East Saiwan Tethys 30%.6 9.6 0.8 Production Jan-Jun 2012 (mmbo) 0.com .tethysoil.6 Increase (%) 31 41 Mmbo = million barrels *Calculated for first six months of 2012 6 www. CCED 50% (operator) and Mitsui 20% Significant light oil resource base ‒ Net 2C resources of 13.4 13.734 bopd (Tethys’ share 3 677 bopd) in Dec 2012 Saih SaihHajmah Hajmah Leads outside of producing areas Producing areas Resources Resources Resources Jan 2012 Jun 2012 (mmbo) (mmbo) 1C 2C 2.

com .Farha Trend Growth 7 www.tethysoil.

000 bopd *bbl = barel (1barel =159 litres) **bopd = barels of oil per day 8 www. BOPD Tethys Net production.com .tethysoil. net production Total production.Oman production Produced volume. bopd 16 000 948 270 1 006 937 10 000 8 000 659 720 6 000 400 325 4 000 2 000 0 284 481 197 916 302 081 358 968 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Gross production Tethys. bbl* 1 500 000 1 400 000 1 300 000 1 200 000 1 100 000 1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0 1 334 412 1 196 560 14 000 12 000 Daily production. BOPD • Increasing oil production from Block 3 and 4 • Steady total production in excess of 10.

com .tethysoil.Tethys Oils daily and monthly Production Tethys Daily v Monthly Production 160 000 5 000 4 500 4 000 120 000 3 500 100 000 80 000 60 000 40 000 1 000 20 000 0 500 0 3 000 2 500 2 000 Barrels of oil 140 000 1 500 Barrels of oil Production per Month (From Tethys Official Production Press release) Average Daily Tethys Production 9 www.

4 -0.tethysoil.8 mmbo compared to December 31. 2012 Increase 1. 2011 Production 1 Jan – 30 Jun 2012 Revisions As per 30 Jun.4 31% 4.6 -0. 2011 10 www.4 3.6 13. Oman Mmbo 1C 2.8 41% 5.4 40% • 41% increase in 2C resources to 13.6 3C 12.6 As per 31 Dec.Resources Contingent Resources (Audited) Blocks 3 and 4.5 17.6 2C 9.com .8 -0.

com .tethysoil.Oman .Drilling program uppdateras Total wells drilled 40 35 Type of wells 12 10 2 2 Exploration wells 1 30 25 20 15 10 22 8 37 6 5 3 1 2 Water injection wells Wells in previously undrilled fault block Production wells 4 8 4 5 4 5 0 4 2010 2011 2012 2 0 Q1-2012 Q2-2012 Q3-2012 Q4-2012 11 www.

Gargzdai. operated by Odin • Investment through associated companies *Assuming USD 100/bo oil price 12 www.Lithuania – High value production with unconventional upside Gargzdai 25% interest ~140 bopd production (net) Rietavas 14% interest Raiseiniai 20% interest • 3 licences.com . Rietavas and Raiseiniai • Gargzdai in production • Large potential upside in unconventional resources – Shale oil and enhanced oil recovery • Licenses are held through an operating subsidiary.tethysoil.

0 *Mmboe = Miljon barrels of oil equivalent **bopd = barels of oil per day 13 www.7 3P 3.tethysoil.7 2P 1.com . Geonafta) 7 producing fields One exploration well indicates large potential in shale sections ‒ Vast amount of shale core and other data collected in shale section for analysis 2 undrilled prospects • Reserves as per 31 December 2011 Reserves (Audited) Mmbo The Gargzdai license 1P 0.Lithuania – Gargzdai license • • • Tethys Oil 25% (Odin Energi.

Lithuanian oil production Produced volume.tethysoil. bbl* • • • • 15 mmbo produced to date Current gross production of ~570 bopd 42°API oil Oil sold at USD ~1 discount to Brent 60000 50000 180 160 140 40000 30000 120 100 80 20000 10000 60 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cumulated production (Tethys share) Bbl per day (Tethys share) 0 *bbl = barel (1barel =19 litres) 14 www.com .

tethysoil. but also conventional oil potential www. private investors Exploration primarily shale gas/oil.Lithuania . private investors Work programme fully funded by Chevron Exploration primarily shale gas/oil.com . but also conventional oil potential 15 Raiseniai • • • • 1 535 km2 Tethys interest: 25% Partners: Odin Energi.Rietavas & Raiseniai licenses Rietavas • • • • • 1 594 km2 Tethys interest 14% Partners: Odin Energi. Chevron.

tethysoil.com .Geological setting and petroleum system 16 www.Lithuania .

com .tethysoil.Other exploration assets France • • • • Interests in two licences: Attila and Alès Known accumulations of gas and oil Data and logs from 17 wells Currently no work on-going Sweden (Gotland) • • • • Proven oil region 40+ prospects identified Drilling depth required is less than 500 metres Favourable fiscal terms 17 www.

