Misen Energy expands further in Ukraine
The current Joint Activity Agreement among Misen Energy`s AB subsidiaries Misen Enterprises AB and Karpatygaz LLC , and the Ukrainian partner , the state company Ukrgazvydobuvannya has been extended by an addendum agreed by the parties in the Joint Activity . The addendum is now approved and registered by the Ukrainian government and extends the permits of the Joint Activity with 35 new wells as a first step .
Misen Energys AB subsidiary Karpatygaz LLC has secured an extended financing of the Joint Activity with the Ukranian division of Sberbank in the amount of 38,5 million USD .
For further information please contact:
Leif Larsson, CEO
tel 46 31 759 50 71
mobile 46 708 40 82 71
e-mail leif@capital oil.se
Misen Energy is a Swedish oil and gas exploration and extraction company with operations in Ukraine. The company was founded in 2004 and the share is since 12 June 2007 traded on NasdaqOMX First North.
In 2011 the company acquired Misen Enterprises AB and its Ukrainian subsidiary, KarpatyGaz, including the rights of 50,01 % of the revenue and profit from a gas production project in Ukraine, which will provide the company with essential gas and oil assets. As consideration of this acquisition a new share issue was performed.
The gas extraction assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement (the "JAA") between the wholly owned subsidiaries of Misen Energy, i.e., Misen Enterprises AB and Karpatygaz and Ukrgazvydobuvannya, the largest producer of natural gas in Ukraine and subsidiary of the publicly owned company Naftogaz Ukraine. The value of the assets has been assessed by PwC in Ukraine and is estimated to be significantly more than the purchase price for Misen Enterprises AB.
The purpose of the project is to significantly increase production of gas and oil by implementing new technology and a large-scale investment program.
The company's management has extensive experience in the oil industry both in the former Eastern bloc and in the rest of the world, including prospecting as well as production and sale of oil.
The registered office of Misen Energy is in Stockholm and the shares are traded on First North under identification MISE. The Certified Adviser of the company at NasdaqOMX First North is Thenberg & Kinde Fondkommision AB.
For further information please visit our web site www.misenenergy.se.