Press Releases

A statement regarding the upcoming shareholders meeting and the proposed transactions

16.05.2013

 

A statement regarding the upcoming shareholders’ meeting and the proposed transactions
 
Selena Oil & Gas Holding AB (publ), hereinafter the Company, has convened an extraordinary general meeting of its shareholders to be held on 31 May 2013. 
 
As an item on the agenda of the meeting, certain transactions between Selena Oil & Gas AB and Ms. Nadezhda Popova are proposed. In the notice convening the meeting, the Company published additional information regarding the said agenda item based on the offer received from Ms. Popova.
 
The offer affords the Company a possibility to resolve several pending dispute regarding the ownership of its Russian assets and to significantly reduce the Company’s debt, and an opportunity to move forward with the development of the oil & gas fields in its portfolio.
 
The transactions, if approved, will involve a divestment of OOO “Selena-Perm”’s assets (including its production business), except the Komarihinskoye oil field, but will leave the Company with 2P reserves at an estimated 18.7 Mmboe. In exchange, Ms. Popova will settle in full the Company’s debt to Bryum Limited based on a 2,158,000 USD loan and the accrued interest and penalty interest. The transaction would also involve a settlement of the pending dispute pertaining to the share capital increase in OOO “Selena-Perm”, as disclosed earlier. The Company will continue to hold and develop the assets within the OOO “KRT-OGT” group of companies. The proposed transactions, if approved, will be done in full compliance with Swedish legislation. 
 
It is the present Board of Directors’ considered opinion that the proposed settlement is in the best interest of all of the Company’s shareholders and stakeholders. The proposed debt reduction will ensure the sustainability of the Company’s debt burden and address the critical liquidity concerns, while the settlement of pending disputes offers a way out of the stalemate in which the Company found itself over the recent months and allows the management to focus on and devote their full attention to the Company’s core objectives.
 
 
Chairman of the Board of Directors
Selena Oil & Gas Holding АВ,
Oleg Popov
 
For further information, please contact 
 
Aleksejs Rjabijs, Director
Tel: +371 25931663, 
e-mail: aleksejs.rjabijs@selenaoil.com
 
Selena Oil & Gas Holding AB (publ) (tidigare Emitor Holding AB) är verksamt inom produktion och transport av olja och gas i Volga-Ural regionen i Ryssland, inklusive Perm och Udmurtia. Bolaget är noterat på NASDAQ OMX First North Premier i Stockholm under namnet SOGH. Mangold Fondkommission är bolagets Certified Adviser och likviditetsgarant, telefon +46 8-503 015 50.

 

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