Following is a summary of the financial information given Interim report January-June 2023 (6M 2023) 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: https://misenenergy.se/repository/Financial_reports_ENG/Misen_Energy_H1_2023_ENG.pdf
Results for January-June 2023 (within brackets same period 2022):
- Consolidated operating group result KSEK -11,159 (-9,589)
- Consolidated group net turnover: KSEK 0 (0)
- Earnings per share: SEK -0.08 (-0.07)
- Production of natural gas: at zero level (at zero level)
Key events during January-June 2023:
- To finance operating expenses in 2023, on 30 January 2023, Misen Energy AB entered into Loan and Call Option Agreement with Powerful United Limited, an investment company focused on energy production and based in Honk Kong. Under the Agreement, PUL undertook to provide EUR 2 million loan in three installments by 31 July 2023. The parties agreed that until 30 January 2024 PUL will have an irrevocable priority right for an additional amount to purchase Misen Enterprises AB being assigned by Misen Energy AB (publ) any and all claims in relation to Misen Energy AB (publ) and Misen Enterprises AB v. Ukraine.
- In February 2022, Russia started a full-scale invasion of Ukraine. Russian troops make indiscriminate attacks including air raids, ballistic missile strikes and bombings, targeting residential housing, utilities, and critical infrastructure all over Ukraine. President of Ukraine signed Decree № 64/2022 "On the imposition of martial law in Ukraine". Given the invasion, the BIT arbitration against Ukraine was suspended.
Key events after end of 6M 2023:
- Under the Loan and Call Option Agreement (as amended and restated) dated 30 January 2023, PUL transferred EUR 1.2 million to Misen Energy AB (publ), however, failed to transfer the third installment. As a result, PUL lost its call option right to purchase Misen Enterprises AB holding all rights to the BIT arbitration.
Despite the legal issues that Misen Energy AB (publ) has had with its investments in Ukraine, the Board of Directors and the Management unconditionally and wholeheartedly support Ukraine and its people in their fight against the Russian aggression.
After Ukraine emerges victorious from this heinous war, Misen Energy AB (publ) and Misen Enterprises AB intend to propose amicable settlement to Ukraine on the fair terms that shall fully take in to account those atrocious current developments on Ukrainian soil. Misen Energy AB (publ) will inform the market accordingly.
Publication of the Interim report January - June 2023
This Interim report January - June 2023 is published at the Company's website (www.misenenergy.se), and a printed version can be ordered at info@misenenergy.se.
Future reports and events
Next reporting and events dates are as follows:
- 29 February 2024 - Interim year-end 2023 report