The Management Board of Grupa LOTOS S.A. hereby reports that on January 19th 2010, following completion of the pre-qualification round APA 2009, LOTOS Exploration and Production Norge AS (a wholly-owned subsidiary of Petrobaltic S.A., in which Grupa LOTOS S.A. holds 99.32% of the share capital) was awarded a 50-percent interest in the PL 556 offshore licence located on the Norwegian Sea and was designated the licence operator. The remaining 50-percent interest in the PL 556 licence was awarded to Skeie Energy AS.
In line with the work programme for the licence, within the first year of its award analyses will be carried out aimed at deciding whether to drill an exploration well. The cost of the analyses (corresponding to the 50-percent interest) is estimated at approx. NOK 6m (the equivalent of approx. PLN 2.96m, as translated using the mid-exchange rate for NOK quoted by the National Bank of Poland for January 20th 2010).
Legal basis for publication of this report: Art. 56.1.1 of the Public Offering Act – inside information.