The Management Board of Grupa LOTOS S.A. ("Grupa LOTOS") hereby reports that on April 20th 2011, Grupa LOTOS concluded an agreement with Statoil ASA of Stavanger, Norway, ("Statoil ASA") providing for crude oil supplies to Grupa LOTOS.
The aggregate value of agreements concluded between Grupa LOTOS and Statoil ASA and its subsidiaries in the past twelve months has reached approximately PLN 791.3m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
In terms of value, the largest of these agreements is the agreement of January 12th 2011 on the supply of crude oil to Grupa LOTOS, concluded between Grupa LOTOS and Statoil ASA, the value of which was estimated at approximately PLN 285.9m (calculated using the USD mid-exchange rate quoted by the National Bank of Poland for January 12th 2011). This agreement does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), and it does not provide for any contractual penalties.
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.