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Acquisition of 15% stake in PL558 exploration and production license on the Norwegian Continental Shelf

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10/25/2011 | 04:05am EST

Warsaw, 25th October 2011

Acquisition of 15% stake in PL558 exploration and production license on the Norwegian Continental Shelf

Current Report No. 148/2011
The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA ("PGNiG", the "Company") hereby reports that its subsidiary company PGNiG Norway AS ("PGNiG Norway") purchased on October 24th, 2011 15% interest in the exploration and production license PL558 on the Norwegian Continental Shelf ("the License") based on an agreement with Nexen Exploration Norge AS ("the Agreement").
Current shareholders of the License are: E.ON Ruhrgas Norge AS (operator of the License with 30% stake), Nexen Exploration Norge AS (15% stake), Det norske oljeselskap AS (20% stake), Petoro AS (20% stake) and PGNiG Norway (15% stake).
The Agreement is subject to approval by the Ministry of Petroleum and Energy ("the Ministry"). After approval of the Ministry shareholders of the License will be: E.ON Ruhrgas Norge AS (30% stake), Det norske oljeselskap AS (20% stake), Petoro AS (20% stake) and PGNiG Norway (30% stake).
The license was originally awarded as part of the APA2009 licensing round and covers an area of 145.854 square km. From the award of the License, 3D seismic data were reprocessed and license prospectivity was evaluated. The license includes very interesting exploration targets with the potential to discover both oil and gas.
Increasing of the share in the License from 15% to 30% is an important element of PGNiG Norway's strategy. According to its strategy PGNiG Norway builds hubs like the Skarv field and grows around them. The license area is located in the immediate vicinity of the Skarv field and is adjacent to the PL350 license, in which PGNiG Norway holds a 30% stake. The close vicinity of the Skarv FPSO may secure cost effective export solution for gas and oil discoveries on PL558.
The law which governs the Agreement is the law of Norway.
According to the Agreement the total value of the license purchased is less than 10%
of PGNiG's equity.

See also: Current report no. 4/2010 dated January 20th 2010

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