The Management Board of Grupa LOTOS S.A. hereby reports that on October 28th 2011 Grupa LOTOS S.A. and Eminent Energy Ltd of Nicosia have concluded an agreement on crude oil supply in November 2011.
The total value of the agreements concluded between Grupa LOTOS S.A. and Eminent Energy Ltd in the period since the latest current report’s publication, reached approximately USD 251.23m (i.e. PLN 765.27m translated at the USD mid-exchange rate quoted by the National Bank of Poland for October 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 October 28th 2011, which is estimated for USD 78.19m (i.e. PLN 238.17m translated at the USD mid-exchange rate quoted by the National Bank of Poland for October 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. the total value of agreements executed.