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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.
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