The annual general meeting of shareholders in Malka Oil AB (publ) was
held today in Stockholm.
It was unanimously decided that submission and approval of the profit
and loss account, the balance sheet, the consolidated profit and loss
account, the consolidated balance sheet, establishment of allocation
of the Company's profits and losses in accordance with the adopted
balance sheet and discharge from liability for the members of the
board of directors and the managing director, as well as questions
regarding determination of the number of members of the board of
directors and, if applicable, deputy directors, of the number of
auditors and, if applicable, deputy auditors, determination of the
fees payable to the board of directors and the auditors and election
of members of the board of directors and, if applicable, deputy
directors as well as of auditors and, if applicable, deputy auditors,
should be approved during the continued general meeting which will be
held at 1.00 p.m. on June 15, 2009 at the offices of the law firm
Delphi on Regeringsgatan 30-32 in Stockholm, Sweden. The information
about the continued general meeting will be published on the Malka
Oil's website and via press release.
It was further decided to dismiss Michail Malyarenko and Alexander
Merko from their positions as members of the board of directors and
decided that the board of directors until the continued general
meeting is held should be represented by Mats Gabrielsson as the
chairman of the board, Thomas Lifvendahl, Peter Lindh, Nils Nilsson
and Torbjörn Ranta.
The majority of the shareholders represented at the annual general
meeting decided to approve the Board of Directors' proposal regarding
guidelines on compensation to the company management with the
adjustment that the variable salary shall amount to a maximum of one
time the annual basic salary.
Lastly, the Annual General Meeting approved the resolution to
establish a nomination committee for the annual general meeting of
2010. The nomination committee shall consist of the chairman of the
board and one (1) representative of each of the three (3)
shareholders with the largest voting rights at the end of the third
quarter 2009. The nomination committee shall perform those duties to
be performed by a nomination committee according to the Swedish Code
of Corporate Governance.
For further information, please contact:
Fredrik Svinhufvud, MD, Malka Oil, tel +46 8 5000 7811, mobile
+46 708 708 708
Jan-Olov Olsson, CFO, tel +46 8 5000 7812, mobile +46 768 51 86 92
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 licence 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 licence
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
have during 2007 went through reserve classification by the Russian
State Committee of Reserves (GKZ) and during spring 2008 a Western
reserve study made by DeGolyer and MacNaughton. 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, C1+ C2, in
the three existing oil fields on licence block number 87 is currently
140-190 million barrels. The Western reserve study estimation as of
April 30, 2008 amounted to 43.5 million barrels 2P and 90.6 million
barrels 3P oil reserves.
Malka Oil's licence 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.
