Resolution of the EGM of PETROLINVEST S.A. held on 27 September 2011

Own release

27.09.2011

The Management Board of PETROLINVEST S.A., acting pursuant to § 38( 1) item 7 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and conditions for recognising as equivalent information required by the laws of a Non-Member State (“the Regulation”), publishes the wording of the resolution of the Extraordinary General Meeting of PETROLINVEST S.A. held on 27 September 2011.

The Extraordinary General Meeting resolved to conditionally increase the Company’s share capital by up to PLN 400 million.
Adopting a resolution on the new conditional capital will enable the Company to acquire funds needed, above all, to: (i) secure funds for works on the Shyrak 1 well, in particular works carried out in order to prepare the well for testing and for industrial production of hydrocarbons; (ii) secure funds for commencing industrial production in the Emba contract area, in particular as regards drilling new wells, in order to commence industrial production of hydrocarbons; (iii) secure funds for investments and development of projects relating to shale gas and shale oil; (iv) make it possible to fulfil conditions precedent of the agreement concluded with the French concern Total regarding common investments on the Koblandy field within the largest contract area of the Petrolinvest Group in Kazakhstan — OTG; (v) secure liquidity needs of the Company in relation to the reduction of its indebtedness and make it possible to settle payables to financing entities.

The Management Board of the Company expresses its satisfaction that the General Meeting adopted a resolution which enables the Company to execute its new strategy aiming at the Company’s achieving positive cash flows and a positive result on operating activities in the shortest time possible.

Download current report no. 101/2011