Essential events after the end of the H1 2020
As have been made public earlier, the Arbitral Tribunal rendered a second partial final award on 17 June 2020. The Tribunal directed the parties to agree on the value of the net assets. JSC Ukrgasvydobuvannya, Misen Enterprises AB and LLC Karpatygaz failed to agree on the net value of the joint property within 60 days. Accordingly, the parties requested the Arbitral Tribunal additional 30 days. The parties should revert to the Arbitral Tribunal by mid of September 2020. If the parties fail to agree on the net value of the joint property in accordance with the guidelines, the Arbitral Tribunal will determine the net value of the joint property in the final award.
Misen Enterprises AB and LLC Karpatygaz seek to enforce the arbitration awards in Ukraine in order to receive compensation. In April 2020, Misen Enteprises filed a motion to enforce a consent award rendered by the Arbitral Tribunal on 26 March 2020. The court confirmed and recognized a consent award in June 2020. Additionally, in July 2020, Misen Enteprises AB filed a motion to confirm and enforce the second partial final award in Ukraine. The court hearing will be held on 11 September 2020.
As of today, Misen Enteprises AB and LLC Karpatygaz have not yet received any compensation under the arbitration awards.
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 09:45 CEST on 31 August 2020.