Additional Explanation Relating to the Announcement of 7.12.2011 »Petrol's Explanation in Connection with the Sale of Nafta Geoterm d.o.o.«
In reply to questions asked by the public with respect to our announcement »Petrol's Explanation in Connection with the Sale of Nafta Geoterm d.o.o.« dated 7.12.2011, we hereinafter set forth the full text of the Explanation again, along with a clarification of the situation:
Petrol d.d., Ljubljana hereby informs the interested public about the business operations of the joint venture company Geoenergo d.o.o., and provides clarifications concerning the process of the sale of its entire ownership interest in Nafta Geoterm d.o.o.:
1. The company Geoenergo d.o.o. is 50-percent owned by Petrol d.d., Ljubljana. The remaining 50-percent share is owned by Nafta Lendava d.o.o.
2. Pursuant to the Regulation on Granting Mineral Rights to Holders of Mineral Resource Exploration and/or Extraction Permits (Official Gazette RS Nos. 103/00 and 81/02), the Decision of the Government of the Republic of Slovenia No. 310-16/2002-3, the Concession Contract No. 354-14-48/2001 and the Agreement on the Transfer of Mineral Rights and the Concession Contract No. 354-14-48/2001, the company Geoenergo d.o.o. has an exclusive right to the commercial exploitation of the mineral resources in the extraction area of the Mura depression. Geoenergo d.o.o. has not transferred the above-mentioned right to any third party, including Nafta Geoterm d.o.o.
3. There is a dispute between Petrol d.d, Ljubljana and Nafta Lendava d.o.o. concerning the transfer of certain rights in rem, which were the object of the contribution in kind made by Nafta Lendava d.o.o. for the purposes of establishment of Geoenergo d.o.o. Nafta Lendava d.o.o.s share in Geoenergo d.o.o. results from a contribution in kind, consisting of, inter alia, easements and rights of use on real estate and infrastructure, which real estate and infrastructure were subsequently contributed by Nafta Lendava d.o.o. to Nafta Geoterm d.o.o. as contribution in kind, and are thus now owned by Nafta Geoterm d.o.o. However, the establishment of the above-mentioned rights for the benefit of Geoenergo d.o.o. was not properly recorded in the Land Registry of the court of competent jurisdiction. For this reason, in the case of a failure to settle the dispute amicably, appropriate legal proceedings will be initiated to protect the rights of Geoenergo d.o.o. and Petrol d.d., Ljubljana
Management Board of Petrol d.d., Ljubljana
Petrol d.d., Ljubljana hereby informs the interested public about the business operations of the joint venture company Geoenergo d.o.o., and provides clarifications concerning the process of the sale of its entire ownership interest in Nafta Geoterm d.o.o.:
1. The company Geoenergo d.o.o. is 50-percent owned by Petrol d.d., Ljubljana. The remaining 50-percent share is owned by Nafta Lendava d.o.o.
2. Pursuant to the Regulation on Granting Mineral Rights to Holders of Mineral Resource Exploration and/or Extraction Permits (Official Gazette RS Nos. 103/00 and 81/02), the Decision of the Government of the Republic of Slovenia No. 310-16/2002-3, the Concession Contract No. 354-14-48/2001 and the Agreement on the Transfer of Mineral Rights and the Concession Contract No. 354-14-48/2001, the company Geoenergo d.o.o. has an exclusive right to the commercial exploitation of the mineral resources in the extraction area of the Mura depression. Geoenergo d.o.o. has not transferred the above-mentioned right to any third party, including Nafta Geoterm d.o.o.
3. There is a dispute between Petrol d.d, Ljubljana and Nafta Lendava d.o.o. concerning the transfer of certain rights in rem, which were the object of the contribution in kind made by Nafta Lendava d.o.o. for the purposes of establishment of Geoenergo d.o.o. Nafta Lendava d.o.o.s share in Geoenergo d.o.o. results from a contribution in kind, consisting of, inter alia, easements and rights of use on real estate and infrastructure, which real estate and infrastructure were subsequently contributed by Nafta Lendava d.o.o. to Nafta Geoterm d.o.o. as contribution in kind, and are thus now owned by Nafta Geoterm d.o.o. However, the establishment of the above-mentioned rights for the benefit of Geoenergo d.o.o. was not properly recorded in the Land Registry of the court of competent jurisdiction. For this reason, in the case of a failure to settle the dispute amicably, appropriate legal proceedings will be initiated to protect the rights of Geoenergo d.o.o. and Petrol d.d., Ljubljana
Management Board of Petrol d.d., Ljubljana
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