Information from Interim report Q1 2021 Misen Energy AB (publ)

Following is a summary of the financial information given Interim report January - March 2021 (Q1 2021) from Misen Energy AB (publ) published today. The complete report is attached and is available in both English and Swedish on the Company's website: http://misenenergy.se/repository/Financial_reports_ENG/Misen_Energy_Q1_2021_ENG.pdf

Results for January-March 2021 (within brackets same period 2020):

• Consolidated operating group result KSEK -6,564 (9,665)
• Consolidated group net turnover: KSEK 28,729 (16,282)
• Earnings per share: SEK -0.12 (0.05)
• Production of natural gas: at zero level (at zero level)

Summary of results:

• Given that the Arbitral Tribunal rendered an award to terminate the Joint Activity Agreement No.3 (the “JAA”), Misen Energy AB (publ) believes that control over the specific assets owned by the Joint Activity (the “JA”) no longer exists. Thus, Misen Energy AB (publ) continues accounting treatment of 50.01% along with Powerful United Limited and Mr. Konstantin Guenevski participation interest in the JA under which assets and liabilities are not presented in the financial statements.

Key events during Q1 2021:

• In November 2020, Misen Enterprises AB and LLC Karpatygaz received a Final Award by Consent from the Arbitral Tribunal in the SCC Arbitration. On 5 January 2021 the Kiev Court of Appeal recognized Final Award by Consent dated 5 November 2020. On 10 February 2021, Misen Enterprises AB received USD 47,060,537.16 (KSEK 385,677) and LLC Karpatygaz received UAH 1,001,242.74 (KSEK 287) from JSC Ukrgasvydobuvannya. This compensation is after taxes applicable to Misen Enterprises AB in Ukraine. JSC Ukrgasvydobuvannya was entitled to withhold a tax on non-resident income for 15% of the compensation to Misen Enterprises AB (UAH 236,113,788, KSEK 67,725) and pay the withheld amount to the budget of Ukraine.
• On 14 January 2021 the Supreme Court of Ukraine issued a ruling recognizing the Second Partial Final Award dated 12 June 2020 (subject to the Corrections of the Second Partial Final Award dated 18 August 2020). Accordingly, JSC Ukrgasvydobuvannya transferred EUR 2,739,784.53 (KSEK 27,538), SEK 344,415.38, USD 7,971.59 (KSEK 65), and GBP 10,940.05 (KSEK 122) to Misen Enterprises AB for the legal costs incurred the SCC Arbitration.
• Following successful resolution of the SCC arbitration and given that Misen Enterprises AB received compensation from JSC Ukrgasvydobuvannya, Misen Energy AB (publ) and Misen Enterprises AB executed payments to the funders under the financing agreements. Namely, under the Financing Agreement concluded in March 2020 the companies paid EUR 1,940,000.00 (SEK 19,616,966); under the Financing Agreement concluded in November 2018 the companies paid EUR 8,452,140.90 (SEK 85,466,680) and EUR 3,221,404.00 (SEK 32,574,315).
• On 24 March 2021, Misen Energy AB (publ) and its partially owned subsidiary Misen Enterprises AB filed a Request for Arbitration under the Washington Convention and the Rules of the International Centre for Settlement of Investment Disputes (ICSID) against Ukraine. ICSID is an international organization that is part of the World Bank Group, headquartered in Washington, D.C., in the United States. The claims against Ukraine relate to Ukraine’s breaches of the companies’ rights – and the ensuing damage to the companies’ investment in Ukraine – resulting from the imposition of a 70% subsoil use charge for the production of natural gas from depths of up to 5,000 meters.
• On 11 January 2020, the hearing was held in the court proceeding in Case initiated by the National Anticorruption Bureau of Ukraine (“NABU”) based on the criminal complaint submitted by JSC Ukrgasvydobuvannya in 2017. The Kyiv Commercial Court resolved to open the court proceeding. The next hearing will be held on 17 June 2021.

Key events after end of Q1 2021:

• Misen Energy AB (publ) and Misen Enterprises AB vigorously defend the legitimate expectations of their shareholders in the ICSID Arbitration against Ukraine. The Parties expect that the Tribunal will be constituted by end of June 2021 in accordance with the ICSID Arbitration Rules.

Publication of the Interim report January - March 2021

This Interim report January - March 2021 is published at the Company’s website (www.misenenergy.se), and a printed version can be ordered at [email protected].

Future reports and events

The interim January-June 2021 report will be published 31 August 2021.