Tethys Oil provides a quarterly report on its assets and operations for Q2 2013. Key points include: - Production of 399,839 barrels for the quarter from assets in Oman and Lithuania. - Drilling program launched on the B4EW4 structure in Oman including 3 appraisal wells. - Investment budget increased from MSEK 300 to MSEK 355, with majority spent on further drilling, seismic studies, and water injection in Blocks 3 & 4 in Oman. - Exploration continuing in Lithuania licenses Rietavas and Raseiniai with mixed results from initial wells. - Financial results showed revenue of MSEK 110 and EBITDA of MSEK 83

1. www.tethysoil.com
Second quarter 2013

2. www.tethysoil.com
Tethys’ assets
Oman:
• Block 3 & 4
• Block 15
Lithuania
• Gargzdai
• Rietavas
• Raseiniai
France
• Attila
• Alès
• Sweden
Gotland
• Större/Mindre

3. www.tethysoil.com
Tethys Oil – growth at low risk
Long term capital structure targets:
• Debt/equity ratio of 30-40%
• Net debt/EBITDA of up to 2x
• Strong cash position to have the ability
to grow
Operational targets:
• Develop Tethys Oil’s business as an
attractive licence holder and partner
• Focus on developing the assets in
Oman
• Evaluation of both conventional and
unconventional assets in Lithuania
• Actively evaluate new projects

4. www.tethysoil.com
A rise of more than 600 percent since IPO
2001 - 2003 2004 20062005 2010200920082007 20122011
Tethys Oil
was founded
Aquisition of
licences and
interests in
Denmark,
Turkey and
Spain
IPO and
listing on
First North
Acquisitions
of licences in
France, Attila
and Oman,
Block 15.
Drilling in
Denmark
Drilling on
Block 15
Acquisition of
licences in
Oman, Blocks
3 & 4 and
Sweden,
Gotland
20 % of
Blocks 3 & 4
farmed out to
Mitsui
Early
production
from Blocks
3 & 4 begins
Encouraging
results from
appraisal
drilling on
Blocks 3 & 4
Farha South
field on Block
3 expands
rapidly
Acquisition of
licence in
France ,
Bassin d’Ales
Three year
extension of
licence
Block 15
Licence Blocks
3 & 4 converted
to production
licence and
extended until
2040
Production
facilities on
Farha and
Saiwan fields
completed
Acquisition of
interests in
Lithuania, 3
licences, 1 in
production
Farmout of
Lithuanian
licence
Rietavas to
Chevron in
exchange for
fully funded
work
programme
Market Cap
MSEK
2,000
1,000

5. www.tethysoil.com
Tethys’ licences
Production
Appraisal/Exploration
Country Licence name Total area Tethy’s
interest
Partners Production
Oman Block 3 & 4 34 610 km2 30% CCED, Mitsui Production
Oman Block 15 1 389 km2 40% Odin Energi Exploration
Lithuania Rietavas 1 594 km2 14% Odin Energi,
private investors,
Chevron
Exploration
Lithuania Raseiniai 1 535 km2 26% Odin Energi,
private investors
Exploration
Lithuania Gargzdai 884 km2 25% Odin Energi,
Geonafta
Production
France Attila 1 986 km2 40% Galli Coz Exploration
France Alès 215 km2 37,5% Mouvoil Exploration
Sweden Gotland
större/mindre
581 km2 100% Exploration

6. www.tethysoil.com
Q2 Operational highlights
• Production from Oman and Lithuania of
399,839 bbl, 4,394 per day
• Drilling program with 3 appraisal wells
launched on B4EW4 structure on Block
4 in Oman
• An additional drilling rig employed in
Blocks 3 & 4
• Lithuania exploration well flows small
amounts of oil and confirms presence of
an active petroleum system
• The investment budget extended from
MSEK 300 to MSEK 355

7. www.tethysoil.com
Oman – Block 3 & 4 update
• Work programme extended –
additional MSEK 55 will be
spent on further seismic
studies, an increased number
of drillings and a new pipeline
• Focus on B4EW4 discovery –
several oil bearing layers
• Seismic work - connecting
Block 3 and Block 4
• Drillings mainly concentrated
to water injection programme

