Grupa LOTOS has taken over 100 percent of the shares of AB „Geonafta“.

2011-06-13
Grupa LOTOS has taken over 100 percent of the shares of AB „Geonafta“. Documents related to the finalization of the transaction were signed on 3rd February in Vilnius. Grupa LOTOS will increase its annual oil output by approximately 100 thousand tons.
The decision to increase the share in AB Geonafta is part of the strategy of Grupa LOTOS, which aims at increasing its own oil output (upstream). According to the provisions of the strategy, LOTOS expects the output to reach 1.2 million tons of oil in 2015. For the accomplishment of this objective the concern is going to allot approximately 1 billion euro, which is 68 percent of all the financial expenditures assumed in the strategy in the years 2011-2015.
LOTOS Petrobaltic has been a shareholder of AB Geonafta for 10 years, owning 40,59 percent of its shares. On 14th December 2010 a conditional agreement for the purchase of 59,41 percent of Geonafta shares was concluded. LOTOS Petrobaltic is the subsidiary company of Grupa LOTOS S.A. The company has concessions to explore, recognize and exploit hydrocarbon deposits in the Polish economic zone of the Baltic Sea.