Polskie Inwestycje Rozwojowe S.A. has executed its first investment project financing agreement with LOTOS Petrobaltic S.A.

Research vessel “Polar Duke” has commenced 3D seismic surveys of the area covered by the Gaz Południe exploration and appraisal licence held by LOTOS Petrobaltic S.A. The licence area includes natural gas accumulations designated as B21 and B16, as confirmed by exploration wells. The objective of the surveys is to make a detailed appraisal of the prospects to an extent sufficient to plan subsequent wells and assign reserves the fields.

On August 14th 2013, an agreement on joint operations within the Kamień Pomorski licence block was signed between Polskie Górnictwo Naftowe i Gazownictwo SA and LOTOS Petrobaltic S.A. In practical terms, the agreement will strengthen the cooperation between the companies in exploration for and production of conventional oil and gas resources.

On April 9th 2013, CalEnergy acceded as a limited partner to the Baltic Gas Sp. z o.o. i Wspólnicy Spółka Komandytowa, a limited liability partnership created earlier by LOTOS Petrobaltic to implement an investment agreement with CalEnergy of October 30th on cooperation in development of gas fields B4 and B6 in the Baltic Sea. The recoverable reserves at B4 and B6 are estimated at 4 billion m3 of gas.

Spring has greeted us with snow and blizzards. The atmosphere offshore – 80 km distant from the mainland – makes both working and rest conditions far more difficult than usual for this time of year. The weather now is not very different from the wintery conditions here, a fact documented in photos just a few days ago.

On March 12th 2013, Talisman Energy (operator of the Yme field) and SBM Offshore (owner of the MOPU - Mobile Offshore Production Unit) announced that a settlement had been reached to remove the defective platform from the Yme field.

LOTOS Geonafta, a company owned by LOTOS Petrobaltic, has been contracted to supply crude oil to the Gdańsk refinery. The contract has just be concluded for an indefinite period of time.  Its value over the next five has been estimated at PLN 822m.

November 28th 2012 saw the consummation of an agreement whereby LOTOS Geonafta acquired the remaining 50% interest in Manifoldas. LOTOS Geonafta, which had held a 50% interest prior to the transaction, took full control over the company. Manifoldas is a successful player in Lithuania's hydrocarbon exploration and production sector. The company produces approximately 30 thousand tonnes of crude a year.

The cooperation between PGNiG and the LOTOS Group in oil and gas exploration is gaining speed. First exploration work will be carried out in four of PGNiG's licence areas situated in the region of Pomerania.

LOTOS Petrobaltic S.A. and CalEnergy Resources Poland Sp. z o.o. will cooperate in the development of B4 and B6 gas fields on the Baltic Sea. The total quantities of natural gas reserves amount to as much as 4 billion cubic metres. The two companies executed a cooperation agreement in Gdańsk on October 30th 2012.

At a meeting held on October 3rd 2012, the Supervisory Board of LOTOS Petrobaltic appointed the Company's Management Board. The Management Board consists of: Zbigniew Paszkowicz, President of the Management Board; Dariusz Wojdyński, Vice-President of the Management Board and Chief Financial Officer, and Krzysztof Sułecki, Vice-President of the Management Board and Chief Exploration and Production Officer.

On 7th of September 2012 Lotos EPN spudded its first partner operated well in Norway waters, the 7/11-13 exploration well “Geite prospect” in PL 497. LOTOS has a 10% share in this license. The well is located approximately 30 km west of the Ula filed.