TETHYS OIL AB

1 TETHYS OIL AB Extra bolagst mma20 februari 20082 OMANL icensTethysshareBlock 1540%Block 3&450%OMAN -BLOCK 15 LOCATION MAP TETHYS Oil, Operator, 40% Odin Energi, Partner, 60% EPSA signed October 20054-Started on 20 May 2007 for 4-5 days-Encountered troubles with directional drilling equipment, could not build the angle as much as required-Let well flow and sampled gas and formation fluid-AbandonnedShuaibaFmOMAN BLOCK 15 -JA-1 STK 1 (SHUAIBA) BASIC DATA5 NatihFm flowed: mmscfpdof gas 793 bpd of 57 API condensate total of 2,626 boepdthrough a 1 inch choke Flow rates constrained due to production tubing size restriction Black smoke indicates burning oilOMAN BLOCK 15 -JA-1 STK 2 (NATIH) -TESTH elix RDS (UK) -JEBEL ASWAD WELL LowMidHighGas Cumulative (Bscf) Cumulative(MMbbIs) Factor (%) of wells51016 Recovery per level (MMscf/d)2050100 Time on Plateau (years) Rate plateau:5 yearsCondensateratedeclinesat20% per yearJebelAswadOnlyBOE Rate(BOEPD)Gas Rate(mmscfpd)Cond.

2 Rate(BOPD)First Production 1 Jul 2009 (3 wells)4,04515,0001,545 Full Field Production 1 Oct 2010 (10 wells)12,75050,0004,417 JEBEL ASWAD NATIH A PRODUCTION TARGETJ ebelAswadOnlyBOE Rate(BOEPD)Gas Rate(mmscfpd)Cond. Rate(BOPD)First Production 1 July 20091 6186 000618 Full Field Production 1 October 20105 10020 0001 767*Based on in-house volumetricsand RDS Helix numbersJEBEL ASWAD NATIH A PRODUCTION TARGET TETHYS 40%Gas Rate plateau:5 yearsCondensateratedeclinesat20% peryearActivityCompletion DatePVT Analysis28 February, 2008 Production Plan (reservoir eng.)31 March, 2008 Process Design31, March, 2008 Field Development Plan Submission1 September, 2008 Field Development Plan Approval1 December, 2008 EIA Approval1 December, 2008 Gas Sales Agreement1 January, 2009 Phase 1 Production Start (3 wells)1 July 2009 JEBEL ASWAD PHASE 1 EARLY PRODUCTION SCHEDULE10 JEBEL ASWAD CAPEX TETHYS 40%WellsDrilling(MUSD)Facilities(MUSD)To talMUSDE arly Production System (Phase 1)25712 Full Field Development (Phase 2)7121931 Base caseRented / Own Production Facility11 JEBEL ASWAD CAPEX TETHYS 40%Alternative case3 phase flow export option (OPEX unknown)WellsDrilling(MUSD)Facilities(MU SD)TotalMUSDE arly Production System (Phase 1)251015 Full Field Development (Phase 2)

3 712517 SAUDI ARABIAYEMENOMANBAHRAINQATARUNITED ARAB EMIRATESH ormuz StraitOMAN - MussandamZAKUMSHAYBAHSAFAHYIBALAL HUWAISAHSAIH RAWLBARIKMUKHAIZNANIMRMARMULS ohar Industrial Cityplanned Petrochemicals PlantMina al FahalOMAN LNGQ alhat Raysutplanned GPPS alalahRub Al Khali Desert Empty QuarterAs Samah DesertAl HarasisGravel PlainHajarMountainsAl BatinahAl DhahirahAl Wahaybah DesertManahMUSCAT32"36",20"Saih Rawl to Qalhat-LNG Export plant28"10"24"RUNIB16" Sahmah-Hubara6"16"JebelKhuniTropic ofCancerFAHUDLEKHWAIRSAIH NIHAYDAQARN ALAM existing 48"planned 48"SOGLAL GHUBAR16"32"BUKHAKhor Khwair16"10"WADILATHAMBVS-516"HAFARN ahada12"plannedGGPCPPSurIndian OceanWadi JizziPower Plant52 E52 E54 E54 E56 E56 E58 E58 E60 E60 E18 N18 N20 N20 N22 N22 N24 N24 N26 N26 N010020050 KmThe Fahud-Sohar gas pipelineiscrossingblock 15 Modifiedafter Wood MacKenzieOMAN -BLOCK 15 AND GAS INFRASTRUCTURE MAP13 BLOCK 15 TETHYS OILBLOCK 44 PTTEPBLOCK 43 BMOLBLOCK 31 INDAGOBLOCK 30 INDAGOBLOCK 27 OXYBLOCK 9 OXYBLOCK 5 DALEELSHAMSBLOCK 47 INDAGOM odifiedafter Wood MacKenzieOMAN BLOCK 15 LOCATION MAPS14 Prospects NatihDepth Map and JA-1 Re-entry Well LocationJA-1 re-entry locationOMAN BLOCK 15 PROSPECTS15 OMAN BLOCK 15 WELL RESULTS16 OMAN BLOCK 15 JA-1 STK 2 (NATIH)

