Considering the capital requirements of Petrolinvest connected with the implementation of the new development strategy and prospective business projects, as well as the intent to increase the share of Prokom Investments S.A in the shareholding structure of the Company and the intent of Prokom and other financing entities obtained by Prokom to support Petrolinvest’s projects, the parties have decided to extend until the end of 2013 the cooperation consisting in obtaining by Prokom financing for Petrolinvest’s investment projects on the basis of current provisions of the Agreement, and to increase the financing by the additional amount of PLN 100 million.

Pursuant to the Annex, all other terms and conditions of the agreement dated 20 March 2009, which were announced by the Company in detail in the aforementioned current report, were maintained.
The Annex was concluded at arm’s length.

This Annex as well as the other agreements concluded by the Company and its subsidiaries with Prokom and its subsidiaries during the period starting on 3 January 2011, i.e. on the publication date of the last report on the conclusion of a significant agreement with Prokom (the current report no 1/2011) jointly fulfil the criterion of a significant agreement. The total value of the aforementioned agreements, including the value of the said annex, amounts to PLN 114.581,630, thus exceeding 10% of the Company’s equity. The aforementioned annex is the agreement of the highest value. 

The Management Board of the Company announces that total value of financing invested in PETROLINVEST S.A. by Prokom or entities indicated by Prokom on the basis of agreement on financing has exceeded the amount of PLN 124 million, and only in 2011 this amounted to over PLN 56 million. 
The financing made available by Prokom and entities indicated by Prokom was used mainly to reduce the debt of the PETROLINVEST Group, as well as to conduct the exploration and production project in Kazakhstan, and it simultaneously constituted a significant source of financing for the Company’s entire activity.
Taking into consideration the information above, the Management Board of the Company positively evaluates the contribution of Prokom in the process of pursuing strategic objectives of the Company, including the success of the exploration and production project.

Download current report no. 34/2011