(For complete Year-end report see attached file)
Selena Oil & Gas Holding AB progresses and is aiming to start production from
Fedortsevskoye field
As reported previously, the Group’s subsidiary OOO Praim signed an agreement to
buy out the existing well Nr 24 on Fedortsovskoye field for a consideration of
576 TUSD on 12 September 2013 and successfully defended its project in local
natural resource authority Permnedra obtaining test production from wells Nr 21
and Nr 24 in Q3 2013.
In Q4 2013 the transaction for well acquisition was completed. The Company has
built the basic access roads to the Fedortsevskoye field and started
construction of the oil production terminal on the Fedortsevskoye field to
prepare the field for the production. Furthermore, land leases for the
necessary land plots were signed. To start the production from Fedortsevskoye
field the Group needs to finalize the well restoration and activation.
12M 2013 EBITDA loss amounted to 9,088 TSEK (12M 2012: 2,586 TSEK) and net
result was a loss of 20,579 TSEK (12M 2012: a loss of 9,976 TSEK) including net
finance expenses of 8,300 TSEK.
As reported earlier, the Company has also recognized an impairment loss of
232.7 TSEK related to its investment into OOO Selena-Perm in stand alone Parent
company accounts of Selena Oil & Gas Holding AB (publ). The recognized
impairment loss has no impact on consolidated financial results for 12 months
period ended 31 December 2013.
For full financial report, please see attachment. The report will also be
published on www.selenaoil.com.
For further information, please contact:
Magnus Stuart, Managing Director
mobile +46 706 211 350,
e-mail: magnus.stuart@selenaoil.com
Selena Oil & Gas Holding AB (publ) (former Emitor Holding AB) is engaged in the
production of oil and in the Volga-Ural region in the Russian Federation,
including Perm and Udmurtia. The company is listed on NASDAQ OMX First North
Premier in Stockholm under the ticker SOGH. Mangold Fondkommission is the
company´s Certified Adviser and liquidity provider, telephone +46 8-503 015 50.
