PGNiG Norway's Approval for Field Acquisition
PGNiG received an approval by the Norwegian Ministry of Petroleum and Energy for the purchase of approx. 12% interest in the exploration and production licenses covering the fields on the Norwegian Continental Shelf, pursuant to Articles 10-12 of the Norwegian Petroleum Act.
The approval by the Norwegian Ministry of Petroleum and Energy is one of the conditions precedent to completion of the transaction between PGNiG and ExxonMobil, which is contemplated in the conditional purchase agreement of 28 February 2007 between PGNiG, as the buyer, and Mobil Development Norway A/S and ExxonMobil Production Norway Inc., as the seller.
Thereby, another condition precedent to this agreement has been fulfilled.
To date, the Management of PGNiG obtained an approval of the General Meeting of PGNIG for performance of the transaction (on 26 April 2007), a decision of the Norwegian government waiving the pre-emptive rights to the license (1 July 2007), and was pre qualified and qualified by the Norwegian Ministry of Petroleum and Energy to invest in the oil and gas sector in Norway (17 September 2007).
PGNiG is still expecting a tax decision by the Norwegian Ministry of Finance in accordance with Article 10 of the Norwegian Petroleum Tax Act, which should be issued by 1 November 2007.