Falcon is a global energy company with projects in Hungary, Australia & South Africa
Developing large acreage positions of unconventional and conventional oil and gas resources
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Press Release
MOL PLC informs the press about its official opinion on press reports on Board of Directors meeting of its 50% owned Russian subsidiary company, Zapadno-Malobalykskoye LLC (ZMB)
Recently several irrelevant news have appeared in the Russian press regarding ZMB’s Board of Directors meeting. However, there was no BoD meeting in compliance with the Articles of Associations neither on 20 July, 2009, nor there will be on the other announced date. Under ZMB’s Article of Associations solely the Chairman has the right to convene Board of Directors meeting providing at least ten days before the proposed date. However, it has not been performed in the quoted cases, therefore compliance with the Articles does not exist.
Complying with the Articles the Chairman of ZMB has put on vote the resolution proposals, which are essential to answer the remarks highlighted in the report of Russian Federation’s Mining Authority (Rosnedra). Members of the Board should send back their votes until 3 pm, 4 Aug, 2009 (Moscow times).
MOL PLC always acts in accordance with the rules of the Russian Federation and the company has done its best efforts to fulfill all the requirements described in the license agreement.
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