The Management Board of Grupa LOTOS S.A. hereby reports that it became aware yesterday that Petrobaltic S.A. (a 99.32% subsidiary of Grupa LOTOS S.A.) had received a decision of the Minister of the Environment concerning amendments to the licence for extraction of crude oil and the associated natural gas from the B8 field situated within the Polish exclusive economic zone of the Baltic Sea.
The decision extends the licence validity term from 10 to 25 years counting from the licence issue date, which means that the licence has been extended by 15 years.
Pursuant to the amended licence, as at December 31st 2008 the recoverable reserves of the B8 field amounted to:
- 3.5 million tonnes of crude oil,
- 0.4 billion cubic meters of natural gas (associated material).
As a result of reassessment of the B8 field reserves, LOTOS Group’s recoverable reserves rose by 1.5 million tonnes (or 30%) in the case of crude oil and by 0.1 billion cubic meters (or 2%) in the case of natural gas relative to the amounts disclosed in the LOTOS Group’s Consolidated Financial Statements for 2008.
Taking into account the reassessment of the B8 field reserves, as at December 31st 2008 LOTOS Group’s crude oil and natural gas reserves were:
Crude oil (2P*): 6.5 million tonnes,
Natural gas (2P*): 4.5 billion cubic meters.
*2P – proved and probable
Legal basis for the publication of this report: Art. 56.1.1 of the Public Offering Act – inside information.