Luce Energy signs agreement with PGNG

Under the terms of the MOA Luce Energy will supply one million tonnes per annum ("mtpa") of liquefied natural gas and oil to Polski Gornictwo Naftowei Gazownictow under a 15 year long term agreement. End Quote

(1888PressRelease) July 01, 2011 - Luce Energy and PGNG today jointly announced the signing of a Memmorandeum of Understanding for Luce Energy to supply Gas & Oil from Bahrain to Poland.

Under the terms of the MOA Luce Energy will supply one million tonnes per annum ("mtpa") of liquefied natural gas and oil to Polski Gornictwo Naftowei Gazownictow under a 15 year long term agreement.

The oil & gas will be delivered into a new oil & gas receiving terminal in Poland and to start in 2012. The terminal will be capable of receiving the cargoes using the newly delivered classes of vessels. PGNG intends to use the oil & gas to supply mainly commercial power companies and users.

Hesham Al-Adsani, President & Director of Luce Energy said; "Our oil & gas has a key role to play in helping governments around the world improve the diversity of their energy supplies. Luce Energy is pleased with this exciting development which breaks new ground in reaching agreement to supply oil & gas to meet the growing demand for energy in Poland."

Luce Energy is currently undergoing a major expansion program, where it is expanding its delivery of oil & gas as well as securing more resources and exploration rights. This agreement is a major step in this direction.

Luce Energy:
Luce Energy was founded in 2007 and today is one of the leading privately held independent energy companies. Luce Energy, its subsidiaries and affiliated entities, engage in oil and gas exploration and production activities mainly in the Middle East region. In addition, Luce Energy is integrally involved in the start-up of major liquefied natural gas projects in Yemen.

Press Information:
Mahmoud Al Alawi
Press Coordinator - Luce Energy
press ( @ ) luceenergy dot com

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