Misen Energy AB (publ) negotiates sales of 128 mmcm of natural gas
As of the end of the Q1 2014, Misen Energy AB (publ) and its subsidiary LLC Karpatygaz have negotiated sales of 128 million cubic meters (mmcm) of natural gas. Of this volume, 88 mmcm constitute 50% of production volumes from Q1 2014, and 40 mmcm have been allocated from the stock produced in 2013 and stored in the underground storage facilities. This allows subsidiary LLC Karpatygaz to initiate a series of payments associated with Joint Activity (JA) tax debts. Sales of additional production entitlements are being negotiated. This could provide grounds for the situation with production to storage being discontinued, and uncertainty for the future business and going concerns is thus expected to decrease. Management continues monitoring situation and will inform the market accordingly.
For further information please contact:
Göran Wolff, MD
Telephone: +46 31 759 50 72
+46 709 45 48 48
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