The workover rig MB 49 has been successfully moved from Farha South-3 to East Saiwan-2 on Block 4 onshore Oman and testing operations of the heavy oil zones encountered in East Saiwan-2 are set to commence. The East Saiwan-2 well was drilled in June this year and encountered more than 400 metres of gross heavy oil column in three different sand and limestone layers. The testing operations are being conducted to attempt to produce the heavy oil to surface and assess possible production rates.

Operations are expected to continue for three to four weeks.

Tethys has a 50 per cent interest in the licences covering Blocks 3 and 4. Consolidated Contractors Energy Development (Oman) Ltd holds the remaining 50 per cent and is operator.

About Tethys Oil AB

Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets in the Middle East, North Africa and Europe. Tethys' strategy is to primarily 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, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.

Website: www.tethysoil.com

For further information, please contact
Magnus Nordin
Managing Director
Phone +46 8 679 4995
magnus@tethysoil.com

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