Results July-September 2013 and the Company´s position on September 30th, 2013
Selena Oil & Gas have progressed during third quarter in activities to start
production from the Fedortsovskoye field. The OOO Selena-Perm restructuring has
been completed
On 12 September 2013 the Group's subsidiary OOO Praim signed an agreement to
buy out well Nr 24 on Fedortsovskoye field from LukOil for a consideration of
576 TUSD. OOO Praim also defended the project in Permnedra for test production
of wells Nr 21 and Nr 24 located on the Fedortsovskoye field allowing the
Company to start the production from those wells as soon as the full
consideration is paid and acquisition of the wells is completed. In Q3 2013 the
Company also made the investments in building the basic construction roads to
Fedortsovskoye field and started construction of the oil production terminal on
Fedortsovskoye field to prepare the field for the production. To start the
production from Fedortsovskoye field the Company needs to close the transaction
for acquisition of the three wells, complete the construction of the oil
production terminal building and sign land leases for the necessary land and
plots.
In Q3 2013 the restructuring of OOO Selena-Perm was completed and July 2013 was
the last month when oil fields Visakovskoye, Dubroviskoye and Azinskoye were
consolidated in Selena Oil & Gas Holding AB (publ), and therefore the Company’s
production of crude oil was discontinued temporarily. Furthermore, based on the
settlement agreement the Company’s debt burden was decreased by 16,991 TSEK
improving the Group’s financial standing and decreasing consolidated net debt
to 11,992 TSEK as of 30 September 2013.
9M 2013 EBITDA loss amounted to 3,500 TSEK (9M 2012: 1,321 TSEK) and net result
was a loss of 13,308 TSEK (9M 2012: a loss of 5,481 TSEK) including net finance
expenses of 8,102 TSEK.
For full financial report, please see attachment. The report will also be
published on www.selenaoil.com.
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 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.
