Maks Grinfeld is appointed as new CEO at Malka Oil effective from
July 1, 2009. Maks has more than 20 years experience of working with
the Russian market and Russian businesses. Among his responsibilities
is the position as director for Stena Bulk in Russia.
Fredrik Svinhufvud is leaving his position from June 30 but will be
at the disposal of the new management.
Maks Grinfeld was born in 1961 in the former Soviet Union, but since
1978 is a resident in Sweden and is a Swedish citizen. In the 1990s,
Maks was Managing Director for the Wektab Group which was involved in
oil trading with Russian oil companies. In 2000, he was appointed as
head of Yukos-RM's (Refining and Marketing) export department with
responsibility for trading with oil products. In 2004, Maks became
head of Yukos-EP's (Exploration and Production) department for
acquisitions and in 2005, he moved to TNK-BP as Vice President with
responsibility for special projects. Beginning in 2002 Maks has
worked as an advisor for Stena Bulk AB with responsibility for the
Russian market and since 2007 he holds a position as their
representative in Moscow. Since 2006 Maks Grinfeld conducts his own
consultancy as advisor to Swedish and foreign companies with a focus
on Shipping and Oil in the business with the Russian Federation.
For further information, please contact:
Sven-Erik Zachrisson, Chairman of the Board, tel: +46 8 41 05 45 96
Maks Grinfeld, incoming CEO, mob: +46 708 39 69 99
Fredrik Svinhufvud, outgoing CEO, mob: +46 708 708 708
For further information about 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 licence 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 licence
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
have during 2007 went through reserve classification by the Russian
State Committee of Reserves (GKZ) and during spring 2008 a Western
reserve study made by DeGolyer and MacNaughton. 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, C1+ C2, in
the three existing oil fields on licence block number 87 is currently
140-190 million barrels. The Western reserve study estimation as of
April 30, 2008 amounted to 43.5 million barrels 2P and 90.6 million
barrels 3P oil reserves.
Malka Oil's licence 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.
