Full year interim report 2012 for Misen Energy AB (publ)
High-lights from the attached full year interim report are:
- The natural gas extraction in the Joint Activity in Ukraine has been very successful during 2012 and increased by 160 per cent and is at end of 2012 in the level of 40 million cubic meters per month.
- 35 new gas wells have been added during 2012 making the total number of wells 145 at end of 2012.
- The Misen Group financial performance in the year has developed well with a revenue increase from 191 MSEK in 2011 to 587 MSEK in 2012.
- Operating income has increased from 110 MSEK to 351 MSEK from 2011 to 2012.
- This gives earnings per share in 2012 of 1,83 SEK.
- The expectations for 2013 are an ongoing positive development for the Group both regarding increased gas production as well as financial performance.
For further information please contact:
Göran Wolff, MD
tel + 46 31 759 50 72
mobile + 46 709 45 48 48
Misen Energy AB (former Svenska Capital Oil AB) is a Swedish oil and gas exploration and extraction company with operations in Ukraine. The company was founded in 2004 and the share is since 12 June 2007 traded on NasdaqOMX First North.
In 2011 Misen Energy AB acquired Misen Enterprises AB and its Ukrainian subsidiary, KarpatyGaz, including the rights of 50,01 % of the revenue and profit from a gas production project in Ukraine. As consideration of this acquisition a new share issue was performed.
The gas extraction assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement (the "JAA") between the wholly owned subsidiaries of Misen Energy AB, i.e., Misen Enterprises AB and KarpatyGaz and Ukrgazvydobuvannya, the largest producer of natural gas in Ukraine and subsidiary of the publicly owned company Naftogaz, Ukraine. The value of the assets is estimated to be substatially more than the purchase price for Misen Enterprises AB.
The purpose of the project is to significantly increase production of gas and oil by implementing new technology and a large-scale investment program.
The registered office of Misen Energy AB is in Stockholm and the shares are traded on First North under identification MISE. The Certified Adviser of the company at NasdaqOMX First North is Thenberg & Kinde Fondkommision AB.
For further information please visit our web site www.misenenergy.se.