PGNiG: Opening of PT Geofizyka Toruń Indonesia liquidation process

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA (“PGNiG”) hereby reports that on August 14th 2012 it was notified that the Extraordinary General Meeting of PT Geofizyka Torun Indonesia resolved to initiate the company liquidation process.PT Geofizyka Torun Indonesia is an indirect subsidiary of PGNiG (owned indirectly through Geofizyka Toruń S.A.).Mr Seno Edhie, an Indonesian citizen, holding identity card No. 3174043006670003, was appointed the company's liquidator.The petition to open the liquidation procedure will be filed with the Ministry of Justice and Human Rights of the Republic of Indonesia.Dissolution of PT Geofizyka Torun Indonesia is planned in connection with a letter from PT Trias Tanjug Rejeki, a partner in the company, whereby the partner declared its intention to exit the company.Building on the partner's local presence, its connections with prospective clients as well as ability to provide competitive services on the local market were among the key assumptions made on establishing PT Geofizyka Torun Indonesia. However, cooperation with PT.Trias Tanjung Rejeki seen to date has shown that the partner fails to deliver on the expectations despite considerable commitment on the part of GT employees.