Press releases in English
A partially owned subsidiary of Misen Energy AB (publ) is prohibited from using Booster Compressor Stations
On 23 February 2017 a District Court in Kyiv arrested the Booster Compressor Stations (“BCS”) that form part of the Joint Activity’s assets. The court ruling prevents LLC Karpatygaz, a partially owned subsidiary of Misen Energy AB (publ), from operating the BCSs and obliges to transfer the BCSs to PJSC Ukrgasvydobuvannya, wholly owned by the Ukrainian State. The court ruling is effective from the date on which it was made. As a result, LLC Karpatygaz cannot perform its daily operations and properly implement JAA No. 3. LLC Karpatygaz will comply with the court ruling in accordance with Ukrainian law.
The court ruling was issued in the context of a previously reported criminal investigation. LLC Karpatygaz and Misen Enterprises AB consider the criminal allegations to be ungrounded, deny them in their entirely, consider that all court rulings issued in this context are illegal and amount to expropriation of their assets.
Inability operate the BCSs raises a going concern issue for the Joint Activity and Misen Energy’s AB (publ) partially owned subsidiaries LLC Karpatygaz and Misen Enterprises AB.
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 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 PJSC Ukrgasvydobuvannya (49.99%), a subsidiary of the National Joint Stock Company Naftogaz of Ukraine. PJSC 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 Misen Energy AB (publ) sold 37.5 % of Misen Enterprises AB shares to the Hong Kong based company Powerful United Limited. Owning (the remaining) 62.5% of Misen Enterprises AB shares, Misen Energy AB (publ) maintains full control of the company and preserves a right to obtain 62.5% 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 under identification ticker MISE. The Certified Adviser of the company at Nasdaq First North is Erik Penser Bank AB.
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 11:00 CET on 28 February 2017.« Back