PGNiG Takes Stake in the Norwegian Continental Shelf
On October 30, 2007, PGNiG Norway A/S, the Polish Oil and Gas Company's subsidiary, acquired from Mobil Development Norway A/S and ExxonMobil Production Norway Inc interests in PL212, PL212B and PL262 licenses encompassing Skarv and Snadd fields in the Norwegian Continental Shelf, together with right sand obligations under a number of agreements concerning the fields.
The Licenses were acquired in performance of the agreement dated February 28th 2007 between the Polish Oil and Gas Company and ExxonMobil. The Company's rights and obligations under the Agreement were assigned to PGNiGNorway A/S under an agreement of October 19th.
In consideration of the purchase of the Licenses, PGNiG paid the amount of US$360 million (the equivalent of approx. PLN 908.6 million,translated in accordance with exchange rate of October 30, 2007). At the same time, PGNiG paid approx. USD 3.5m (the equivalent of approx. PLN 8.8 million, translated in accordance with exchange rate of October 30, 2007) and approx. NOK 170 million (the equivalent of approx. PLN 79.9 million, translated in accordance with exchange rate of October 30, 2007) in consideration of settlements and reimbursement (both provided for in the Agreement) of costs incurred by ExxonMobil between January 1, 2007 and October 30, 2007 in connection with the interests in the Licenses.
PGNiG financed the acquisition of the Licenses with a loan from the Polish Oil and Gas Company and equity contributions made by the Company, which the Company financed with internally generated funds.
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