Press releases in English

2013 October 8

Challenges with sales of natural gas continue. Misen Energy AB (publ) is late with tax payments in Ukraine

Misen Energy AB (publ) and its subsidiary in Ukraine continue experiencing challenges related to the sales process of locally produced natural gas. All natural gas produced, transported, stored and allocated to final consumers is registered on a monthly basis in the gas balancing process by the Ukrainian State Company Naftogaz Ukraine. As communicated in June, since Q2 2013 this process began exhibiting signs of irregularity, leading to numerous delays in confirming sales orders and payments to the company.

For August-September, Misen has not been included into the balancing process, forcing Misen to store all of its produced natural gas in underground storages till later notice. This pattern is observed to continue in October. Not being able to sell its production entitlements, Misen has been late with payments to contractors and suppliers. As of October, Misen is late with the tax payments, mostly for subsoil use and VAT.

As it has been reported, Misen's production during the H1 of 2013 has been higher than estimated. Efforts are being undertaken to resolve the gas balancing issue to be able to reach the end result for 2013 as foreseen.

For further information please contact:

Tore I. Sandvold, Chairman of the Board

Telephone: +46 31 759 50 70



Misen Energy AB (publ) (former Svenska CapitalOil AB (publ)) (the “Company”) 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 June 12, 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. 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 the Company, i.e. Misen Enterprises AB, Karpatygaz (together 50.01%) and Ukrgasvydobuvannya, (49.99%) the largest producer of natural gas in Ukraine and subsidiary of the publicly owned company Naftogaz, Ukraine. The value of the assets is estimated to be substantially more than the purchase price for the Company. The purpose of the JAA is to significantly increase production of gas and oil by implementing new technology and a large-scale investment program.

The registered office of the Company is in Stockholm and the shares are traded on NasdaqOMX 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

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