Petrolinvest's EGM to rule on Sep 30 on SPO to take over shares in Caspian Services

Warsaw, Aug 29, 2008 ( ISB) - The extraordinary general meeting of shareholders of the Polish oil firm Petrolinvest is to decide on Sep 30,2008 about a H series share issue in amount to 313.142 pieces worth PLN 310.00 each, in order to finance the purchase of 26.07% shares in Caspian Services Inc., the company said in a communiue. The company's EGM will take into consideration the resolution on raising the company's seed capital by PLN 128.110 at maximum through the I series issue shares for bearer without rights.

Caspian Services is one of the leading companies in Kazakhstan, providing its services for the research and extraction companies in the Caspian Sea basin. Caspian Services's customers are Saipem, AGIP and Shell. The company employs over 500 employers.

Caspian Services is the public company listed on OTC market in the US. The company's consolidated profit in the financial year was USD 64.8mn (up by 51% vs. 2006 ), EBITDA - USD 21mn (with EBITDA margin at 32.4%), EBIT- USD 14.9mn vs. USD 1.6mn in 2006.

After increasing the capital, Petrolinvest's seed capital will rise to PLN 93.718.010 from PLN 61.634.760, assuming that the former company's EGM, which took place on Sep 5, 2008 will accept issue shares resolutions in order to cover stakes in acquisiting Kazakh oil companies.

In the middle of January, Petrolinvest signed three agreements to acquire the 50% stake in EmbaJugNieft (increasing its stake to 100%), the 48.8% stake in Occidental Resources Inc. (boosting the stake to 98%) and the 100% stake in Capital Energy.

Petrolinvest posted in Q1-2/2008 PLN 4.27mn consolidated net profit vs. PLN 13.48mn loss a year earlier at the turnover PLN 80.48mn vs. PLN 72.27mn, respectively. (ISB)

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