8. www.tethysoil.com
Drillings in Oman
• Focus on the water injection programme
• Resources spent on B4EW4 discovery in the second quarter
5
4
8
1
3
2
2
1
4
4
1
1
2
1
0
2
4
6
8
10
12
Q2-2012 Q3-2012 Q4-2012 Q1-2013 Q2-2013
Water source wells
Exploration wells
Water injection wells
Wells in previously
undrilled fault block
Production wells
4
22
37
17
0
5
10
15
20
25
30
35
40
2010 2011 2012 2013 6 m

9. www.tethysoil.com
Oman - Block 15 update
• JAS-1 in long term production
test
• Flow rates of 200 barrels a day,
44 degree API
• Drilling rig for JAS-2 on its way to
drill a vertical sidetrack to the
JAS-2

10. www.tethysoil.com
Lithuania – Rietavas update
Conventional exploration, Gargzdai
look a like and shale gas/oil. Work
programme fully funded by Chevron
• Exploration and appraisal work
continues
• Data compiled and analysed
• Varoius tests on Silale-1
• Appraisal well Silale-2 in progress

11. www.tethysoil.com
Lithuania – Raseniai update
Exploration for conventional oil in
Silurian Reefs, shale potential
• Lapgiriai-1 spudded in April.
Presence of oil confirmed.
• 3D seismic study, partly funded by
EU, will be carried out and
collection of data has started.

12. www.tethysoil.com
Production (barrels)
Avg daily production BOPD
Revenue (MSEK)
Average achieved oil price
(USD/barrel)
EBITDA(MSEK)
Result for the period (MSEK)
Operating cash flow (MSEK)
Operating cash flow per share (SEK)
Second Quarter
2013
400
4,394
110
107.26
83
39
79
2.23
-44,806
Financial highlights Q2 2013
12
Second Quarter
2012
302
3,320
154
119.34
120
15
88
2.68
Over/underlift movement (bbl) 34,177

13. www.tethysoil.com
Daily and Monthly production (Tethys’ Share)
1 000,00
1 500,00
2 000,00
2 500,00
3 000,00
3 500,00
4 000,00
4 500,00
5 000,00
0,00
20 000,00
40 000,00
60 000,00
80 000,00
100 000,00
120 000,00
140 000,00
160 000,00
180 000,00
200 000,00
bbls/daybbls
Tethys Oil daily and monthly production
Monthly production Oman Monthly production Lithuania Daily production
Oman & Lithuania

14. www.tethysoil.com
Sales and production
Sales growth
0
20
40
60
80
100
120
140
160
180
-30,0
-20,0
-10,0
0,0
10,0
20,0
30,0
40,0
50,0
60,0
Q2 Q3 Q4 2013 Q1 Q2
Sales Oil and gas, MSEK Sales growth %
% MSEK
Volumes
14
0
10
20
30
40
50
60
70
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
Q2 Q3 Q4 2013 Q1 2013 Q2
Sold volumes (Bbl)
Produced volumes Tethys share (Bbl)
Sold volumes/Produced volumes, %

15. www.tethysoil.com
Oil price development
80,00
85,00
90,00
95,00
100,00
105,00
110,00
115,00
120,00
125,00
130,00
USDperBarrel
Spot Brent and Omani Blend Futures
BRENT SPOT OMANI BLEND FUTURES TETHYS OIL SALE PRICE

16. www.tethysoil.com
Oman production
• Average daily production 4,261bbl
• Production from: Farha South,
Saiwan East and test production
B4EW4
• The JV’s share of production 52
percent
• Successful water injection
programme increased production
by 8 percent from Q1 to Q2
• Selling price SEK 107.68 (107.26)
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Daily production Tethys' share
(bo)
2012
2013

17. www.tethysoil.com
Lithuanian production
• Average daily production 133 bbl
in Q2
• Declining production - according
to plan
0
20
40
60
80
100
120
140
160
180
Daily production Tethys' share
(bo)
2012
2013

18. www.tethysoil.com
EBITDA
0,0
20,0
40,0
60,0
80,0
100,0
120,0
2012 Q2 Q3 Q4 2013 Q1 Q2
Operating expenses Administrative expenses EBITDA
0
50
100
150
200
250
Q2 2012 Q3 Q4 2013 Q1 Q2
EBITDA, MSEK EBITDA-marg %
Q4 2012 and Q1 2013 EBITDA include revenues from associates (Lithuania) and the Mitsui bonus.