4 FINAL TRAJECTORY17* TETHYS volumetricsandRDS Helix numbers** TETHYS estimateJebel AswadOnlyLowMid HighBCFmmbcBCFmmbcBCFmmbcNatih A * C ** ** Gas and oil equivalent ASWAD RESOURCE POTENTIAL - TETHYS 40% 18 Run 3D seismic over Jebel Aswadfield (166 km2)OMAN BLOCK 15 -NEAR FUTURE SEISMIC WORK19oProspects no 5 and 9 are on the same surface & geological trend as Natihoil fieldsOMAN BLOCK 15 -PROSPECTS NO 5 & 9 GRVR atioPoro-sitySgFVFRFMM m3 BCFLead 9MM Leads-Gas ResourcesMost Likely BCFGLead 195 Lead 2100 Lead 3105 Lead 492 Lead 5200 Lead 675 Lead 9268P50 Total Gas 935 BCFLEAD 9 (EXAMPLE) NATIH & SHUAIBA RESERVOIRS25 m net pay combined21 OMANB lock 15 Block 3&422oAgreement signed with NorecoNorway (affiliate Altinex) in November 2007 to take over its 50% interest in Blocks 3 and 4 oConsolidated Contractors (operator) 50% TETHYS 50%oTethys will enter into 2nd exploration phase of EPSA (1st phase expiration date 15 December 2007) o2nd phase minimum work commitment (3 years period).

5 -Acquiring 800 km of 2D seimic-Drilling 3 exploration wells-Acquiring 400 km2 of 3D seismic OR drilling a 4th exploration wellOMAN BLOCKS 3 & 4 - TETHYS OIL FARMIN23 ISLAMICREPUBLICOF IRANKINGDOM OFSAUDI ARABIASULTANATEOF OMANUNITED ARABEMIRATESM uscat43 OMAN BLOCKS 3 & 424 Contingent Resource( tested or w/ good shows)Contingent Resource( tested or w/ good shows)Huwayr Deep`Abu ZeinahDeepNorth SaiwanSaih HajmahFarha SouthEast SaiwanPotential Resource( prospect)Al Saad Qulam NorthMaeen -Qarn SahmahFlankHuwayr Deep`Abu ZeinahDeepNorth SaiwanSaih HajmahFarha SouthEast SaiwanPotential Resource( prospect)Al Saad Qulam NorthMaeen -Qarn SahmahFlankBLOCKS 3 & 4 RESOURCE POTENTIAL25o> 30 000 km of 2D seismic o27 wells drilled, of which 18 had HC shows and 1 oil discoveryoSouth Farha-1 oil discoveryoIn Block 3oDrilled in 1986 by JPDCoDelineated by 3 wellsoEstimated 4-6 million bblsof recoverable oil from thin sandstone layersoFlowed 260 bbl of 40 API oilBLOCKS 3 & 4 INFORMATION26 Block 4 Block 3 BLOCKS 3 & 4 DATABASE ON WORKSTATION27 TETHYS OCEANL icense acquisitionExplorationExploratory drillingAppraisalDevelopmentProductionTE THYS OIL S APPRAISAL PROJECTF ranceFRANCE ATTILA LICENSEMany oil fieldsOne gas fieldLicenseFRANCEL icensTethysshareAttila40%FRANCE ATTILA LICENSE Vieux Chamotprospect mapped with seismic, surface geochemistry and temperature Pierre Maubeuge-1 (PLM-1) well drilling location identified and contracted Pierre Maubeuge-2 (PLM-2) well drilling location identified and contracted PLM-2 spuddedon 25 September 2007 Drilling duration.

