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Malka Oil The annual general meeting of shareholders in Malka Oil AB (publ) was held today in Stockholm. The profit and loss account and balance sheet for 2008 were adopted and it was decided not to distribute any dividends.
The Board of Directors and the Managing Director were discharged from liability in respect of the passed financial year. The current Board Members Mats Gabrielsson, Michail Malyarenko, Thomas Lifvendahl, Alexander Merko, Nils Nilsson and Torbjörn Ranta were re-elected. Paal Hveem has declined re-election and instead Peter Lindh was elected as new Board Member. Mats Gabrielsson was elected by the General Meeting as the Chairman of the Board. Michail Malyarenko will be appointed as vice Chairman of the Board at a statutory board meeting later today.
It was decided that the remuneration to the Board of Directors for the period up until the next annual general meeting will be SEK 250,000 for the Chairman of the Board and SEK 125,000 each to the other Board Members. The auditor Johan Arpe, at firm Ranby Björklund Stockholm AB, will be paid on current account.
It was decided to change the articles of association in accordance with the Board of Directors' proposal meaning that the wording of Section 4 is changed from "The share capital shall be at least SEK 46,926,000 and at most SEK 187,704,000" to "The share capital shall be at least SEK 100,000,000 and at most SEK 400,000,000" and the wording of Section 5 is proposed to be changed from "The amount of shares shall be at least 93,852,000 and at most 375,408,000" to "The amount of shares shall be at least 200,000,000 and at most 800,000,000".
It was decided to approve the Board of Directors' proposal regarding guidelines on compensation to the company management. It was further decided to issue 6,000,000 options for subscription for shares for on-selling to employees.
It was decided to approve a mandate to the Board of Directors valid until the next Annual General Meeting of shareholders, on one or more occasions, to issue up to 100,000,000 new shares without deviation from the existing shareholders' preferential rights.
Lastly, the Annual General Meeting approved a mandate to the Board of Directors valid until the next Annual General Meeting of shareholders to issue up to 50,000,000 new shares with deviation from the existing shareholders' preferential rights.
For further information, please contact: Fredrik Svinhufvud, Managing Director Malka Oil, tel +46 8 5000 7811, mobile +46 708 708 708 Richard Tejme, CFO, tel +46 8 5000 7812 mobile +46 707 31 52 17
For further information on Malka Oil AB, see the website www.malkaoil.se
Malka Oil AB (publ) is an independent oil and gas production company operating in the Tomsk region in western Siberia. Their current position consists of oil and gas assets for license block number 87 in the said region. The block has a surface of 1,800 square kilometres. There are currently three oil fields at the license block, namely Zapadno-Luginetskoye ("ZL"), Lower Luginetskoye ("LL") and the Schinginskoye oil field, and a large quantity of other not yet drilled oil structures. The ZL and LL oil fields are in production and these two oil fields field have also went through reserve classification by the Russian State Committee of Reserves (GKZ). A considerable drilling programme was carried out in 2007. The GKZ registered extractable oil and condensate reserves in the categories C1 and C2 amounted to 97 million barrels at the end of 2007. The company's own estimate of its extractable oil and condensate reserves in the three existing oil fields on license block number 87 is currently 140-190 million barrels. Malka Oil's license block is surrounded by a large number of producing oil and gas fields.
Reasonable caution notice: The statement and assumptions made in the company's information regarding Malka Oil AB's ("Malka") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Malka's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Malka's expectations and assumptions made on the basis of information available at that time. These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to i) changes in the financial, legal and political environment of the countries in which Malka conducts business, ii) changes in the available geological information concerning the company's projects in operation, iii) Malka's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", iv) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, v) changes in currency exchange rates, in particular those relating to the RUR/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Malka's actual future development may significantly deviate from that indicated in the company's informative statements. Malka assumes no implicit liability to immediately update any such future evaluations.
