October 2016 production and sales report from Misen Energy AB (publ)
During October 2016, the Joint Activity (JA) led by Misen Energy AB (publ) produced a total of 53.7 million cubic meters (mmcm) of natural gas, 2.7 thousand tons (ktons) of gas condensate, 0.4 ktons of oil and 0.9 ktons of liquefied petroleum gas (LPG). All LPG was produced at Yuliyivska BCS.
During October 2016, the JA sold 44.5 mmcm natural gas what represents production of October 2016. In addition 7.8 mmcm of natural gas was used for the technical needs of operating Khrestyshchenska booster compressor station. The stock of unsold natural gas makes up 1.4 mmcm as of the end of the October 2016.
All gas condensate and oil produced during October 2016 has been transferred to further processing and subsequent sales.
During October 2016, the JA sold 0.8 ktons of LPG.
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 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 First North is Consensus Asset Management AB (formerly Thenberg & Kinde Fondkommission 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. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 17 November 2016.