Press releases in English

2021 February 10

Two partially owned subsidiaries of Misen Energy AB (publ) received compensation from JSC Ukrgasvydobuvannya

On 10 February 2021, Misen Enterprises AB received US dollars 47,060,537.16 (approx. kSEK 393,426) and LLC Karpatygaz received UAH 1,001,242.74 (approx. kSEK 295) from JSC Ukrgasvydobuvannya in accordance with the ruling of the Kyiv Court of Appeal of 5 January 2021. This compensation is after taxes applicable to Misen Enterprises AB in Ukraine. As previously reported, JSC Ukrgasvydobuvannya was entitled to withhold a tax on non-resident income for 15% of the compensation to Misen Enterprises AB (UAH 236,113,788, approx. KSEK 75,845) and pay the withheld amount to the budget of Ukraine.

This compensation reflects Misen Enterprises AB’s and LLC Karpatygaz’s share of the replacement costs of the equipment subject to the joint ownership under the JAA No.3. However, this compensation does not reflect the going concern value of Misen Energy AB (publ.)’s share at the time the exorbitant subsoil use tax was imposed on the Joint Activity, which led to the termination of the Joint Activity Agreement. Misen Energy AB (publ) and its partially owned subsidiaries reserve all their rights in this respect.

Given that the awarded amounts have been paid to the partially owned subsidiaries of Misen Energy AB (publ), the effect of compensation will be reflected in the Misen Group’s accounts for 2020. Misen Energy AB (publ) assesses its outstanding obligations and will inform the market on the proposed way forward under Swedish law, including about a prospective possibility to distribute dividends.

For further information, please contact:

Göran Wolff, MD     

Direct line:  +46 31 759 50 72
Mobile:       +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 traded on Nasdaq First North Growth Market 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 JSC Ukrgasvydobuvannya (49.99%), a subsidiary of the National Joint Stock Company Naftogaz of Ukraine. JSC 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 and in July 2017 Misen Energy AB (publ) sold respectively 37.5% and 10% of Misen Enterprises AB shares to the Hong Kong based company Powerful United Limited. In March 2018, Misen Energy AB (publ) sold 2% of Misen Enterprises AB shares to Mr. Konstantin Guenevski. Owning (the remaining) 50.5% of Misen Enterprises AB shares, Misen Energy AB (publ) maintains full control of the company and preserves a right to obtain 50.5% 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 Growth Market under identification ticker MISE. The Certified Adviser of the company at Nasdaq First North Growth Market is Erik Penser Bank AB, tel.: +46 8 463 80 00, e-mail:
For further information, please visit our website

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 16.00 CEST on 10 February 2021.

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