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Conclusion of agreements for the transfer of the Company's receivables from OOO Siewiergeofizyka, OOO Nieftiegeoserwis, and ZAO Pechora-Petroleum Print E-mail
Own release   
02.10.2009
The Management Board of PETROLINVEST S.A. (the "Company") announces that in connection with the disposal of shares/stocks held in companies incorporated in the Russian Federation (as a result of the agreements referred to in current report no. 53/2009 dated 25 June 2009) on 2 October 2009 the Company signed three agreements with ZAO "Neva-Expo" with its registered office in the Russian Federation (the "Assignee") under which the Company transferred to the Assignee loan receivables due to the Company from:
  1. OOO Siewiergeofizyka, totalling USD 18,572,000 with accrued interest, for a consideration of USD 300;
  2. OOO Nieftiegeoserwis, totalling USD 8,239,500 with accrued interest, for a consideration of USD 300;
  3. ZAO Peczora-Petroleum, totalling USD 10,462,000 with accrued interest, for a consideration of USD 300;
The Management Board underlines that the balance-sheet value of the receivables from the loans advanced to those companies is zero zloty. Following the Management Board decision to give up the investments in the Russian oil exploration and production companies, those loans have been written off as part of the revaluation of net assets associated with the projects developed in the Russian Federation, of which the Company informed the public in the 4th quarter 2008 report.

The agreements meet the criteria of significant agreements because their nominal value exceeds 10% of the Company's equity.

Download current report no.86/2009