Signing of an Annex to the Framework Agreement on the Joint Exploration for and Extraction of Shale Gas

Thursday, 21 February, 2013
Report no. 7/2013

The Management Board of KGHM Polska Miedź S.A., in connection with current report no. 55/2012 dated 12 November 2012, announces that on 21 February 2013 the Annex no. 2 (the “Annex”) was signed to the Framework Agreement on the Joint Exploration for and Extraction of Shale Gas of 4 July 2012 (the “Agreement”). The parties of the Annex are all parties of the Agreement, i.e. KGHM Polska Miedź S.A., Polskie Górnictwo Naftowe i Gazownictwo SA, PGE Polska Grupa Energetyczna S.A., TAURON Polska Energia S.A. and ENEA S.A. (hereafter jointly referred to as the “Parties”). The Parties have decided to prolong the period for determination of details regarding the terms of cooperation until 4 May 2013. 

Should such specific arrangements not be determined by 4 May 2013, the Agreement may be terminated by each of the Parties. Moreover, if within three months after reaching such arrangements the Parties have not received all of the required corporate approvals, or if by 31 December 2013 the required antimonopoly clearances have not been received, the Agreement will expire. 

The above change of dates is connected with the ongoing negotiations with regard to detailed terms of cooperation, including, among others, the preparation of the project’s documentation. 

Legal basis: Art. 56 sec. 5 of the Act dated 29 July 2005 on public offerings and conditions governing the introduction of financial instruments to organised trading, and on public companies (Journal of Laws from 2009, No. 185, item 1439 with subsequent amendments)