The Extraordinary General Meeting conditionally resolved to increase the Company’s share capital by up to PLN 300 million.
The adoption of the resolution on new contingent capital will enable the Company to secure financial means necessary for (i) moving from phase 1 — exploration works on the Shyrak-1 well — to phase 2 of the project, which is exploitation of the prospective Shyrak deposit by means of providing necessary extraction infrastructure for purifying and storing the extracted crude oil, managing the accompanying natural gas and preparing crude oil for transport, (ii) accelerating the readiness to provide services relating to exploring shale gas in Poland by the subsidiary Silurian Sp. z o.o., i.a. by means of enabling the subsidiary to acquire world leading technologies and devices for the provision of those services, (iii) acquiring and commercialising the technology used for converting plastic waste into fuel components or energy both on the domestic market and on foreign markets, in particular on markets of Asia, (iv) enabling acquisitions of those entities and rights on the market which are congruent with the Company’s area of activities; such acquisitions would aim at improving the Company’s position and contribute to achievement of its economic objectives; new, promising investment projects acquired in that manner should after a relatively short time contribute to generating positive cash flows, and (v) enabling the fulfilment of conditions precedent of the agreement with the French corporation Total on common investments at the Koblanda field under the largest contract area of the PETROLINVEST Group in Kazakhstan — OTG.

The Management Board wishes to express its contentment with the adoption of the resolution that will enable the Company to finance the further execution of its development plans and guarantees that it shall make every effort to make optimal use of funds obtained in this way.

At the same time, the Management Board of PETROLINVEST S.A., acting pursuant to § 38 section 1 item 9 of the Regulation, announces the objection of one of the shareholders to the above resolution, which was included in the minutes of the General Meeting.

Download current report no. 35/2011