During the first five months of 2014, Misen Energy AB (publ) and its subsidiary LLC Karpatygaz have concluded sales of 233 million cubic meters (mmcm) of natural gas. This volume includes previously announced sales of 128 mmcm and comprises a mix of natural gas produced in 2013 stored in the underground storage facilities and natural gas produced during January – April 2014. In addition, a substantive progress has been reached in negotiating re-inclusion of the LLC Karpatygaz led Joint Activity (JA) into the gas balance. As of 4 June 2014, the JA has been included into the gas balance regarding the whole production of May and June 2014, representing a total estimated volume of 123 mmcm. This allows LLC Karpatygaz to continue payments associated with the JA debts and prepare the grounds for possible reactivation of currently suspended investment program. Even though the aforesaid re-inclusion into the gas balance does not represent a permanent solution as of yet, it further strengthens notion that the situation with production to storage will be discontinued, and thus decreases uncertainty for the future business and going concern. For further information please contact: Göran Wolff, MD Telephone: +46 31 759 50 72 +46 709 45 48 48 E-mail: goran@misenenergy.se info@misenenergy.se 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 since 12 June 2007 traded on NASDAQ OMX First North.In 2011, Misen Energy AB (publ) acquired all shares in Misen Enterprises AB and its wholly-owned Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01% of the revenue and profit from a gas production project in Ukraine. The rights and cooperation relating to the gas production is governed by a Joint Activity Agreement among Misen Enterprises AB and LLC Karpatygaz (together 50.01%) and PJSC Ukrgasvydobuvannya (49.99%), the largest private producer of natural gas in Ukraine and subsidiary of the National Joint Stock Company Naftogaz of Ukraine.The purpose of the joint activity project is to significantly increase production of gas and oil by providing modern technologies via a large-scale investment program.The registered office of Misen Energy AB (publ) is in Stockholm and the shares are traded on NASDAQ OMX First North under identification ticker MISE.The Certified Adviser of the company at NASDAQ OMX First North is Thenberg & Kinde Fondkommission AB.For further information please visit our website www.misenenergy.se This press release contains certain forward-looking statements that reflect the company’s current views or expectations of future events, including the company's future performance, business prospects and opportunities. Forward -looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, ultimate recovery of reserves or resources, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Words such as “intends", anticipates", "expects", "plans", "estimates", "may", and similar expressions regarding indications or predictions of future developments or trends that are not based on historical facts, constitute forward-looking information. Although the company believes that these statements are based upon reasonable assumptions and expectations, the company cannot give any assurances that any such forward-looking statements will materialize. Because these forward -looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Forward-looking statements in this press release apply only at the time of the press release. The company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Report on sales and gas balance from Misen Energy AB (publ)
| Source: Misen Energy AB (publ.)