Misen Energy AB (publ) comments on the articles in Expressen published on 25-26 June 2014
Expressen has on 25-26 June 2014 published articles about the Misen Group. The articles contain incorrect information that could be misleading to investors.
Misen’s Joint Activity (JA) Agreement in Ukraine concerns the capital renovation and improvement of a number of production wells and construction of booster compressor stations. This is achieved by providing modern technology in order to increase production. Misen is responsible for securing financing for this upgrade. In consideration, Misen is entitled to half (50.01%) of the net profit after taxes of the increase in production of natural gas above the base line (compared to a scenario when nothing had been done).
This information and further details on the JA cooperation is and have been available on Misen’s website (http://www.misenenergy.se/en/main/business/agreement) and has been presented in Misen’s financial reports (also available at http://www.misenenergy.se). Expressen has clearly misunderstood the nature and terms of the JA.
To assess the viability of the JA, Misen in 2013 commissioned an independent Competent Persons Report which concluded on the following net reserves and resources attributable to Misen as a member of the JA for all projects included for the 2013- 2030 development period: 1P (available proven) and 2P (proven and probable) to constitute 14.065 and 17.157 billion cubic meters, respectively. This information has been previously communicated in a press release on 6 September 2013, as well as in the following financial reports: the Interim Report published on 29 November 2013, the audited Annual Report published on 8 April 2014 and the Interim Report published on 27 May 2014.
A list of Misen’s shareholders is available on the company’s website (http://misenenergy.se/en/main/investors/shareholders). As regards the information in Expressen’s article on what is said to be ultimate beneficial shareholders in Misen, the company, like any listed company, has no means to establish ownership structures behind the shareholders. Misen complies with all relevant legislation and stock exchange requirements concerning information on its shareholders.
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 OMX First North.
In 2011, Misen Energy AB (publ) acquired all shares in Misen Enterprises AB and its wholly-owned Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01% of the revenue and profit from a gas production project in Ukraine. The rights and cooperation relating to the gas production is governed by a Joint Activity Agreement among Misen Enterprises AB and LLC Karpatygaz (together 50.01%) and PJSC Ukrgasvydobuvannya (49.99%), the largest private producer of natural gas in Ukraine and subsidiary of the National Joint Stock Company Naftogaz of Ukraine.
The purpose of the joint activity 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 NASDAQ OMX First North under identification ticker MISE.
The Certified Adviser of the company at NASDAQ OMX First North is Thenberg & Kinde Fondkommission AB.
For further information please visit our website www.misenenergy.se