VILNIUS – The Маzeikiu Nafta Board of Directors approved the company’s 2002 financial results today.

Based on US General Accounting Principles (GAAP) Маzeikiu Nafta’s audited financial results indicate a total loss of 114.3 million Litas, or 57.8 percent less than the company’s audited loss in 2001 (271.1 million Litas). On the basis of Lithuanian Accounting Principles (LAP), Мazeikiu Nafta’s audited financial results show a total loss of 158.0 million Litas, or 41.1 percent less than the 2001 loss of 268.7 million Litas.

The audited financial results and Business Activity Report will first be presented to the Supervisory Council for its consideration, and subsequently to the General Shareholders’ Meeting for final approval.

The Маzeikiu Nafta Board has scheduled the General Shareholders’ Meeting for April 30, 2003 in the city of Mazeikiai.

Contacts: 
Giedrius Karsokas  
AB Mazeikiu Nafta  
Tel.: +370 443 9 26 08
Mob: +370 610 65298
Fax: +370 443 9 25 79
giedrius.karsokas@nafta.lt