In the period from December 21st to December 31st 2012, Grupa LOTOS S.A. executed contracts with the Statoil Group companies for an aggregate value of approximately PLN 9.3bn, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS S.A.).
On December 31st 2012, Grupa LOTOS S.A. and Statoil Poland Sp. z o.o. signed an annex to the liquid fuel sales agreement of November 20th 2008 (Current Report No. 58/2008). The annex extended the term of the agreement until December 31st 2014. The value of the agreement in the period from January 1st 2013 to December 31st 2014 is estimated at PLN 9.2bn.
The maximum value of the contractual penalties is estimated at approximately PLN 57m. The agreement does not contain any provisions under which the parties would be entitled to seek any additional compensation above the 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.