The business concept of Misen Energy AB (publ) is to develop and significantly increase production in gas and oil fields by implementation of large-scale investment programmes and introduction of modern western knowhow and technology. These programmes include the development of new and redevelopment of old gas fields, well workover in order to enhance production, investments in new technology (e.g. construction of compressor stations), and development of high viscosity crude oil fields.
Misen Energy AB (publ) as the Parent Company of the Misen Group is a Swedish holding entity for the subsidiaries operating in Ukraine. The Parent Company’s focus is to undertake Misen Group wide tasks and, together with its subsidiary Misen Enterprises AB, when required, to ensure finance provision for operations in Ukraine.
Misen Enterprises AB as the wholly owned Swedish subsidiary of the Parent Company is the 50% participant and investor in the Joint Activity (“JA”) in Ukraine.
LLC Karpatygaz as the wholly owned Ukrainian subsidiary of Misen Enterprises AB is the 0.01% participant in the JA and acts as the operator of the JA.
Altogether the Misen Group has a 50.01% participating interest in the JA. The remaining 49.99% of participating interest in the JA is held by the Public Joint Stock Company Ukrgasvydobuvannya (“PJSC Ukrgasvydobuvannya”) (Ukraine), a wholly owned subsidiary of the National Joint Stock Company Naftogaz of Ukraine (Ukraine).
JA is governed by the Joint Activity Agreement No. 3, dated 10 June 2002 (“JAA” or “JAA No.3”), signed by PJSC Ukrgasvydobuvannya, LLC Karpatygaz and Misen Enterprises AB.