Organistation Of The Exploration & Production segment

As at December 31st 2021, the LOTOS Group’s Exploration & Production segment was organised in accordance with the business structure chart shown below.

str001-01 str001-01

Source: the Company

The LOTOS Group’s exploration and production activities are carried out by two dedicated entities: LOTOS Petrobaltic S.A. and LOTOS Upstream Sp. z o.o.

LOTOS Upstream (LUPS) pursues its business development plans with the support of the following subsidiaries: LOTOS E&P Norge AS (operations on the Norwegian Continental Shelf), AB LOTOS Geonafta and its subsidiaries (onshore operations in Lithuania), Baltic Gas Sp. z o.o., Baltic Gas i wspólnicy sp. z. o.o. sp.k. (special purpose vehicles established to carry out the B4/B6 gas field development project in the Baltic).

LOTOS Petrobaltic and its subsidiaries focus on the exploration and production as well as oilfield operation and services in the Baltic Sea, including production of crude oil and associated natural gas from the B3 field, development of the B8 field (crude oil and associated natural gas) to start full-scale production, and execution of exploration projects in the Baltic Sea. Simultaneously, LOTOS Petrobaltic is launching business development initiatives to leverage its engineering, project execution and design capabilities and to provide services for the offshore sector. Their objective is to diversify the company’s business and revenue sources.

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