Publication of the Annual Report 2015 of Misen Energy AB (publ)
The Annual Report for 2015 has been published today and is available in Swedish and English on the company’s website at: http://misenenergy.se/repository/Financial_reports_ENG/Misen_Energy_AR2015_ENG.pdf.
In addition, to supplement the statutory report, Misen Energy AB (publ) has published Misen Energy Group 2015 operations and results overview, which is available in Swedish and English on the company’s website at: http://misenenergy.se/repository/Misen_Energy_Group_2015_overview_(ENG).pdf.
Both documents are also available at the company office at Engelbrektsgatan 32, SE-411 37, Gothenburg, Sweden and can be ordered at firstname.lastname@example.org.
The audit report deviates from standard due to issues related to continuing political and economic uncertainties in Ukraine, due to problems related to financing of the company’s Swedish operations.
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.