Petrolinvest Acquires Baltic Basin Concessions

PETROLINVEST SA has announced that on 12 July 2011 it was notified about the issuing by the Minister of the Environment of a decision to transfer to Silurian Energy Services Sp. z o.o. (a subidiary of Silurian Sp. z o.o.) (“SES”) four licences for exploration of oil and gas fields which had been issued earlier to Silurian Sp. z o.o. (a subsidiary of PETROLINVEST SA) (“Silurian”):

* Licence No 11/2011/p for exploration of oil and gas fields in the “Lidzbark Warmiński” area (a part of the licence blocks No 73 and 74) covering 895.23 km2;
* Licence No 22/2011/p for exploration of oil and gas fields in the “Węgorzewo” area (a part of the licence block no 56) covering 134.26 km2;
* Licence No 23/2011/p for exploration of oil and gas fields in the “Kętrzyn” area (a part of the licence block no 75) covering 683.25 km2;
* Licence No 24/2011/p for exploration of oil and gas fields in the “Gołdap” area (a part of the licence blocks No 57, 58 and 59) covering 620.82 km2.

The transfer of licences was executed at the request of Silurian and SES in connection with the planned Joint Investment Agreement.

Source: Petrolinvest