Correction Notice of Press Release on Information from Q1

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

May 31, 2016 at 5:00 AM

Correction Notice of Press Release on Information from Q1 2016 Misen Energy AB (publ)

In the press release published earlier today, the increase in earnings and production results for Q1 2016 (2015) were misstated. The corrected statements with attached Q1 2016 follows below. Following is a summary of the financial information given in the Q1 2016 report from Misen Energy AB (publ) published today. The complete report is attached and is available in both English and Swedish on the Company's website: http://www.misenenergy.se/en/main/investors/reports_eng Summary of results: · Renewed investment program has resulted in increase in production of certain product categories during Q1 2016. · During Q1 2016 Misen faced lower sales prices combined with increased sub -soil charges and continuously weakening Ukrainian currency, what resulted in consolidated operating group income being lower by 50% when compared to Q1 2015 and in consolidated group net turnover being lower by 11%. · Accumulated earnings per share for Q1 2016 were 80% higher than for Q1 2015. · Due to increased sub-soil charges JA investment program fell by 79% during Q1 2016 compared to Q1 2015. Key events: · At the beginning of February 2016, Misen Enterprises AB reached agreement with the JA partner PJSC Ukrgasvydobuvannya regarding the operation of Khrestyshchenska BCS, according to which, the JA rents out Khrestyshchenska BCS to PJSC Ukrgasvydobuvannya with an obligation of the latter to compensate the gas needed for operations of BCS. · The situation with the sub-soil charge has deteriorated since establishment of 29% rate for private gas producers for production from the depth under 5,000 meters and 14% rate for production from the depth above 5,000 meters. These amendments deepen targeted discriminatory conditions for JAs in relation to other private gas producers. · During Q1 2016, Ukrainian currency has decreased from 0.3468 on 31 December 2015 to 0.3061 on 31 March 2016, or by -11.7%. January – March 2016 (2015): · Consolidated operating group income: KSEK 28,578 (57,111) · Consolidated group net turnover: KSEK 207,490 (231,850) · Earnings per share: SEK 0,09 (0,05) · Production of natural gas: 164 million cubic meters (153) Key events after end of Q1 2016: · The Company has agreed on a loan of KEUR 500 from Prolux Resources AG. This will secure financing of Misen’s Swedish operations for the upcoming four months. · The Company informed the Ministry of Justice of Ukraine that it had complied with the requirements of Article 8.1 of the Bilateral Investment Treaty to attempt to settle the dispute amicably and that Ukraine had failed to engage in any meaningful discussions with the Company. The Ukrainian Government informed the Company that it still believes the measures for amicable settlement have not been exhausted and that Ukrainian Government shall continue to be open to finding an amicable and constructive way to resolve the investment dispute. The board continues to explore the ways to settle the investment dispute in beneficial way to the Company and will report on future development. · During April to mid-May 2016, Misen Enterprises AB subsidiary LLC Karpatygaz, which is in charge of operating the JA, continued to rent out Khrestyshchenska BCS to PJSC Ukrgasvydobuvannya with an obligation of the latter to compensate the gas needed for operation. 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 (%67%6f%72%61%6e@%6d%69%73%65%6e%65%6e%65%72% 6 7%79.%73%65) info@misenenergy.se (%69%6e%66%6f@%6d%69%73%65%6e%65%6e%65%72% 6 7%79.%73%65) 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 First North. 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. Under IFRS rules, this transaction is classified as a reverse takeover. 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 First North is Consensus Asset Management AB (formerly Thenberg & Kinde Fondkommission AB). For further information, please visit our website www.misenenergy.se.

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Princess Cruises Launches New Era at Celebration Key

Never thought I'd see the day when a cruise ship docking would stir such excitement, but here we are. The Star Princess has made its grand debut at Celebration Key, the latest jewel in Princess Cruises' crown. And they're going all out with Bahamian flair—something about a Junkanoo band and beach art that would make even the crustiest sailor crack a smile. Inaugural Fun...

