This report on production for Selena Oil & Gas Holding AB (publ) is released
with consolidation of its subsidiaries, including OOO Selena-Perm.
The production in July 2013 amounted to 3.7 Mbbl(1), corresponding to an
adjusted average production per day of 277 bbl(2), which is a decrease of 12.5%
as compared to the average daily production level in 2012 (317).
As July is the last month when oilfields Visakovskoye, Dubroviskoye and
Azinskoye are consolidated in Selena Oil & Gas Holding, the company’s
production of crude oil will henceforth discontinue temporarily. Future
production reporting will reflect the progress in the company’s investment
strategy and subsequent drilling program. Following the restructuring of assets
in OOO Selena Perm, Visakovskoye oilfield was disposed on July 4th and
Dubroviskoye and Azinskoye oilfields were disposed on July 22nd.
The company will continue focus on activities to develop Borkmosskoye,
Fedortsovskoye and Kulighinskoye oil fields. These oilfields hold several
temporary abandoned oil wells. The oil wells were drilled and documented as oil
discoveries, often more than 25 years ago. Immediately at the time of drilling,
wells were carefully sealed pending a subsequent decision to start production.
Selena Oil & Gas regards the reworking of the wells as an opportunity to
achieve production with limited investments. Activities are under way to
organizing all contractual aspects to obtain official permission to start
production from these wells.
Selena Oil and Gas Holding expect to present details as to investment
strategies and drilling plans within a few months. The company’s monthly
reporting of production will henceforth be published on the 5th, of each month
or on subsequent Monday and will also seek to clarify the progress in drilling
and prospective activities.
(1) Mbbl – 1000 barrels
(2) bbl – barrel
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.
