Tethys Oil AB (Tethys) will receive MSEK 13.6 (approximately MUSD 1.9) from the subscription of  592 000 warrants. The subscription price is SEK 23. The warrants are exercised by a group of investors, who has acquired the warrants from the directors of Tethys for a purchase price of SEK 2 per warrant on the condition the warrants are immediately exercised.

The warrants were issued in April 2008 with preferential right to existing shareholders as per record date 15 April 2008. The total number of warrants issued was 4,795,649. All shareholders received, free of charge, one warrant for every fifth share held. The warrants can be exercised during the period 1 June 2008 to 30 June 2010 and the subscription price is SEK 23.

  Through this subscription of warrants Tethys will receive proceeds of  MSEK 13.6 and the total number of outstanding shares in Tethys will increase by 592,000 to 28,048,272. The number of outstanding warrants after this exercise amount to 4,025,663.

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

NOTES FOR THE EDITOR: