Q3 2015 Financial & Operational Report

Gripen Oil & Gas AB (publ), (Gripen), focussed on exploring for and producing oil and gas in Sweden, announces an operational and unaudited financial update for the third quarter ending 30thof September 2015.

FINANCIAL SUMMARY

  • The Group has no revenue to report during the third quarter and first nine months of 2015, result after tax for the Gripen Group’s third quarter amounted to SEK -0.4 million       

(-1.1 million) with a result per share of -0.004 (-0.01).

  • Result after tax for Gripen Group’s first nine months 2015 amounted to SEK -2.3 million   (-3.2) with a result per share for the period of -0,02 (-0,03).
  • Approximately SEK 1.3 million (6.2) in cash at the end of September 2015.
  • The expenditure rate of the Group has been reduced significantly during the second and third quarter 2015.

OPERATIONAL SUMMARY

Despite small surges at the beginning of September and October the oil price has kept at a low level during the third quarter. In addition, low demand and abundant supplies of gas have furthered weakened the gas price in the northern Europe. The market conditions continue to make it difficult for all exploration and production companies to operate. These depressed oil and gas prices have meant the company has minimised the investment in Östergötland and Gotland.

The activities on the project sites during the latest quarter on our operated gas assets in Östergötland have been very limited. On Gotland two reports were prepared on the reservoir geology of the Klasen Limestone and seismic facies. This work shows that reservoir quality may extend away from existing known ‘reefs’.

In October, My Simonsson resigned as chairman for personal reasons. The company would like to record their thanks to My Simonsson for her contribution to the company. Sven-Erik Zachrisson was appointed interim Chairman until the next AGM.

Gripen still await the decision, from the Lithuanian authorities, to award the application for 4 offshore licence areas.

The board and management are continuously assessing new business opportunities and different alternatives for the Group going forward.

AUDITORS REVIEW

This interim report has not been subject to a special review by the Company’s auditors.

UPCOMING REPORTS

Q4 and Year End report 2015: February 18th 2016

CONTACT:

Stephen Crabtree
T: +46 72 526 69 88
E:
info@gripenab.com
Web site: www.gripenab.com

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