Changes of the Board at Misen Energy AB (publ)
Following on the previously announced intentions to step down, Mr. Tore I. Sandvold, Chairman of the Board of Directors of Misen Energy AB (publ) has submitted to the Board his formal resignation. Mr. Sergiy Petukhov submitted his resignation as well. Both resignations are effective as of today and the board elected Dr. Andrius Smaliukas as the Chairman of the Board of Directors to serve until the next annual general meeting of shareholders. Both resigning members are also resigning from the Remuneration and Audit committees respectively.
Dr. A. Smaliukas has been serving as the Board Member of Misen Energy AB (publ) since 2013. He is a Dispute Resolution Partner at LAWIN, the leading Pan-Baltic law firm. Dr. A. Smaliukas is actively engaged in arbitration and serves as an arbitrator and counsel to numerous international and domestic arbitration proceedings. Please read Dr. A. Smaliukas’ resume on our webpage at: http://misenenergy.se/en/main/company/board
For further information, please contact:
Göran Wolff, MD
Misen Energy AB (publ) (formerly Svenska Capital Oil AB (publ)) is a Swedish upstream oil and gas company with operations in Ukraine. The company was founded in 2004 and its shares are since 12 June 2007 traded on Nasdaq Stockholm First North.
In 2011, Misen Energy AB (publ) acquired Misen Enterprises AB and its Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01% of the revenue and profit from a gas production project in Ukraine. Under IFRS rules, this transaction is classified as a reverse takeover. In consideration of the acquisition, a new share issue was carried out.
The gas producing assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement between the wholly-owned direct and indirect subsidiaries of Misen Energy AB (publ), i.e. Misen Enterprises AB and LLC Karpatygaz (together 50.01%) and PJSC Ukrgasvydobuvannya (49.99%), the largest producer of natural gas in Ukraine and subsidiary of the National Joint Stock Company Naftogaz of Ukraine. The value of the assets is estimated to be substantially higher than the purchase price for Misen Enterprises AB.
The purpose of the project is to significantly increase production of gas and oil by providing modern technologies via a large-scale investment program.
The registered office of Misen Energy AB (publ) is in Stockholm and the shares are traded on First North under identification ticker MISE.
The Certified Adviser of the company at Nasdaq Stockholm First North is Consensus Asset Management AB (formerly Thenberg & Kinde Fondkommission AB).
For further information, please visit our website www.misenenergy.se.