The Management Board of Grupa LOTOS S.A. hereby reports that on December 13th 2010 Grupa LOTOS S.A. and Petraco Oil Company Ltd of Guernsey signed an agreement for the supply of REBCO crude oil to Grupa LOTOS S.A. in December 2010.According to the agreement the deliveries will be executed through the Druzhba pipeline.
The total value of agreements executed between Grupa LOTOS S.A. and Petraco Oil Company Ltd within the last twelve months amounted to USD 290m (or PLN 882,91 translated at the mid-exchange rate quoted for USD by the National Bank of Poland on December 13th 2010), exceeded 10% of Grupa LOTOS S.A.’s equity and reached the status of a material agreement.
The largest transaction (in terms of value) concluded between the two companies is the agreement from October 1st 2010 for the supply of REBCO crude oil. The estimated value of this agreement is USD 119,31m (or PLN 343,28m translated at the mid-exchange rate quoted for USD by the National Bank of Poland on October 1st 2010).
The agreement does not contain any conditions precedent or specify any date of events giving rise to the claim (dies a quo), it does not provide for any contractual penalties, and was executed on typical market terms for this type of transactions.
The legal basis for the publication of this Current Report is Par. 5.1.3 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009.