2nd November 2012
Thursday, June 20th, 2013
Lotos stocks soar as Warren Buffett announces deal
Lotos Petrobaltic will team up with Mr Buffet's CalEnergy to explore gas deposits in the Baltic Sea
| Warren Buffett Courtesy of Wikimedia Commons |
The stock price of Polish state-owned oil refiner Grupa Lotos soared earlier this week as Warren Buffett announced that CalEnergy would explore gas deposits along with Lotos Petrobaltic in the Baltic Sea.
CalEnergy belongs to Berkshire Hathaway, Mr Buffet's company, while Lotos Petrobaltic is a subsidiary of Grupa Lotos.
“We will start drilling next year. This will allow us to make a decision about definitive plans concerning the extraction from this deposit,” said Paweł Olechnowicz, Lotos's president.
Analysts are positive about CalEnergy's involvement with Lotos.
“Deposits in Lotos's portfolio are significant, so its worth exploring them,” said Konrad Anuszkiewicz, from Ipopema Securities.
Shares closed at zł.33.65 on October 31.
From Warsaw Business Journal
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