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

In connection with the current report no. 163/2012 dated November 12th, 2012, the Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA („PGNiG”) discloses that on February 21st 2013 signed an Annex no. 2 (the “Annex”) to the Framework Agreement on the Exploration for and Extraction of Shale Gas of July 4th, 2012 (the “Agreement”). The parties of the Annex are all parties of the Agreement (later jointly referred to as the “Parties”), i.e. PGNiG, KGHM Polska Miedź S.A., PGE Polska Grupa Energetyczna S.A., TAURON Polska Energia S.A. oraz ENEA S.A. 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 4th, 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 31th, 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.