Further to current report No. 1/2009 of January 22nd 2009, the Management Board of Grupa LOTOS S.A. hereby reports that yesterday it was notified that on February 26th 2009 Bronnoysundregistrene, the Norwegian companies register, registered the share capital increase at LOTOS Exploration and Production Norge A.S., as well as the acquisition of the new shares issued as part of the increase by Petrobaltic S.A. (which is 69% controlled by Grupa LOTOS S.A.).
The change in the amount and structure of the share capital of LOTOS E&P Norge A.S. took effect upon completion of the share capital increase registration proceedings referred to in current report No. 1/2009 of January 22nd 2009.
Following the registration, LOTOS E&P Norge AS’s share capital amounts to NOK 430m (or PLN 228,5m, translated at the PLN/NOK mid-exchange rate quoted by the National Bank of Poland for May 6th 2009), and is divided into 430 million equal and indivisible shares with the par value of NOK 1 per share, carrying the right to 430 million votes. Following the registration, Petrobaltic S.A. acquired 240 million shares, with the aggregate par value of NOK 240m (or PLN 127,6m, translated at the PLN/NOK mid-exchange rate quoted by the National Bank of Poland for May 6th 2009), against a contribution in cash.
The core business of LOTOS E&P Norge is the exploration and production of crude oil at the Norwegian continental shelf. The purpose of the increase in the company’s share capital through the issue of new shares was to ensure financing for the further development of its business. Petrobaltic S.A. is the investor in E&P Norge AS as the LOTOS Group’s leading company in the area of oil and gas exploration and production.
Legal basis for the publication of this report: Par. 5.1.9 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities, dated October 19th 2005.