Information from Q1 2014 Misen Energy AB (publ)

Following is a summary of the financial information given in the Q1 2014 report from Misen Energy AB (publ) published today. The complete report is available in both English and Swedish on the company's website: http://misenenergy.se/en/main/investors/reports
 

• Daily production has increased 16 % compared with March 2013.
• Total production during Q1 2014 has increased 14.5 % compared to Q1 2013.
• Turnover of Q1 2014 has decreased 28 % compared to Q1 2013.
• Accumulated earnings per share 86 % lower than Q1 2013.
• Sales of 128 mmcm* of the natural gas have been negotiated during Q1 2014, but this does not represent a solution to the problem of not being accepted in the gas balance. This is having a negative effect on the result and the cash flow of the Misen Group.
• Amendment No. 6 to the JAA has been signed, facilitating an extension of Misen Enterprises AB obligation to contribute to JA KUSD 12,516 (KSEK 80,685) under the Amendment No. 5. The newly signed Amendment No. 6 effectively cancels the previously signed and announced Amendment No. 6.
  * million cubic meters

January – March 2014 (2013):

• Consolidated group operating income KSEK 65,237 (132,942)
• Consolidated group net turnover KSEK 166,174 (231,108)
• Earnings per share SEK 0.10 (0.72)

Accumulated production:
                                          During Q1 2014           During Q1 2013
Natural gas (mmcm)                     174                               152

For further information, please contact:

Göran Wolff, MD

Direct line:  +46 31 759 50 72
Mobile:        +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 Misen Enterprises AB and its Ukrainian subsidiary, LLC Karpatygaz, including the rights of 50.01% of the revenue and profit from a gas production project in Ukraine. In consideration of the acquisition, a new share issue was carried out.
The gas producing assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement between the wholly-owned direct and indirect subsidiaries of Misen Energy AB (publ), i.e. Misen Enterprises AB and LLC Karpatygaz (together 50.01%) and PJSC Ukrgasvydobuvannya (49.99%), the largest producer of natural gas in Ukraine and subsidiary of the National Joint Stock Company Naftogaz of Ukraine. The value of the assets is estimated to be substantially higher than the purchase price for Misen Enterprises AB.
The purpose of the 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 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 web site www.misenenergy.se.