The annual general meeting of shareholders in Malka Oil AB (publ) was
held today in Stockholm. The profit and loss account and balance
sheet for 2008 were adopted and it was decided not to distribute any
dividends.
The Board of Directors and the Managing Director were discharged from
liability in respect of the passed financial year. The current Board
Members Mats Gabrielsson, Michail Malyarenko, Thomas Lifvendahl,
Alexander Merko, Nils Nilsson and Torbjörn Ranta were re-elected.
Paal Hveem has declined re-election and instead Peter Lindh was
elected as new Board Member. Mats Gabrielsson was elected by the
General Meeting as the Chairman of the Board. Michail Malyarenko will
be appointed as vice Chairman of the Board at a statutory board
meeting later today.
It was decided that the remuneration to the Board of Directors for
the period up until the next annual general meeting will be SEK
250,000 for the Chairman of the Board and SEK 125,000 each to the
other Board Members. The auditor Johan Arpe, at firm Ranby Björklund
Stockholm AB, will be paid on current account.
It was decided to change the articles of association in accordance
with the Board of Directors' proposal meaning that the wording of
Section 4 is changed from "The share capital shall be at least SEK
46,926,000 and at most SEK 187,704,000" to "The share capital shall
be at least SEK 100,000,000 and at most SEK 400,000,000" and the
wording of Section 5 is proposed to be changed from "The amount of
shares shall be at least 93,852,000 and at most 375,408,000" to "The
amount of shares shall be at least 200,000,000 and at most
800,000,000".
It was decided to approve the Board of Directors' proposal regarding
guidelines on compensation to the company management. It was further
decided to issue 6,000,000 options for subscription for shares for
on-selling to employees.
It was decided to approve a mandate to the Board of Directors valid
until the next Annual General Meeting of shareholders, on one or more
occasions, to issue up to 100,000,000 new shares without deviation
from the existing shareholders' preferential rights.
Lastly, the Annual General Meeting approved a mandate to the Board of
Directors valid until the next Annual General Meeting of shareholders
to issue up to 50,000,000 new shares with deviation from the existing
shareholders' preferential rights.
For further information, please contact:
Fredrik Svinhufvud, Managing Director Malka Oil, tel +46 8 5000 7811,
mobile +46 708 708 708
Richard Tejme, CFO, tel +46 8 5000 7812 mobile +46 707 31 52 17
For further information on Malka Oil AB, see the website
www.malkaoil.se
Malka Oil AB (publ) is an independent oil and gas production company
operating in the Tomsk region in western Siberia. Their current
position consists of oil and gas assets for license block number 87
in the said region. The block has a surface of 1,800 square
kilometres. There are currently three oil fields at the license
block, namely Zapadno-Luginetskoye ("ZL"), Lower Luginetskoye ("LL")
and the Schinginskoye oil field, and a large quantity of other not
yet drilled oil structures. The ZL and LL oil fields are in
production and these two oil fields field have also went through
reserve classification by the Russian State Committee of Reserves
(GKZ). A considerable drilling programme was carried out in 2007. The
GKZ registered extractable oil and condensate reserves in the
categories C1 and C2 amounted to 97 million barrels at the end of
2007. The company's own estimate of its extractable oil and
condensate reserves in the three existing oil fields on license block
number 87 is currently 140-190 million barrels.
Malka Oil's license block is surrounded by a large number of
producing oil and gas fields.
Reasonable caution notice: The statement and assumptions made in the
company's information regarding Malka Oil AB's ("Malka") current
plans, prognoses, strategies, concepts and other statements that are
not historical facts are estimations or "forward looking statements"
concerning Malka's future activities. Such future estimations
comprise but are not limited to statements that include words such as"may occur", "concerning", "plans", "expects", "estimates","believes", "evaluates", "prognosticates" or similar expressions.
Such expressions reflect the management of Malka's expectations and
assumptions made on the basis of information available at that time.
These statements and assumptions are subject to a large number of
risks and uncertainties. These, in their turn, comprise but are not
limited to i) changes in the financial, legal and political
environment of the countries in which Malka conducts business, ii)
changes in the available geological information concerning the
company's projects in operation, iii) Malka's capacity to
continuously guarantee sufficient financing to perform their
activities as a "going concern", iv) the success of all participants
in the group, or of the various interested companies, joint ventures
or secondary alliances, v) changes in currency exchange rates, in
particular those relating to the RUR/USD rate. Due to the background
of the many risks and uncertainties that exist for any
oil-prospecting venture and oil production company in its initial
stage, Malka's actual future development may significantly deviate
from that indicated in the company's informative statements. Malka
assumes no implicit liability to immediately update any such future
evaluations.
