Delay in B8 field development
Report no. 4/20192019-03-01

On March 1st 2019, Grupa LOTOS S.A. (the “Company”, the “Issuer”) received information on a change of the planned target development date for the B8 field. The main reason for the delay is that the field infrastructure needs to be modified as a result of design errors and changes to the concept for the conversion of the platform and development of the field, which were made in 2014–2015 and whose combined adverse effects have affected the project in the current period.

The Issuer received information that the project was scheduled to be Ready for Operation no earlier than in the fourth quarter of 2019, and the full production from the B8 field was expected no earlier than in the second quarter of 2021.

The Company will promptly disclose any significant matters affecting the EFRA project in further current reports.

Legal basis: Article 17(1) of MAR – Inside information