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Tethys assets
Sweden - Gotland strre - Gotland mindre Lithuania - Gargzdai - Rietavas - Raiseiniai

France - Attila - Permis du Bassin DAls

Oman - Block 3 & 4 - Block 15

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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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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

Tethys interest
30% 40% 14%

Partners
CCED, Mitsui Odin Energi Odin Energi, private investors, Chevron

Production
> 3 500 bopd

Lithuania
Lithuania France France Sweden

Raiseiniai
Gargzdai Attila Als Gotland strre/mindre

1 535 km2
884 km2 1 986 km2 215 km2 581 km2

20%
25% 40% 37,5% 100%

Odin Energi, private investors

Odin Energi, Geonafta Galli Coz Mouvoil
Production Exploration

> 140 bopd

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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)

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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%, CCED 50% (operator) and Mitsui 20% Significant light oil resource base Net 2C resources of 13.8 mmbo Large upside potential in exploration and increased recovery Gross production of 14,734 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 2.6 9.8 3.4 13.8

Production Jan-Jun 2012 (mmbo) 0.6 0.6

Increase (%) 31 41

Mmbo = million barrels

*Calculated for first six months of 2012

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Farha Trend Growth

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Oman production Produced volume, 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

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, net production Total production, BOPD Tethys Net production, BOPD

Increasing oil production from Block 3 and 4

Steady total production in excess of 10.000 bopd

*bbl = barel (1barel =159 litres) **bopd = barels of oil per day 8 www.tethysoil.com

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

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Resources
Contingent Resources (Audited) Blocks 3 and 4, Oman
Mmbo

1C
2,6
-0.6

2C
9.8
-0.6

3C
12.4
-0.6

As per 31 Dec, 2011

Production 1 Jan 30 Jun 2012

Revisions
As per 30 Jun, 2012 Increase

1.4
3.4 31%

4.6
13.8 41%

5.5
17.4 40%

41% increase in 2C resources to 13.8 mmbo compared to December 31, 2011

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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

1 2

Water injection wells Wells in previously undrilled fault block Production wells

8 4 5 4

5
0 4 2010 2011 2012

Q1-2012

Q2-2012

Q3-2012

Q4-2012

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Lithuania High value production with unconventional upside

Gargzdai 25% interest ~140 bopd production (net)

Rietavas 14% interest

Raiseiniai 20% interest

3 licences, Gargzdai, 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, operated by Odin Investment through associated companies

*Assuming USD 100/bo oil price

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Lithuania Gargzdai license

Tethys Oil 25% (Odin Energi, 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 0.7 2P 1.7 3P 3.0
*Mmboe = Miljon barrels of oil equivalent **bopd = barels of oil per day

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Lithuanian oil production

Produced volume, bbl*

15 mmbo produced to date Current gross production of ~570 bopd 42API 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)

*bbl = barel (1barel =19 litres)

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Lithuania - Rietavas & Raiseniai licenses

Rietavas
1 594 km2 Tethys interest 14% Partners: Odin Energi, Chevron, private investors Work programme fully funded by Chevron Exploration primarily shale gas/oil, but also conventional oil potential
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Raiseniai
1 535 km2 Tethys interest: 25% Partners: Odin Energi, private investors Exploration primarily shale gas/oil, but also conventional oil potential

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Lithuania - Geological setting and petroleum system

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Other exploration assets

France
Interests in two licences: Attila and Als 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

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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. License extended until 2040.
Farmout of Lithuanian license Rietavas to Chevron. Fully funded workprogram.

MUSD 2 remaining of Mitsuis 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

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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 - 5000 bopd (before government take and taxes) Comprehensive work program in Lithuania to begin shortly - fully funded by Chevron

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FINANCIALS

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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

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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

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Oman crude oil sales

Sold volume, bbl

250 000 225 518 200 000 195 422 184 994 169 303 150 000

Revenues from oil sales, 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

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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

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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

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Financial highlights Q3 2012

Cash, MSEK Long term debt, MSEK Shareholders Equity, MSEK Investments, 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

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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

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, 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)

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Revenue split - 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$

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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, SEK Cash and cash equivalents

Investments

1,36
93 36

3,31
68 210

0,46
44 232

1,35
323 151

4,07
248 280

9,11
248 875

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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
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