PGNiG: Signing of a significant agreement for sale of natural gas between subsidiaries of PGNiG SA

Current Report No. 136/2012 - correction

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA (“PGNiG”) hereby reports that on September 11th 2012 its subsidiaries, i.e. PGNiG Norway A/S (“PGNiG Norway”) and PGNiG Sales&Trading GmbH (“PST”) signed the natural gas sales agreement (the “Agreement”).

Under the Agreement PGNiG Norway will sell to PST its entitlement of natural gas produced from the Skarv field. The Agreement was concluded for 10 years, which commences the day of production start-up.
The value of the Agreement was estimated on the basis of forecasted natural gas sales, and amounts to approximately EUR 1.3 billion (approx. PLN 5.3 billion computed based on the PLN/EUR mid-exchange rate quoted by the National Bank of Poland for September 12th 2012).
The price of natural gas will be based on European Energy Exchange quotations and payments for the delivered gas will be settled in EUR.
The Agreement constitutes a “significant agreement” within the meaning of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009, because its value exceeds 10% of PGNiG’s equity.