Communiqué from extraordinary shareholders’ meeting Oil and Gas Holding AB (publ)

The meeting resolved to approve a settlement agreement whereby: (1) Ms.
Nadezhda Popova transfers to Selena Oil & Gas AB all shares in OOO
”Selena-Perm” belonging to her and all claims under the loan agreements
concluded between the Company and its subsidiaries as the borrowers and Bryum
Limited as the lender, for the total principal amount of 2,158,000 USD, with
all interest and penalties accrued whereon (which claims Ms. Nadezhda Popova
intends to acquire from Bryum Limited); (2) OOO ”Selena-Perm” will be
reorganized so that OOO ”KNK” (an entity controlled by Ms. Nadezhda Popova)
will ultimately acquire assets and liabilities of OOO ”Selena-Perm” except
those related to the ”Komarihinskoye” oil field, which will remain on the
balance sheet of OOO ”Selena-Perm” with all related assets and liabilities. The
meeting resolved to grant the Board of Directors the approval for the above
transactions and the authorisation to further negotiate and implement the same.
After the transaction it is anticipated the company’s 2P reserves will amount
to 21.3 Mmbbl.


Furthermore, the extraordinary shareholders’ meeting elected a new board of
directors. All previous board members were discharged and the extraordinary
shareholders’ meeting elected new board of directors with its members being
Indrek Rahumaa, Erik Staffan Bernstein Torstensson, Poul Gunnar Waern, Lars
Bergström, Per Olof Sjöstedt and Jürgen Lamp.

 

For further information, please contact:

Indrek Rahumaa,

phone +46 73 087 5800,

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.