6 < 20 daysLicense acquisitionExplorationExploratory drillingAppraisalDevelopmentProductionTETHYS OIL S EXPLORATIONS PROJECTST urkeyMoroccoSpainMOROCCOMap with gas BOUANANE LICENSELine BB-07 Dana 50%, ONHYM 25%, TETHYS andEastern Enteredthe8-year explorationpermitin June 2007 Drilling expectedin 2008 TURKEYL icensTethysshareThe TraceProjectLicenses3998, 3999 & 418725%The IspandikaProjectLicenses3794 & 379510%TURKEYThe Trace Project Aladdin 50%, TETHYS 25% and JKX 25% Old seismic reprocessing done New seismic acquired and reprocessed Drilling of first exploration well expected first quarter 2008 TURKEYThe IspandikaProject A shallow stratigraphic(geological research) well was drilled around the year 06/07 Geological information gained from this well did not increase the knowledge of the area substantially. The security situation in the region has deteriorated, and no ground work is currently carried SedanoProjectValderredible50%Huermeces50%Basconcillos-H50%The CamerosProjectCameros-226%Ebro-A26%SPAINThe SedanoProjectThe CamerosProject The Huermeceslicence -With Ascent Resources as Operator, the Hontomin-4 well on the was drilled in the spring of 2007.

7 No oil encountered. Basconcillos-H -planned re-entry of the Tozo-1 postponed for operational reasons. Valderredible A large natural gas prospect that has been identified A revision and analysis of prior well logs An environmental impact studyGOTLAND ONSHOREL icensTethysshareGotland St rre100%GOTLAND SURFACE OVERLAYS tyrelsens f rslag till dagens st mmaFINANSIERING43 Cost Own EPF3 phase export*Estimated CapexI MUSD1215 Estimated CAPEX II MUSD3112 EPS Contribution MUSD (Brent 80)1111 Warrant Exercise MUSDxxBank LoanyyFrom Jul 1, 2009 to Oct1, 2010 JEBEL ASWAD FULL FIELD FINANCING OPTIONS TETHYS 40%* OPEX unknownTETHYS OIL IN BRIEFD aily turnoverTicker6 000 shares/dayTETYMSEK 384 Market CapMUSD 60 SEK 60 Price 20 FebruarySharesIssued6 392 760 Market CapSharesfor issueShares for issue 175 000 374 000 CASH AND BANKC ashand bank & shortterm recievables12,1 MSEKS hortterm recievables15,8 MSEKS hortterm payables2,1 MUSD31 December 2007 Split 3 p 1 Mandat ge ut 1 600 000 nya aktier I riktad emission huvudsakligen till investerare I Mellan stern och Asien -MacCapitalfr n Dubai leadagent Mandat ge ut 1 600 000 teckningsoptioner ( )

8 Till nuvarande och nya aktie gare 1 f r fem aktier STYRELSENS F RSLAG Onsdag 20 feb St mma Fredag 29 feb Sista dag f r handel med osplittadaktie M ndag 3 marAvst mningsdag f r splitdeltagande Onsdag 5 mar Datum f r Split av aktie Torsdag 6 marDistribution av aktier erh llna genom splitSPLIT48 Cost Own EPF3 phase exportWoOpexEstimated CapexI MUSD1215 PrivatePlacementxEstimated CAPEX II MUSD3112 EPS Contribution MUSD (Brent 80)1111 Left to finance MUSD201 Warrant Exercise MUSDxxBank LoanyyFrom Jul 1, 2009 to Oct1, 2010 JEBEL ASWAD FULL FIELD FINANCING OPTIONS TETHYS 40% TETHYS OIL IN BRIEF AFTER SPLITS hares Issued19 178 280 Private Placement4 800 000 Warrants4 795 656 Shares for issue374 000 Shares for issue 175 000