In the period from November 8th 2011 to February 29th 2012, Grupa LOTOS executed contracts with Petraco Oil Company Ltd. for an aggregate value of approximately PLN 848m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
On December 29th 2011, Grupa LOTOS and Petraco Oil Company Ltd. executed a contract for the supply of crude oil to Grupa LOTOS. The contract was executed for a definite period (from January 1st 2012 to January 31st 2012), and is the highest value contract from among the contracts with Petraco Oil Company Ltd.).
The estimated value of the contract of December 29th 2011 is PLN 297m. The contract does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), nor does it provide for any contractual penalties. The other terms and conditions of the contract do not differ from the terms and conditions commonly applied 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.