February 2015 production and sales report from Misen Energy AB (publ)
During February 2015, the Joint Activity (JA) led by Misen Energy AB (publ) produced a total of 47.9 million cubic meters (mmcm) of natural gas, 2.2 thousand tons (ktons) of gas condensate and 0.8 ktons of oil.
During February 2015, the JA sold all of the gas produced during February 2015 and additional 1.46 mmcm of natural gas representing production of December 2014. The stock of natural gas as of the end of February 2015 was 18.5 mmcm, what constitutes the remaining unsold production of December 2014.
All gas condensate and oil produced during February 2015 has been transferred to further processing and subsequent sales.
In February 2015 Ukrainian courts have cancelled the previously adopted resolution enforcing purchase of natural gas exclusively via NJSC Naftogaz of Ukraine. Based on this, the Company identifies market conditions as favorable to facilitate further sales, including unsold produce. At the same time uncertainty remains due to increased subsoil use charge and decreasing commercial demand leading to a discounts and downward pressure on the price from the buyers side.
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.