Selena Oil & Gas Holding AB (publ.) (SOGH), announced on 20 March,
that the Company had entered into a letter of intent with an investor
consortium on a guarantee of an issue to finance the Company\'s
development plans in Perm.
The Consortium has announced to the management of the Company that it
does not intend to pursue the letter of intent. This is due to lawsuits
in progress at the Stockholm District Court and the legal uncertainty
that exists regarding the prospect to register the emission.
\- \"The Company is subject to an attack from a minority shareholder.
This is the principal reason behind the withdrawal of the guarantee,
\"says Magnus Stuart, CEO of Selena Oil & Gas Holding AB (publ.).
Following this development, the Company is evaluating opportunities to
take appropriate legal actions including damages and adequate
enforcement measures.
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 exploration, and production of oil and gas in the
Volga-Ural region in the Russian Federation, around Perm. The Company´s
shares are temporarily not publicly listed, but the Company observes all
rules, practices and policies for any company subject to public listing.
Selena Oil & Gas Holding AB are in process of seeking for a new
listing. Mangold Fondkommission serves as before as the company´s
Adviser on public information.
