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2016-07-21

Misen Energy AB: The two partially owned subsidiaries of Misen Energy AB (publ) received the Request for Arbitration from PJSC Ukrgasvydobuvannya

Misen Enterprises AB and LLC Karpatygaz, the two partially owned
subsidiaries of Misen Energy AB (publ), received the Request for
Arbitration from the Public Joint Stock Company Ukrgasvydobuvannya
("PJSC Ukrgasvydobuvannya") on 18 July 2016. PJSC Ukrgasvydobuvannya
submitted the Request for Arbitration to the Arbitration Institute of
the Stockholm Chamber of Commerce and requests termination of Joint
Activities Agreement No. 3 dated 10 June 2002 (as further amended)
between PJSC Ukrgasvydobuvannya, LLC Karpatygaz and Misen Enterprises
AB.

The two partially owned subsidiaries of Misen Energy AB (publ) have
previously notified PJSC Ukrgasvydobuvannya that a dispute had arisen
between them, therefore, the claims of PJSC Ukrgasvydobuvannya and
the subsequent Request for Arbitration were anticipated. Karpatygaz
LLC and Misen Enterprises AB will participate in the arbitration
proceeding and will vigorously defend the legitimate interests of
their investors. In accordance to the SCC statistics for 2015
(http://www.sccinstitute.com/statistics/), the majority of the SCC
cases were completed within 6-12 months from the date of registration
of a case with the SCC.

This arbitration proceeding has no immediate impact on Misen
Enterprises' AB and LLC Karpatygaz's business in Ukraine. Misen
Energy AB (publ) will constantly update the market on the further
developments of the arbitration proceeding.

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%67%79.%73%65)
info@misenenergy.se (%69%6e%66%6f@%6d%69%73%65%6e%65%6e%65%72%67%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.
This information is information that Misen Energy AB (publ) is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the
contact person set out above, at 09:40 CET on 21 July 2016.

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http://news.cision.com/misen-energy-ab/r/the-two-partially-owned-subsidi...

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