LOTOS E&P Norge (controlled by LOTOS Petrobaltic S.A., in which the Company holds 99.32% of the share capital) has relinquished its 50% interest in license PL 556 in the Norwegian Sea, awarded in the APA 2009 licensing round.
LOTOS EPN as the operator of license PL 556 (the remaining 50% interest in the license having been awarded to Skeie Energy AS) recommended refraining from making a commitment to undertake exploratory drilling as part of another phase of the field development.
LOTOS EPN's recommendation and decision to relinquish its rights to license PL 556 are based on the evaluation of the geological potential of the license area, performed in the first exploration phase ended February 19th 2011.
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