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Report for the period 1 January 2011 - 31 March 2011 Tethys Oil AB (publ)

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<p>
	<strong>HIGHLIGHTS</strong></p>
<ul>
	<li>
		During the first quarter 2011, Tethys Oil sold 16,032 barrels of oil after
government take from the Early Production System (&#34;EPS&#34;) on Block 3
Oman, resulting in net sales of TSEK 9,397 (TSEK -)</li> 
	<li>
		Result for the first quarter 2011 amounted to TSEK -14,735 (TSEK -6,685 for
the corresponding period last year). The result has been significantly impacted
by non cash related currency exchange losses</li> 
	<li>
		Earnings per share amounted to SEK -0.45 (SEK -0.24) for the first quarter
2011</li> 
	<li>
		Cash and cash equivalents as per 31 March 2011 amounted to TSEK 183,648 (TSEK
190,512). Remaining carry as per 31 March 2011 on Blocks 3 and 4 from Mitsui
amounts to MUSD 36. Oil and gas investments during the first quarter 2011
amounted to TSEK 15,426 (TSEK 31,443)</li> 
	<li>
		During the first quarter 2011, a total of 62,214 barrels were produced under
the EPS. Tethys&#8217; share of the test production oil amounts to 30 per cent,
or 18,664 barrels, before government take</li> 
</ul>
<ul>
	<li>
		Well Farha South-6 completed and put on test production - initial flow rate
in excess of 1,000 BOPD</li> 
	<li>
		Tethys acquires additional license in France</li>
	<li>
		Saiwan East-7 well encounters heavy oil - no flows established</li>
	<li>
		Work programme onshore Oman accelerates - second rig contracted</li>
	<li>
		Tethys launches field studies on Baltic island of Gotland</li>
	<li>
		Horizontal section in Saiwan East-2 completed - well undergoes long term
production test</li> 
	<li>
		Saiwan East-6 finalized in first quarter 2011 with no production flows</li>
	<li>
		Saiwan East-4 encounters different quality oil from previous Saiwan wells -
no flows established</li> 
</ul>
<p>
	&#160;</p>
<p>
	For further information, please contact Magnus Nordin,</p>
<p>
	Managing Director,</p>
<p>
	phone +46&#160;705&#160;766 555; magnus@tethysoil.com</p>
<p>
	&#160;</p>
<p>
	<strong>(For full report, please see attached file)</strong></p>




                                            

                

            

        

    

    

        

            
        

        

            
        

        



    

        
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