Misen Energy AB (publ) subsidiary commissions four booster compressor stations

As of September 2015 the Joint Activity (JA) led by LLC Karpatygaz, subsidiary of Misen Energy AB (publ), commissioned four booster compressor stations (BCS) in Ukraine. This was made possible due to a renewed investment program, as informed in the previous announcements of Misen Energy AB (publ).

Currently JA operates seven BCS in Ukraine what allows stabilizing and maintaining the necessary operational pressures within the dedicated gas and condensate fields and provides for additional gas and condensate production to the JA.

The four BCS commissioned as of September 2015 are: Khrestishchenska (Kharkiv region), Letnyanska and Svydnitska (L’viv region) and Abazivska (Poltava region).

Khrestyshchenska BCS was constructed on the basis of Titan 130 CS gas turbines produced by Solar Turbines International Company (USA) comprising 4 units with the overall capacity of 60 MW. The total investment made by the JA into this project constitutes KUSD 135,300 (KSEK 919,200 using historical exchange rate). Khrestyshchenska BCS represents the largest installation of such kind in Ukraine, effectively supporting up to a quarter of the total domestic production of natural gas in Ukraine. Operating of Khrestyshchenska BCS will allow to maintain production of natural gas within the group of eight field at the level of 4.65 billion cubic meters (bcm) per year and will ensure incremental production of gas to the JA in the range of 200 million cubic meters (mmcm) per year.

Letnyanska BCS was constructed on the basis of the Ariel gas compressor units and Caterpillar drive (USA) supplied by Propak Systems LTD (Canada) with the overall capacity of 1.23 МW. The total investment by JA into this project constitutes KUSD 6,100 (KSEK 41,200). Operating of Letnyanska BCS will allow to maintain the required operating pressures within the Letnyanske field and adjoining Oparske field, and will ensure incremental production of natural gas to the JA at the level of 9 mmcm per year. Along with Letnyanska BCS a gas dehydration skid was commissioned what allow to improve the quality of natural gas supplied to the main gas pipeline system of PJSC Ukrtransgas.

Svydnytska BCS was constructed on the basis of the Ariel gas compressor units and Caterpillar drive (USA) supplied by Propak Systems LTD (Canada) with the overall capacity of 0.86 МW. The total investment by JA into this project constitutes KUSD 4,800 (KSEK 33,100). Operating of Svydnytska BCS will allow to maintain the required operating pressures within the Svydnytske field and will ensure incremental production of natural gas to the JA at the level of 7.5 mmcm per year.

Abazivska BCS was constructed on the basis of Ariel gas compressor units and Caterpillar drive (USA) supplied by Propak Systems LTD (Canada) with the overall capacity of 0.79 МW. The total investment by JA into this project constitutes KUSD 5,300 (KSEK 35,500). Operating of Abazivska BCS will allow to maintain the required operating pressures within Abazivske and Sementsivske fields and will ensure incremental production of natural gas to the JA at the level of 7 mmcm per year.
 

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) 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 First North Stockholm.
In 2011, Misen Energy AB (publ) acquired Misen Enterprises AB and its Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01% of the revenue and profit from a gas production project in Ukraine. In consideration of this 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 First North Stockholm is Consensus Asset Management AB.
For further information, please visit our website www.misenenergy.se.