Press Releases

Divestment of subsidiary OOO Borei in Perm region

19.07.2013

 Selena Oil & Gas Holding AB is please to announce that it has completed a cash transaction for the divestment of it subsidiary OOO Borei. OOO Borei holds the license for Ilikovskoye oilfield located in the Perm region. The Ilikovskoye oilfield had at the occasion of the divestment no production of oil or natural gas.

The Ilikovskoye field is estimated to hold 1P reserves amounting to 0.3 Million boe and 2P reserves of 3.1 Million boe. The value of transaction amounted to RUB 26 million, which corresponds to approximately USD 0.8 million. The transaction was settled on July 12, 2013 through full cash payment in exchange for full title to all shares in OOO Borei.

The company´s decision to divest OOO Borei is based on Selena Oil & Gas strategy to prioritize investments in the development of the company’s two main assets, the Fedortsovskoye and the Kulighinskoye oil fields. As Ilikovskoye field have a geographical location isolated from the main fields in Perm region, the required investments in establishing the Ilikovskoye field’s infrastructure, is expected to reduce the total return of the investment and to add overhead cost.

After the transaction the company’s 1P reserves amount to 9.2 Million boe and 2P reserves amount to 18.2 Million boe.

For further information, please contact:

Magnus Stuart, CEO

+46 706 211 350

 Selena Oil & Gas Holding AB (publ) (former Emitor Holding AB) is engaged in the production and transportation of oil and gas in the Volga-Ural region in the Russian Federation, including Perm and Udmurtia. The company is listed on NASDAQ OMX First North Premier in Stockholm under the ticker SOGH. Mangold Fondkommission is the company´s Certified Adviser and liquidity provider, telephone +46 8-503 015 50. 

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