The Management Board of Grupa LOTOS S.A. hereby reports that on January 18th 2011, following completion of the pre-qualification round APA 2010, LOTOS Exploration and Production Norge AS (a wholly-owned subsidiary of LOTOS Petrobaltic S.A., in which Grupa LOTOS S.A. holds 99.32% of the share capital) was awarded a 25-percent interest in the PL 503B offshore licence located on the Norwegian Sea and was designated the licence operator.
The remaining 75% interest in the PL 503B licence was awarded to three companies: Skagen 44AS, Edison International Norway Branch, 4Sea Energy AS – 25% each.
In line with a programme of work for the aggregate area covering the area of licence PL503 and the adjacent licence PL 503B described above (i.e. an area of approx. 1,500 sq km), 3D seismic surveys are planned to be carried out in mid 2011, on the basis of which a decision will be made whether to drill an exploration well.
The cost of the above mentioned works (corresponding to the 25-percent interest) is estimated at approx. NOK 17.5m (the equivalent of approx. PLN 8.7m, as translated using the mid-exchange rate for NOK quoted by the National Bank of Poland for January 19th 2011).
Legal basis for publication of this report: Art. 56.1.1 of the Public Offering Act – inside information.