Page 1

Tethys Oil AB ( publ ) Third quarter and nine months report - 30 September 2021 Third quarter 2021 ( second quarter 2021 ) Strongest quarter financially since start of pandemic with growth in Revenue and other income , EBITDA and Cash Flow Free cash flow of MUSD 13.1 in the third quarter ( MUSD 4.9 ) and MUSD 20.2 for the first nine months ( 9M 2020 : MUSD -2.3 ) Achieved oil price in the third quarter up 11 percent to USD 66.7 per barrel compared to second quarter , adversely impacted USD 3.5 per barrel by delay of September lifting to October Following intensified preparations during the third quarter , the exploration and appraisal campaign on Block 56 is expected to commence at the end of the fourth quarter . The three well campaign targets a combined gross prospective resource of 7mmbo and by extension to appraise commercial viability of the multi - structure Al - Jumd trend Tethys Oil expects full year average production of approximately 11,100 bopd ( previously it was believed that production in second half 2021 would exceed first half production level of 11,306 bopd ) - increased need for workovers and maintenance has resulted in lower than anticipated production in the third quarter which is expected to persist in the fourth quarter MUSD ( unless specifically stated ) Net daily production from Oman , Blocks 3 & 4 before government take ( barrels per day ) Net entitlement barrels ( bbl ) Net entitlement as share of production ( percent ) Achieved oil price , USD / bbl Revenue and other income EBITDA Operating result Net result for the period Earnings per share ( after dilution ) , USD Investments in oil and gas properties Free cash flow Net cash Third quarter 2021 66.7 11,280 11,030 10,651 11,297 11,466 428,121 420,655 509,559 1,367,671 1,627,686 41 % 42 % 52 % 44 % 52 % 29.4 16.5 6.0 6.1 0.19 Second Third Nine quarter quarter months 2021 2020 2021 9.2 13.1 58.5 59.7 26.1 14.5 4.3 3.4 0.10 8.4 4.9 45.5 42.8 20.4 9.5 -1.0 -2.1 -0.06 8.6 -11.7 48.0 58.5 80.9 43.4 12.1 12.6 0.39 TETHYS OIL Nine months 2020 18.1 20.2 58.5 49.4 78.7 40.1 6.5 6.1 0.18 34.4 -2.3 48.0 Full year 2020 11,336 2,157,385 52 % 47.7 101.1 50.4 5.8 3.3 0.10 45.4 6.7 55.1 Tethys Oil AB ( publ ) Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries . The company's core area is the Sultanate of Oman , where it holds interests in Blocks 3 & 4 , Block 49 , Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 26.9 mmbo and net working interest 2C Contingent Resources of 13.9 mmbo and had an average oil production of 11,336 barrels per day from Blocks 3 & 4 during 2020. The company's shares are listed on Nasdaq Stockholm ( TETY ) . Website : www.tethysoil.com