May 2015 production and sales report from Misen Energy AB (publ)
During May 2015, the Joint Activity (JA) led by Misen Energy AB (publ) produced a total of 67.6 million cubic meters (mmcm) of natural gas, 3.6 thousand tons (ktons) of gas condensate and 1 kton of oil. The continuing increase in production of natural gas is a result of renewed implementation of investment program into the well workovers.
During May 2015, the JA sold 39.4 mmcm natural gas produced during May 2015. The stock of natural gas as of the end of May 2015 was 60.5 mmcm. The stock was accumulated as a result of slow sales due to a low season.
All gas condensate and oil produced during May 2015 has been transferred to further processing and subsequent sales.
As per the newly signed Amendment No.7 to the Joint Activity Agreement No.3 (please refer to previous press releases for more info), the operator of the JA is entitled to sell incremental volumes of liquefied petroleum gas (LPG) produced at Yuliyivska BCS. In May 2015, the JA sold 876 tons of LPG.
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 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.
For further information, please visit our website www.misenenergy.se.