Misen Energy AB (publ) considers a press release published by PJSC Ukrgasvydobuvannya on 5 September 2016 to be erroneous
On 5 September 2016 Public Joint Stock Company Ukrgasvydobuvannya (“PJSC Ukrgasvydobuvannya”) published a press release accusing LLC Karpatygaz, a partially owned subsidiary of Misen Energy AB (publ), of non fulfillment of the Joint Activity’s investment program. Misen Energy AB (publ) considers such press release to be ungrounded and denies the statements provided therein in their entirely. The published statements are subject to a disagreement between Misen Enterprises AB and LLC Karpatygaz, on one hand, and PJSC Ukrgasvydobuvannya, on the other hand. Therefore, Misen Energy AB (publ) refrains from commenting the statements in more detail and will elaborate on them in course of the arbitration prioceeding in Stockholm.
This is not the first time when PJSC Ukrgasvydobuvannya issued a press release regarding Misen Enterprises’ AB and LLC Karpatygaz’s alleged breaches of the Joint Activity Agreement. The two partially owned subsidiaries of Misen Energy AB (publ) have already notified PJSC Ukrgasvydobuvannya that publication of such press releases has been made in violation of the confidentiality and non-disclosure obligations set forth in the Joint Activity Agreement.
Misen Energy AB (publ) will update the market on the further developments of the arbitration proceeding
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 traded on Nasdaq First North since 12 June 2007.
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 were acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement between at that time 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%), a subsidiary of the National Joint Stock Company Naftogaz of Ukraine. PJSC Ukrgasvydobuvannya is the largest producer of natural gas in Ukraine. The purpose of the Joint Activity Agreement is to significantly increase production of gas and oil by providing modern technologies via a large-scale investment program for the purposes of attainment of profits.
In June 2016 Misen Energy AB (publ) sold 37.5 % of Misen Enterprises AB shares to the Hong Kong based company Powerful United Limited. Owning (the remaining) 62.5% of Misen Enterprises AB shares, Misen Energy AB (publ) maintains full control of the company and preserves a right to obtain 62.5% of the future dividends from the operations in Ukraine.
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 is Consensus Asset Management AB.
For further information, please visit our website www.misenenergy.se.
This information is information that Misen Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 12:40 CET on 12 September 2016.