PGNiG: Termination of the first stage collaboration agreement for shale gas exploration between PGNiG and Chevron Polska Energy Resources

Current Report No. 40/2015The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. ("PGNiG", the "Company") announces that on May 4th 2015 the Company and Chevron Polska Energy Resources Sp. z o.o. ("Chevron") terminated the first stage collaboration agreement for shale gas exploration (the "Agreement") of March 31st 2014.
Under the agreement, the parties were to cooperate in appraising shale gas deposits in four exploration licence areas in south-eastern Poland:
- Zwierzyniec and Grabowiec (licences held by Chevron), and
- Tomaszów Lubelski and Wiszniów-Tarnoszyn (licences held by PGNiG).
Under the Agreement, the Majdan Sopocki well was drilled and seismic surveys were carried out. The termination of the Agreement takes place following the completion of the work provided for in the Agreement and Chevron's decision to discontinue operations in Poland.
See also: Current Report No. 39/2014 of March 31th 2014