Q4 Highlights • Record gross production from Oman of 399 625 barrels corresponding to 4 344 barrels per day in Q4 • • Field development plan Block 4 & 4 approved in December. • • • MUSD 2 remaining of Mitsui’s cost carry in 2013 8 wells drilled on Blocks 3 and 4 in Oman 80% success rate on drillings in previously undrilled fault block – discovered 8 new oil bearing blocks in 2012 18 www. Fully funded workprogram.tethysoil. License extended until 2040. Farmout of Lithuanian license Rietavas to Chevron.com .

fully funded by Chevron 19 www.com .tethysoil.5000 bopd (before government take and taxes) Comprehensive work program in Lithuania to begin shortly .Outlook • Field Development Plan approved – allows long term development and investment plans (30 years) • • • • • Capex for Block 3 & 4 estimated MSEK 300 in 2013. fully funded by cash flow Continued drilling with 2 rigs: focus on increasing reserves with exploration also on Block 4 Using knowledge and experiences gained from existing projects in continued exploration Q1 Oman production estimated to 4000 .

tethysoil.com .FINANCIALS 20 www.

Financial highlights Q4 2012 Production (barrels) Revenue (MSEK) Average achieved oil price (USD/barrel) EBITDA(MSEK) Result for the period (MSEK) Operating cash flow (MSEK) Fourth Quarter 2012 400 324 170 112 193 145 204 Year 2012 1 345 854 584 110 509 314 518 21 www.tethysoil.com .

Result overview Revenues Net profit from associate MSEK 49 Operating result Administrative expenses MSEK 29 Depreciation of oil and gas properties MSEK 55 Operating expenses MSEK 96 Write off oil and gas properties MSEK 118 Net sales of oil and gas MSEK 584 Operating result MSEK 336 22 www.tethysoil.com .

com . bbl 250 000 225 518 200 000 195 422 184 994 169 303 150 000 Revenues from oil sales.Oman crude oil sales Sold volume.tethysoil. tsek 200 000 169 773 153 768 150 000 144 710 115 783 100 000 100 000 69 574 50 000 50 000 49 839 0 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 0 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 23 www.

com .tethysoil.Tethys sale vs Brent and Omani blend Spot Brent v Omani Blend Futures 140 130 120 110 100 90 80 USD per Barrel BRENT SPOT Omani Blend futures TETHYS OIL SALE PRICE 24 www.

tethysoil.com .Growing sales and profitability Net sales SEKm 180 160 140 120 100 80 60 40 20 0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Net sales LTM (rhs) Q4 2012 100 0 0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 EBITDA LTM (rhs) Q4 2012 500 400 300 200 50 150 300 100 200 100 0 SEKm 700 EBITDA SEKm 250 SEKm 600 500 600 200 400 Net sales (lhs) EBITDA (lhs) • Strong underlying production • Lifting in January 2012 originally scheduled fo december 2011 added sales of MSEK 38 in Q1 2012 • From underlift in Q3 to overlift in Q4 • Higher oil price in Q4 25 www.

com . MSEK Dec 30. 2012 248 417 860 875 • Of investments SEK 381 million regard payments to Mitsui • Market Cap SEK ~ 2 billion in January 2013 26 www.Financial highlights Q3 2012 Cash.tethysoil. MSEK Investments. MSEK Shareholders Equity. MSEK Long term debt.

Very strong underlying cash generation Operating cash flow before working capital changes Investments SEKm 160 140 120 100 80 60 40 20 SEKm 500 450 400 350 300 250 200 150 100 50 0 Q4 2011 Q1 2012 Q2 2012 Q3 2011 Q4 2012 Investments in oil and gas properties (lhs) Investments LTM (rhs) Cost repayment (lhs) SEKm 300 250 200 150 100 50 0 Q4 2011 Q1 2012 Q2 2012 Q3 2011 Q4 2012 SEKm 1 000 900 800 700 600 500 400 300 200 100 0 0 Cash flow from operations before working capital changes (lhs) Cash flow from operations before working capital changes LTM (rhs) • • • • Cash flow from operations have been growing rapidly in conjunction with commenced production in Oman By the end of 2011.com . Mitsui had carried cost up to the agreed USD 60m Cost repayment commenced in 2012 MUSD 2 m remains to be paid as at 30 Dec 2012 (contingent liability) 27 www.tethysoil.

maximum cost recovery 1 bbl 100$ Joint Venture Block 3 & 4 40 $ Maximum Cost recovery 40% 60$ State of Oman 40+12 =52$ Revenue split 20% 80% 48$ Tethys Oil 30% CCED 50% Mitsui 20% 15:60$ 26$ 10:40$ 28 www.Revenue split .tethysoil.com .

46 44 232 1.35 323 151 4.tethysoil. SEK Cash and cash equivalents Investments 1.31 68 210 0.36 93 36 3.11 248 875 www.07 248 280 9.Financials MSEK (unless stated) Net sales of oil and gas Operating result EBITDA Result for the period 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 50 44 45 44 108 145 109 154 -4 120 15 116 62 78 46 170 152 193 145 2012 584 336 509 314 Earnings per share.com .

com 30 .tethysoil.Ownership and share price development Shareholders Share price development 80 70 60 50 40 30 20 10 0 • • Management and Board of Directors currently hold 17% of the share capital Market capitalisation as of Jan 2013 of ~ SEK 2 billion www.

31 www.com .tethysoil.