Pan-Mass Challenge Gifts $80M to Dana-Farber for 2026

A Momentous Gift in a Crunch Time for Cancer Research Biking and philanthropy might seem like an odd duo, but let me tell you, the Pan-Mass Challenge (PMC) is making that partnership look like peanut butter and jelly. This year, PMC rolled out a jaw-dropping $80 million gift to the Dana-Farber Cancer Institute. You heard right—eighty million smackeroos. Talk about going...

Uber Data Breach: Class Action Investigation Begins

When Tech Meets Trouble: Uber's Data Breach Picture this: the hum of Uber rides weaving through your city, drivers none the wiser that personal info has been pried from the vaults thanks to their tech partner, Fireworks AI. Uber, folks, is in hot water once again. This isn’t just another tech hiccup; it's a legal whirlwind brewing up courtesy of Edelson Lechtzin LLP, a...

Championing Change: USTA Mid-Atlantic Gala's Impact

A Night to Remember: USTA Mid-Atlantic's Gala Who would've thought tennis could wield such transformative power? This ain't your average sport gala. Last Saturday, a crowd of over 300 gathered at the Ritz-Carlton Tysons Corner for the USTA Mid-Atlantic Foundation's 2026 Tennis Creates Gala. Hosted by the formidable Malika Andrews, this event wasn't just a fancy...

InstaHeat 35K: FOGATTI Offers Upgraded RV Furnace Control

Winter RV Trips Just Got Cozier There's nothing quite like hitting the open road in an RV during the winter months. But let's face it, nobody wants to return to a cabin that's as frigid as the great outdoors. Here's where FOGATTI steps up its game with the InstaHeat Ultra 35K RV Furnace. They’ve tinkered with the thermostat to iron out more precise control, just in time...

Shenzhen's Vision Unveiled: APEC 2026 Promo Debut

Shenzhen's Spotlight Moment at APEC 2026 When Shenzhen announced its promotional video for the 2026 APEC Economic Leaders' Meeting, it wasn't just about standard tourism glitz. This was a show of force, a bold step onto the main stage of global politics and economics. The video's launch wasn’t merely an audio-visual delight—it staked a claim in shaping the future...

D-Wave Quantum Hit with Securities Fraud Lawsuit

A Legal Quagmire for D-Wave Quantum Investors Securities fraud lawsuits are like light in a dark alley—you need them when the truth's been stashed out of sight, but they illuminate the dirty and damp parts of investment strategies nobody wants to talk about. Right now, D-Wave Quantum Inc. is smack dab in the middle of such litigious action. If you had the misfortune of...

KINGRVER Boosts RV Comfort with New Water Heater Lineup

An Upgrade for the Open Road In the land of RV living, comfort is king—or in this case, KINGRVER. Dropping affordable upgrades for water heaters into the world of RVs, KINGRVER's CT6 lineup is like a warm hug on a chilly campsite morning. Whether you've pulled up to a wooded retreat or parked under the vast desert sky, having dependable hot water shouldn't be a gamble....

Novo's CagriSema Trials Show Promising Weight Loss

Decoding CagriSema's Promise Let me tell you, when those corporate folks from Novo Nordisk announce something big like their investigational drug CagriSema at ObesityWeek® 2026, it’s time to take notice. This isn’t just your average press release about some new weight loss fad. We’re talking about a phase 3 REDEFINE 1 trial that opens up a treasure chest of data...

Investors Gear Up for Lennar Class Action Lawsuit

High Stakes and Hard Hits for Lennar Stockholders There’s rarely a dull moment in the world of Wall Street, and Lennar Corporation (NYSE: LEN) is proving that rule right now. As a whiff of scandal wafts through the air, the famed homebuilder and its bigwigs are staring down the barrel of a formidable class action lawsuit. The question is, just how deep do the alleged...