Shale gas exploration was the focus of the educational workshop entitled PGNiG - Local governments, "Markowola - a year after the hydraulic fracturing. Shale gas and the environment", organised by PGNiG SA on July 18th 2011 in Zwola.

Polskie Górnictwo Naftowe i Gazownictwo SA has updated its Group's strategy until 2015, setting shareholder value growth and further development of PGNiG as an energy conglomerate as its overriding strategic objectives. This strategy will be implemented taking into consideration the need to ensure long-term security of uninterrupted supply of natural gas to the domestic market.

Regarding numerous questions about our licence to explore for conventional natural gas in the vicinity of Kutno, estimated gas resources in the area may amount to approx. 100 billion cubic metres. However, the forecasts of the Kutno prospect's potential may only be confirmed after several wells have been drilled.

Polskie Górnictwo Naftowe i Gazownictwo SA entered into a contract with Control Process SA for the construction of surface gas infrastructure at the Kosakowo cavern storage facility in Kosakowo (KPMG Kosakowo). The value of the contract is PLN 127m.

Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG SA) has just signed two agreements under which natural gas will be supplied to Poland via the cross-border points in Cieszyn (on the Polish-Czech border) and Lasów (on the Polish-German border).  

The companies providing geophysical, geological and exploration services significantly contributed to the slight improvement of the PGNiG Group's financial performance in Q1 2011. The Group's net profit grew 3%, to PLN 1.02 billion in Q1 2011, compared with PLN 996 million in the corresponding period of 2010, while the operating profit fell 4% year on year, to PLN 1.18 billion. The operating result deteriorated due to the lower margin on gas sales. In the current market environment this trend is likely to continue into the next quarters, adversely affecting the Group's financial performance.

On April 20th 2011, the Annual General Shareholders Meeting of Polskie Górnictwo Naftowe i Gazownictwo SA reappointed the Company's current Supervisory Board members to serve for another three-year term of office.

On April 20th 2011, the Annual General Shareholders Meeting of Polskie Górnictwo Naftowe i Gazownictwo SA granted discharge to all members of the Company's Management Board and Supervisory Board in respect of their performance of duties in 2010, and made a decision concerning distribution of the net profit for the financial year 2010.

PGNiG Norway AS, a subsidiary of PGNiG SA, has been awarded interests in two new exploration and production licences on the Norwegian Continental Shelf. The licences have been awarded by the Norwegian Ministry of Hydrocarbons and Energy in the 21st licensing round. As a result, PGNiG SA now holds interests in ten licences on the Norwegian Continental Shelf.

On April 15th 20011, Polskie Górnictwo Naftowe i Gazownictwo SA sold its entire equity interest in Zakłady Azotowe w Tarnowie-Mościcach for PLN 148m, or PLN 37 per share.