Following is a summary of the financial information given Interim report January -
Results for July-
- Consolidated operating group result KSEK -5,439 (-3,452)
- Consolidated group net turnover: KSEK 0 (4,621)
-
Earnings per share:
SEK -0.03 (0.04) - Production of natural gas: at zero level (at zero level)
Results for January-
- Consolidated operating group result KSEK -15,028 (-28,229)
- Consolidated group net turnover: KSEK 0 (33,496)
-
Earnings per share:
SEK -0.10 (-0.20) - Production of natural gas: at zero level (at zero level)
Summary of results:
- Given that the
Arbitral Tribunal rendered an award to terminate the Joint Activity Agreement No.3 (the "JAA"),Misen Energy AB (publ) believes that control over the specific assets owned by the Joint Activity (the "JA") no longer exists. Thus,Misen Energy AB (publ) continues accounting treatment of 50.01% participation interest in the JA under which assets and liabilities are not presented in the financial statements.
Key events during January-
- In
November 2020 ,Misen Enterprises AB and LLC Karpatygaz received a Final Award by Consent from theArbitral Tribunal in the SCC Arbitration. On5 January 2021 theKiev Court of Appeal recognized Final Award by Consent dated5 November 2020 . On10 February 2021 ,Misen Enterprises AB receivedUSD 47,060,537.16 (adjusted KSEK 396,630) and LLC Karpatygaz received UAH 1,001,242.74 (adjusted KSEK 299) from JSC Ukrgasvydobuvannya. JSC Ukrgasvydobuvannya was entitled to withhold a tax on non-resident income for 15% of the compensation toMisen Enterprises AB (adjusted UAH 236,113,788, KSEK 70,447) and pay the withheld amount to the budget ofUkraine . -
In fourth quarter of 2021
Misen Enterprises AB and LLC Karpatygaz finalized transfer of shares in the joint property to JSC Ukrgasvydobuvannya. InJanuary 2022 LLC Karpatygaz submitted an application to deregister JA from tax authorities which is currently suspended due to moratorium on tax audit for the periods from 2016 till 2019. -
On
24 March 2021 ,Misen Energy AB (publ) and its partially owned subsidiaryMisen Enterprises AB filed a Request for Arbitration under theWashington Convention and the Rules of theInternational Centre for Settlement of Investment Disputes (ICSID) againstUkraine . ICSID is an international organization that is part of theWorld Bank Group , headquartered inWashington, D.C. , inthe United States . The claims againstUkraine relate toUkraine's breaches of the companies' rights - and the ensuing damage to the companies' investment inUkraine - resulting from the imposition of a 70% subsoil use charge for the production of natural gas from depths of up to 5,000 meters. -
In
June 2021 the tribunal was constituted in ICSID arbitration againstUkraine . ProfessorJan Paulsson has been appointed as president of theArbitral Tribunal in a dispute betweenMisen Energy AB (publ) andMisen Enterprises AB vs.Ukraine (ICSID Case No. ARB/21/15). Earlier the Swedish companies appointed Dr.Stanimir Alexandrov andUkraine - ProfessorW. Michael Reisman . -
In
October 2021 ,Misen Energy AB (publ) andMisen Enterprises AB submitted a Memorial in international investment arbitration case againstUkraine (ICSID Case No. ARB/21/15). Misen requested for compensation that reflects the going concern value of Misen's share at the time exorbitant subsoil use tax was imposed on Joint Activity, which led to the termination of the JAA No.3. -
In
February 2022 ,Russia started a full-scale invasion ofUkraine . Russian troops make indiscriminate attacks including air raids, ballistic missile strikes and bombings, targeting residential housing, utilities, and critical infrastructure all overUkraine . President ofUkraine signed Decree № 64/2022 "On the imposition of martial law inUkraine ". Given the invasion, the BIT arbitration againstUkraine was suspended. -
On
31 December 2021 the subsidiary LLC Karpatygaz and LLC Tekhhproekt signed settlement agreement with JSC Ukrgasvydobuvannya in relation to the Joint Activity Agreement #493. According to the settlement agreement the total value to be paid by JSC Ukrgasvydobuvannya to LLC Karpatygaz is UAH 165,617,516 (adjusted KSEK 48,783) for their share in the joint property under the JAA No.493. -
On
1 January 2022 the Joint Activity Agreement No.493 between the subsidiary LLC Karpatygaz, LLC Tekhhproekt and JSC Ukrgasvydobuvannya was terminated. Accordingly, JSC Ukrgasvydobuvannya transferred to LLC Karpatygaz UAH 82,808,758 (adjusted KSEK 24,391) which amounts to 50% of total compensation. -
In
April 2022 LLC Karpatygaz finalized a transfer of shares in the joint property of the JAA #493 to JSC Ukrgasvydobuvannya. InJuly 2022 JA was deregistered from tax authorities. -
On
31 March 2022 Misen Enterprises AB , a wholly owned subsidiary ofMisen Energy AB (publ) entered into a Share Transfer Agreement in relation to LLC Karpatygaz with local law firm Victoria Legis. Under the agreement,Misen Enteprises AB transfers the shares of LLC Karpatygaz with all its rights and obligations. Accordingly, the transferee agreed to put LLC Karpatygaz into liquidation without bankruptcy proceedings. -
In
September 2017 , JSC Ukrgasvydobuvannya submitted criminal complaint to theNational Anticorruption Bureau of Ukraine (thereafter as "NABU"). On22 July 2022 , theSupreme Court of Ukraine rendered a decision whereby it dismissed the NABU's claims. The court case is over.
Key events after end of Q3 2022:
- In
October 2022 ,Victoria Legis was registered a as a new owner of LLC Karpatygaz.
Despite the legal issues that
After
Publication of the Interim report January -
This Interim report January -
Future reports and events
Next report, the interim January-
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
The company was founded in 2004 and its shares have been traded on Nasdaq First North Growth Market since
The JAA No.3 (as amended and restated) was terminated in
The registered office of
For further information, please visit our website www.misenenergy.se
This information is information that
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