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Report for the period 1 January 2011 - 30 September 2011

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Highlights  

  • Result for the third quarter 2011 amounted to TSEK 38,627 (TSEK 66,923) and
    for the first nine months to TSEK 24,615 (TSEK 75,259). The comparable
    result for the nine month period and third quarter last year was positively
    impacted by the farmout to Mitsui adding TSEK 103,236 to the result.
    Significantly increased oil sales have positively impacted the result for
    the third quarter 2011
  • Cash flow from operations during the third quarter 2011 amounted to TSEK
    24,384 (TSEK-4,941) and TSEK 43,163 (TSEK -27,167) for the first nine
    months
  • Tethys net average daily production, before government take, amounted
    during the third quarter to 1,547 barrels and for the nine month period to
    826 barrels. In October, Tethys net average daily production amounted to
    2,097 barrels
  • Cash and cash equivalents as per 30 September 2011 amounted to TSEK 60,331
    (TSEK 190,512)
  • Tethys Oil entered into agreement with Odin Energi A/S regarding mutual
    investments in the Baltic region. As a part of this agreement, Tethys has
    lent MEUR 15.1 to Odin Energi
  • During 2011 a total of 14 oil wells were drilled on Block 3 and 4 onshore
    Oman


                   1 Jan 2011  1 Jul 2011 - 1 Jan 2010  1 Jul 2010  1 Jan 2010
                   - 30 Sep    30 Sep 2011  - 30 Sep    - 30 Sep    - 31 Dec
                   2011   9       3 months  2010   9    2010   3    2010  12
                   months                   months      months      months

Production, net to
Tethys, before     225,554     142,305      9,077       9,077       41,764
government take
(bbl)

Average selling
price per barrel,  106.73      111.79       -           -           80.56
USD

Net sales of oil   53,700      41,139       -           -           11,066
and gas, TSEK

Operating result,  38,664      36,204       93,765      99,773      100,661
TSEK

Result, TSEK       24,615      38,627       75,259      66,923      80,069

Earnings per       0.76        1.19         2.48        2.07        2.60
share, SEK

Cash and cash      60,331      60,331       205,150     205,150     190,512
equivalents, TSEK

Shareholders'      405,039     405,039      376,473     376,473     380,055
equity, TSEK

Long term debt,    -           -            -           -           -
TSEK

Investments, TSEK  172,065     150,779      -122,272    -155,613    -115,282


   

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on identification and
development for production of oil and natural gas assets. Tethys Oil's core
area is Oman, where the company is the second largest onshore oil and gas
concession-holder with licence interest in three onshore blocks. Tethys Oil's
strategy is to invest in projects in areas with known oil and natural gas
discoveries that have not been properly appraised using modern technology. In
this way, high returns can be achieved with limited risk. The company has
interests in licences in Oman, France and Sweden. The shares are listed on
First North (TETY) in Stockholm. Remium AB is the company's Certified Adviser.

 

(For full report, see attached file)

 

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 679 4995; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 679 49 91; morgan@tethysoil.com

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