The acquisition of 50 percent of shares in Manifoldas, which Lotos Geonafta did not yet own, was closed on Wednesday. The value of the deal has not been disclosed.
“The deal is in line with the Grupa Lotos strategy to increase the extraction of hydrocarbons and reach the production level of 1.2 million tons in 2015. The acquisition of Manifoldas’ control is a one more step in consolidating the positions of Lotos Geonafta in Lithuania,” Zbigniew Paszkowicz, Lotos deputy president in charge of exploration and extraction, said in a press release.
Lotos Geonafta intended to continue investing in exploration and extraction in Manifoldas’ license blocks, Andrius Bartkevičius, Lotos Geonafta executive director, said.
Manifoldas saw its net earnings soar by 2.7 times last year, to 33.322 million litas (EUR 9.66m), from 12.334 million litas in 2010. Its revenues doubled, to 60.869 million litas.
The company extracted 233,400 barrels of crude oil and sold 233,200 barrels last year.
In Lithuania, Poland's Lotos also owns 100 percent of Lotos Geonafta, 50 percent of Minijos Nafta, and 100 percent of Genciu Nafta through Lotos Petro-Baltic.
