Current Report No. 80/2007
2007.10.16 19:50
Execution of a Loan Agreement between PGNiG S.A. and PGNiG Norway A.S.Current Report No. 80/2007 dated October 16th 2007The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG", “the Issuer") hereby reports that on October 16th 2007 a loan agreement was concluded between PGNiG as the Lender and PGNiG Norway A.S. (“PGNiG Norway") as the Borrower (“the Agreement").Pursuant to the Agreement, the Lender granted a loan to the Borrower in the amount of NOK 3,800,000,000 (the equivalent of approx. PLN 1,846,420,000 translated in accordance with exchange rate table No. 201/A/NBP/2007 of October 16th 2007).The loan was granted until December 20th 2022. The interest rate is equal to 3M NIBOR + margin. The interest will accrue at the end of every quarter.The loan proceeds will be allocated towards the financing of the acquisition of interests in the PL212, PL212B and PL262 licences for operations on the Norwegian continental shelf, which are the subject matter of the conditional purchase agreement concluded on February 28th 2007 between PGNIG as the purchaser and Mobil Development Norway A/S and ExxonMobil Production Norway Inc. (“ExxonMobil") as the sellers, and towards field development costs.The core business of PGNiG Norway comprises in particular production of crude oil and natural gas and other activities of a similar nature, as well any other activities related to the production of crude oil and natural gas. PGNiG Norway is wholly-owned by PGNiG.The above Agreement is deemed a significant agreement as defined in the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities, dated October 19th 2005, as its value exceeds 10% of PGNiG’ s equity.
