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The Company enters into a significant agreement Print E-mail
Own release   
30.11.2008
With reference to current reports no. 3/2008 of 16 January 2008, no. 52/2008 of 13 September 2008, and no. 70/2008 of 7 November 2008, the Management Board of PETROLINVEST S.A. headquartered in Gdynia (the "Company") announces that in connection with the execution of the following agreements:
  1. share subscription agreement with Dzhumageldy Rakhishevich Amankulov, under which he took up 47,304 Company H-series shares at an issue price of PLN 225 per share;
  2. share subscription agreement with Atameken-Prommash LLP, incorporated in Kazakhstan, under which it took up 118,261 Company H-series shares at an issue price of PLN 225 per share;
  3. share subscription agreement with GEOKAPITAL LLP, incorporated in Kazakhstan, under which it took up 177,391 Company H-series shares at an issue price of PLN 225 per share;
  4. share subscription agreement with Capital Vario CR. S.A., incorporated in Costa Rica, under which it took up 181,011 Company H-series shares at an issue price of PLN 225 per share;
on 1 December 2008 the Company entered into the following participatory interest transfer agreements, which transfer the ownership of shares in TOO EMGA JUG NIEFT, a Kazakh law company, (“EMBA”) to Petrolinvest:
  1. with Dzhumageldy Rakhishevich Amankulov – a participatory interest transfer agreement for 4% of EMBA shares in exchange for an issue of 47,304 Company H-series shares to Dzhumageldy Rakhishevich Amankulov and 14,481 Company H-series shares to Capital Vario CR. S.A.;
  2. with Atameken-Prommash LLP – a participatory interest transfer agreement for 10% of EMBA shares in exchange for an issue of 118,261 Company H-series shares to Atameken-Prommash LLP and 36,202 Company H-series shares to Capital Vario CR. S.A.;
  3. with GEOKAPITAL LLP – a participatory interest transfer agreement for 15% of EMBA shares in exchange for an issue of 177,391 Company H-series shares to GEOKAPITAL LLP and 54,303 Company H-series shares to Capital Vario CR. S.A.

The Company will become the owner of EMBA shares on the day on which EMBA’s shareholder change is registered with the competent register in Kazakhstan. EMBA shares are acquired by the Company as a non-cash contribution, pursuant to subscription agreements of which the Company informed the public in current report no. 70/2008. EMBA owns a concession for exploration for and production of hydrocarbon natural resources on the Zhubantam-Zhusalysay field, Republic of Kazakhstan.

The participatory interest transfer agreement for 15% of EMBA shares concluded by the Company with GEOKAPITAL LLP was deemed a significant agreement because the value of the shares exceeded 10% of the Company’s equity.

After the registration of the shareholder change in EMBA with the competent register in Kazakhstan, together with EMBA shares held to date, the Company will become the owner of shares representing 79% of EMBA’s equity. The Company expects to acquire the remaining 21% of EMBA shares from MARBURG OIL LLP incorporated in Kazakhstan within the next few weeks.

Download current report no.78/2008