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Signing of an Annex to the Framework Agreement on the Joint Exploration for and Extraction of Shale Gas

  • No. of the report: 15/2013
  • Report date: 21.02.2013
  • Report legal ground: Art. 56 section 5 of Act on Public Offering – information amendments

Contents of the report

In connection with the current report no 57/2012 dated November 12, 2012, the Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that on February 21, 2012 PGE signed an Annex no 2 (the “Annex”) to the Framework Agreement on the Exploration for and Extraction of Shale Gas of July 4, 2012 (the “Agreement”). The parties of the Annex are all parties of the Agreement, i.e. PGE, Polskie Górnictwo Naftowe i Gazownictwo S.A., ENEA S.A., KGHM Polska Miedź S.A. and TAURON Polska Energia S.A. (later jointly referred to as the “Parties”). The Parties decided to prolong the period for determination of details regarding the terms of cooperation until May 4, 2013.

Should such specific arrangements not be determined by May 4, 2013, the Agreement may be terminated by each of the Parties. Moreover, if within three months after reaching such arrangements the Parties have not received all of the required corporate approvals, or if by December 31, 2013 the required antimonopoly clearances have not been received, the Agreement will expire.

The above change of dates is connected with the ongoing negotiations with regard to detailed terms of cooperation, including, inter alia, the preparation of project’s documentation.

Legal basis: Art. 56 sec. 5 of the Act dated July 29, 2005 on Public Offerings and Conditions Governing the Introduction of Financial Instruments to Organised Trading, and on Public Companies (Dziennik Ustaw of 2009 No. 185, item 1439).