Press Releases

Q3 2011 report

17.11.2011

9 months 2011: Production increased by 24.5% to 87.9 Mbbl (70.6) 

The 9 months report for the period Jan-Sept 2011 of Selena Oil & Gas Holding AB (publ) showed that production increased by 24.5 % to 87.9 Mbbl as compared to the same period in 2010 (70.6). Furthermore, during the third quarter production increased by 45.1% to 32.8 Mbbl (22.6).

Sales revenue amounted to 35,364 TSEK in 9 months period and increased by 104.6% as compared to respective period in 2010 (17,280).

Due to relatively low production levels, one-off expenses related to company’s listing and reverse acquisition EBITDA for 9 months period amounted to 106 TSEK. Operating loss in 9 months period amounted to 4,311 TSEK as compared to an operating loss of 2,245 TSEK in 9 months 2010.

During the third quarter Selena Oil & Gas Holding AB continued active work on the planned acquisition of the asset in Perm. As the data collection from target for the due diligence was slightly delayed, the signing of the main purchase agreement has been extended to 19 December 2011.

“Selena Oil & Gas continues to deliver on its long-term strategy. The Company has increased production and has expanded by completing new licenses and acquisitions and is working on the due diligence of an asset in Perm. Increase of production in future requires further drilling of new wells and that is our plan for 2012. The organization that we have can deliver significantly larger production volumes and we intend to benefit from that. Currently the funding solutions for further expansion are being assessed”, says Indrek Rahumaa, Chairman of the Board of Selena Oil & Gas Holding AB.

For full financial report, please see attachment. The report will also be published on www.selenaoil.com.

A conference call on the financial result will be held today at 11 CET. Indrek Rauhmaa, Chairman of the board, Jyrgen Lamp, CEO, and Baiba Gegere, CFO, will present the results, followed by a Q&A session. To participate, please call +46 757 600 469 and enter the access code 556643.

For further information, please contact:
Indrek Rahumaa, Chairman of the Board, phone +372 509 2080 or +7 (916) 180 31 62, e-mail: indrek.rahumaa@selenaoil.com

Selena Oil & Gas Holding AB (publ) (former Emitor Holding AB) is engaged in the production of oil and 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.

Click here to download in PDF format

 


Click here for Emitor Holding AB (publ) Press releases 2008 – 2011