Application to Enforce the Final Award by Consent Granted
On 5 January 2021, the Kyiv Court of Appeal granted the application filed by Misen Enterprises AB and LLC Karpatygaz to recognize and permit the enforcement of the Final Award by Consent in case No V 2016/114.
The Court ruled to issue a writ of execution to enforce the Final Award by Consent and ordered JSC Ukrgazvydobuvannia to transfer 1,337,978,132.11 UAH (47,060,537.16 US dollars, according to the official rate of exchange of US Dollar to Ukrainian Hryvnia set by the National Bank of Ukraine as of 5 January 2021) to Misen Enterprises AB and 1,001,242.74 UAH to LLC Karpatygaz. The parties may file an appeal against the court ruling with the Supreme Court within 30 days.
As of today, Misen Enterprises AB and LLC Karpatygaz have not received compensation from JSC Ukrgasvydobuvannya. Proceedings in relation to recognition and enforcement of other arbitration awards rendered in case No V 2016/114, including for compensation for the use of joint property and compensation of legal costs, are still pending before courts in Ukraine.
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 Growth Market 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 JSC Ukrgasvydobuvannya (49.99%), a subsidiary of the National Joint Stock Company Naftogaz of Ukraine. JSC 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 and in July 2017 Misen Energy AB (publ) sold respectively 37.5% and 10% of Misen Enterprises AB shares to the Hong Kong based company Powerful United Limited. In March 2018, Misen Energy AB (publ) sold 2% of Misen Enterprises AB shares to Mr. Konstantin Guenevski. Owning (the remaining) 50.5% of Misen Enterprises AB shares, Misen Energy AB (publ) maintains full control of the company and preserves a right to obtain 50.5% 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 Growth Market under identification ticker MISE. The Certified Adviser of the company at Nasdaq First North Growth Market is Erik Penser Bank AB, tel.: +46 8 463 80 00, e-mail: firstname.lastname@example.org.
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 10:00 CEST on 7 January 2021.