Misen Energy AB (publ) signs new amendment to Joint Activity Agreement

As of 7 April 2014, Misen Energy AB (publ) (the “Company”) has received full confirmation and approval from the Ukrainian State authorities with regard to the Amendment No. 6 to the Joint Activity Agreement (“JAA”). The Amendment No. 6 was signed earlier in February 2014 and was preceded by negotiations regarding extension of the Company’s subsidiary Misen Enterprises AB’s obligation to contribute to Joint Activity (“JA”) KUSD 12,516 (KSEK 80,685) under the Amendment No. 5.

With the full support and understanding from all related parties, the newly signed amendment provides greater authority to JA’s Management Committee, which in turn agreed on extension of Misen Enterprises AB’s obligation to contribute funding until 31 December 2014. In addition, Amendment No. 6 excludes inoperative well stock that fell under the expiring licenses held by PJSC Ukrgasvydobuvannya, thus addressing and mitigating company-related license risks.

The above-mentioned signing of Amendment No. 6 effectively cancels previously signed and announced Amendment No. 6 (in April 2013). The Company’s commitment to facilitate additional financing to JA, when required, has been reduced to the original value of UAH 3 billion (approximately KSEK 1,760,000) and will be reflected in 2014 reports under contingent liability in the Misen group’s accounts.

For more details, please refer to the Annual Report and consolidated financial statements for the financial year 2013.

For further information please contact:

Göran Wolff, MD

Telephone: +46 31 759 50 72
                   +46 709 45 48 48
E-mail:        goran@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