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
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%
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