The Management Board of Grupa LOTOS S.A. hereby reports that on February 28th 2011 Grupa LOTOS S.A. signed an agreement with Petraco Oil Company Ltd of Guernsey on the supply of REBCO crude oil to Grupa LOTOS S.A. in March 2011. The agreement provides for supplies of the crude through the Druzhba Pipeline.
The total value of agreements concluded between the two parties in the period from the release date of the previous Current Report (Current Report No. 32/2010 of December 13th 2010) until today amounts to ca. USD 301.3m (i.e. PLN 866.69m translated at the USD mid-exchange rate quoted by the National Bank of Poland for February 28th 2011) and has reached the value of a significant agreement, i.e. more than 10% of Grupa LOTOS S.A.’s equity.
In terms of value, the largest of these agreements is the agreement of February 28th 2011 on the supply of REBCO crude oil, which is worth USD 197.0m (i.e. PLN 566.67m translated at the USD mid-exchange rate quoted by the National Bank of Poland for February 28th 2011).
The agreement does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), it does not provide for any contractual penalties and its terms and conditions do not differ from the terms and conditions commonly used in agreements of such type.
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.