DUBAI: New warrants issued by Tethys Oil AB (Tethys) commenced trading on the First North (OMX Nordic Exchange) in Sweden on Thursday 17th April, 2008, which completes the private placement of shares and warrants. As per the closing price of the share on 21 April 2008, the shares are trading at a premium of SEK 4.90 or 26% over the subscription price of shares and warrants in the private placement. The market cap of outstanding shares (excluding warrants) amounts to SEK 573 million which is 57% higher than the market cap of the Company before the EGM on 19 February 2008.

Tethys successfully completed the private placement of 4.8 million new shares and 1.6 new warrants in March 2008 to a diverse set of investors in the Middle East, Asia, and Europe for a total value of US$15.2 million.

The Company holds exploration and development assets in Oman, Turkey, Spain, France, Morocco and Sweden. Following the successful oil drilling test programs in July 2007 on Block 15, onshore Oman (in which Tethys has a 40 per cent interest), Tethys acquired a 50 per cent interest in Oman Blocks 3 and 4. The combined concession area of the Company in Oman is over 30,000 square kilometers making it one of the largest onshore oil and gas concession holders in the country. The capital raised in the private placement will be used to develop these sites with a target early production date in mid-2009.

The Company is planning to apply for a listing on the Dubai International Financial Exchange (DIFX) later this month. It aims to be the first Swedish company to list on the exchange, the first oil company to list on the DIFX, and also aims be leading the first issuer of warrants on the DIFX (subject to regulatory approvals).

Tethys has appointed Dubai-based investment bank, MAC Capital Limited, to assist in the application for a secondary listing on DIFX, the Middle East’s premier international financial exchange. This listing will assist the Company in raising its profile in the Middle East, diversifying its investor base and accessing the tremendous technological platform of the DIFX. Following the listing, investors in the UAE will be able to access Tethys’ shares through an account at their local brokerage firm.

MAC Capital Limited is regulated by the Dubai Financial Services Authority and is a Trading Member of the DIFX. Its sister company is MAC Sharaf Securities (UAE) LLC, which has brokerage membership on the Abu Dhabi Stock Market and the Dubai Financial Market. MAC is one of seven brokers that can offer its clients direct access to the three UAE markets.