December 2014 production and sales report from Misen Energy AB (publ)
During December 2014, the Joint Activity (JA) led by Misen Energy AB (publ) (Misen) produced a total of 50.5 million cubic meters (mmcm) of natural gas, 2.3 thousand tons (ktons) of gas condensate and 0.8 ktons of oil. In accumulated terms, the total production during the 12 months January-December 2014 constituted 672.0 mmcm of natural gas, 28.6 ktons of gas condensate and 18.8 ktons of oil.
During December 2014, the JA sold 24.6 mmcm of natural gas. Sales represent part of production of December 2014. The holiday season and resolutions adopted by the Ukrainian government in November (please refer to our press release of 20 November 2014) enforcing purchase of natural gas exclusively via NJSC “Naftogaz of Ukraine” have negatively affected sales during December 2014.
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.