19. www.tethysoil.com
Result overview, second quarter
19
Net sales of oil and gas
MSEK 110
Operating result
MSEK 49
Operating expenses
MSEK 17
Depreciation of oil and gas
properties
MSEK 33
Administrative expenses MSEK 12
Revenues Operating result

20. www.tethysoil.com
Cash, MSEK
Cash per share, SEK
Long term debts, MSEK
Shareholders Equity, MSEK
Investments (First Half year), MSEK
June 30, 2013
237
6.67
419
990
149
Financial highlights Q1 2013
20
Dec 30, 2012
248
6.98
417
860
442

21. www.tethysoil.com
Investments
• Majority of invesments were
made on Blocks 3 & 4
• Investments focus on appraisal
drilling, seismic and water
injection programmes
• About MSEK 15 spent on Block
15
21
0
50
100
150
200
250
300
Q2 2012 Q3 Q4 2013 Q1 Q2
MSEK
Investments

22. www.tethysoil.com
Share price
0
10
20
30
40
50
60
70
80
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
800 000
900 000
1 000 000
# Shares
Total volume Closing price
SEK

23. www.tethysoil.com
Current Drilling Operations
T-55: FS-72 2nd WI FB N
Grand: FS-68 W/O FB AG
A-204: B4EW5
new structure about 15 km south of B4EW4 sturucture

24. www.tethysoil.com
Seismic Activities
650km2 2D completed
100% in 2013
Processing started, complete Nov 2013
Aquisition started Aug 10
750km2 3D complete Nov 2013
Complete processing Mar 2014
B4EW4: 470km2 3D completed
100% in 2013
Processing completed
Farha old: Reprocessing completed
100% in 2013
Farha new: 510km2 3D completed
55% in 2012, 45% in 2013
Processing completed

25. www.tethysoil.com
Farha
Farha Old 3D
• Producing Barik FB: 16
• New FB drilled 2013: 1 (FS-68 in A
Farha New 3D
• Leads

26. www.tethysoil.com
B4EW4 and Buah
B4EW4
• Producing Buah: 1 field
• Lower Buah wells: 2,
• Middle Buah wells: 1,
• LAB wells: 1, LB-3 S/I
NOTE: these two in
Farha new 3D

27. www.tethysoil.com
New Areas
2D Area to the East
• Potential formations:
• Barik – Sands
• Lower Al Bashair – Sands
• Amin – Sands
• Buah – Carbonates
• Khufai – Carbonates
3D Area to the West

28. www.tethysoil.com
Water Injection Fault Block B
0
200
400
600
800
1000
1200
1400
1600
1800
2000
8-Oct-10 5-Feb-11 5-Jun-11 3-Oct-11 31-Jan-12 30-May-12 27-Sep-12 25-Jan-13 25-May-13 22-Sep-13
OilProduction(b/d) Well Test
Model
Model WI
Bottom Hole
Pressure
Waterinjectionstarted
June 19, 2012

29. www.tethysoil.com
Raseiniai
• One proven oil field, Lapgiriai
• Defined leads
• Small production from Lapgiriai

30. www.tethysoil.com
Rietavas
• One proven oil field, Silale
• Several leads
• Small production from Silale
Planned 2D area

31. www.tethysoil.com
Outlook
• Increased investment budget on Blocks 3 &
4 from MSEK 300 to MSEK 355
• Actively sourcing a fourth rig to further
speed drilling activity
• Continue to explore the potential of the
Farha trend
• Lower Buah opening up a completely new
pay to increase reserves and production
• 2D seismic study from the Eastern part of
Block 4 indicates chance to a “mirror” Farha
trend together with more Buah prospects
31

32. www.tethysoil.com