LOTOS Exploration and Production Norge, a subsidiary in the Grupa LOTOS holding, signed today a Sale and Purchase Agreement regarding acquisition of additional 10% interest in production licenses from Yme oil field. The remaining P50 reserves for company’s shares in Yme amount overall 13,6 million bbl of oil equivalent (approx. 1,8 mln tonnes).
General
LOTOS Exploration and Production Norge, a subsidiary in the Grupa LOTOS holding, signed today a Sale and Purchase Agreement regarding acquisition of additional 10% interest in production licenses from Yme oil field. The remaining P50 reserves for company’s shares in Yme amount overall 13,6 million bbl of oil equivalent (approx. 1,8 mln tonnes). Up to them LOTOS Norge will be capable to produce approx. 6.600 bbl/d in 2010.The transaction worth 390 mln NOK (approx. 161 mln PLN) is related to production licenses 316, 316B, 316CS and 316 DS, including Yme development project, which is the same as business deal agreed with Revus Energy and finalized on August 29th. About 30% of abovementioned price includes tax balance. The agreement will be submitted to approval by Norwegian Ministry of Petroleum and Energy as well as Norwegian Ministry of Finance. The Sale and Purchase Agreement concerning interest acquisition in Yme production licenses LOTOS Norge agreed with Det Norske Oljeselskap. The production is expected to start in the second half of 2009. - The deal we agreed is another significant step in LOTOS upstream activity development on the NCS - emphasizes Henrik Carlsen, CEO of LOTOS Norge. – We are gradually improving our interests in perspective E&P projects. We also try to broaden our upstream portfolio. In that case we have i.a. applied for production licenses provided with APA 2008 round. According to the APA 2008 round Norwegian Ministry of Petroleum and Energy will award new exploration and production licenses next year. Access to crude oil and natural gas fields located in the North and Norwegians Seas will be available. Yme field is located approx. 110 km offshore in the southern part of the North Sea Norwegian sector. In the past field was operated by StatoilHydro. Currently the field is being prepared for further production. LOTOS E&P Norge AS, a subsidiary of Petrobaltic, started operating in September 2007. The company is supervised by Henrik Carlsen, who have been executing lots of key crude oil and natural gas E&P development projects for 33 years within Statoil (currently StaoilHydro). LOTOS E&P Norge headquarter is located nearby city of Stavanger – Norwegian capitol of petroleum business. Company’s priority is to ensure interests acquisitions in E&P projects carried out on NCS for Grupa LOTOS holding. Marcin Zachowicz, Spokesman, Grupa LOTOS S.A., ul. Elbląska 135,80-718 Gdansk, Poland, tel.+48 58 308 75 70, +48 505 050 454, e-mail: marcin.zachowicz@grupalotos.pl
