Information from Q1 2015 Misen Energy AB (publ)
Following is a summary of the financial information given in the Q1 2015 report from Misen Energy AB (publ) published today. The complete report is available in both English and Swedish on the Company's website: http://misenenergy.se/en/main/investors/reports
Summary of results:
- Total production for Q1 2015 has decreased by 12% when compared to Q1 2014 due to previously suspended investment program that led to underservicing of producing wells.
- Turnover for Q1 2015 has increased 39.5% compared to Q1 2014 due to ability to sell produced gas that was accumulated in storages during 2013-2014.
- The margin in the Joint Activity (hereinafter “JA”) has been suffering from both decreasing sales prices natural gas as well as increased subsoil charges.
- Accumulated earnings per share for Q1 2015 are 50 % lower than Q1 2014.
- Execution of JA investment program grew by 120% during Q1 2015 when compared to Q1 2014.
- For the period of Q1 2015, the subsoil use charge for JAs operating in Ukraine was increased from 55% to 60%.
- As of 1 January 2015 payment of the corporate profit tax has been transferred from JAs to the participants of JAs. The first payments to be made by participants of JAs will be due in May 2016.
- Ukrainian currency continued depreciating in relation to SEK by 27%.
January – March 2015 (2014)
- Consolidated operating group income: KSEK 57,111 (65,237)
- Consolidated group net turnover: KSEK 231,850 (166,174)
- Earnings per share: SEK 0.05 (0.10)
- Production of natural gas: 153 million cubic meters (174)
Key events after end of Q1 2015:
- In May 2015, Amendment No.7 to the Joint Activity Agreement (hereinafter “JAA”) was duly registered in accordance with the applicable Ukrainian legislation. The Amendment No.7 alters the scope of the JAA and adjusts and extends implementation of the investment program agreed by the parties of the JA.
For further information, please contact:
Göran Wolff, MD
Misen Energy 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 First North Stockholm.
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 First North Stockholm is Consensus Asset Management AB.
For further information, please visit our website www.misenenergy.se.