As of the end of the Q1 2014, Misen Energy AB (publ) and its subsidiary LLC Karpatygaz have negotiated sales of 128 million cubic meters (mmcm) of natural gas. Of this volume, 88 mmcm constitute 50% of production volumes from Q1 2014, and 40 mmcm have been allocated from the stock produced in 2013 and stored in the underground storage facilities. This allows subsidiary LLC Karpatygaz to initiate a series of payments associated with Joint Activity (JA) tax debts.

Sales of additional production entitlements are being negotiated. This could provide grounds for the situation with production to storage being discontinued, and uncertainty for the future business and going concerns is thus expected to decrease. Management continues monitoring situation and will inform the market accordingly.

Tags: Misen Energy AB