Following is a summary of the financial information given Interim report January -
Results for January-
- Consolidated operating group result KSEK -24,777 (10,749)
- Consolidated group net turnover: KSEK 28,875 (19,497)
-
Earnings per share:
SEK -0.24 (0.06) - Production of natural gas: at zero level (at zero level)
Results for April-
- Consolidated operating group result KSEK -18,213 (1,084)
- Consolidated group net turnover: KSEK 146 (3,215)
-
Earnings per share:
SEK -0.12 (0.01) - 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% along withPowerful United Limited and Mr. Konstantin Guenevski participation interest in the JA under which assets and liabilities are not presented in the financial statements.
Key events during H1 2021:
- 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 receivedUSD 47,060,537.16 (KSEK 401,495) and LLC Karpatygaz received UAH 1,001,242.74 (KSEK 310) from JSC Ukrgasvydobuvannya. This compensation is after taxes applicable toMisen Enterprises AB inUkraine . JSC Ukrgasvydobuvannya was entitled to withhold a tax on non-resident income for 15% of the compensation toMisen Enterprises AB (UAH 236,113,788, KSEK 73,194) and pay the withheld amount to the budget ofUkraine . -
On
14 January 2021 theSupreme Court of Ukraine issued a ruling recognizing the Second Partial Final Award dated12 June 2020 (subject to the Corrections of the Second Partial Final Award dated18 August 2020 ). Accordingly, JSC Ukrgasvydobuvannya transferredEUR 2,739,784.53 (KSEK 27,765),SEK 344,415.38 ,USD 7,971.59 (KSEK 68), andGBP 10,940.05 (KSEK 129) toMisen Enterprises AB for the legal costs incurred the SCC Arbitration. -
Following successful resolution of the SCC arbitration and given that
Misen Enterprises AB received compensation from JSC Ukrgasvydobuvannya,Misen Energy AB (publ) andMisen Enterprises AB executed payments to the funders under the financing agreements. Namely, under the Financing Agreement concluded inMarch 2020 the companies paidEUR 1,940,000.00 (SEK 19,659,908 ); under the Financing Agreement concluded inNovember 2018 the companies paidEUR 8,452,140.90 (SEK 85,653,768 ) andEUR 3,221,404.00 (SEK 32,645,621 ). -
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. -
On
30 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
January 2020 , the hearing was held in the court proceeding in Case initiated by theNational Anticorruption Bureau of Ukraine ("NABU") based on the criminal complaint submitted by JSC Ukrgasvydobuvannya in 2017. The Kyiv Commercial Court resolved to open the court proceeding. The hearing was held on17 June 2021 . The Kyiv Commercial Court dismissed a claim what regards, among other issues, invalidation of JAA in their entirety. NABU and JSC Ukrgasvydobuvannya appealed against the decision.
Key events after end of H1 2021:
Misen Energy AB (publ) andMisen Enterprises AB vigorously defend the legitimate expectations of their shareholders in the ICSID Arbitration againstUkraine . Pursuant to the ICSID Arbitration Rules, theArbitral Tribunal will hold the first procedural hearing inSeptember 2021 .
Publication of the Interim report January -
This Interim report January -
Future reports and events
The interim Q3 2021 report will be published
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
In
The registered office of
For further information, please visit our website www.misenenergy.se.
This information is information that
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