* Lotos plans to raise outstanding shares by up to 42.35 pct
* State-controlled group plans to fund upstream investments
* Oil field write-down to cut H1 net profit by 191 mln
(Adds treasury comment, more details)
WARSAW, Aug 12 Poland's second-largest oil
refiner Grupa Lotos said on Tuesday it planned to
issue shares worth about 1 billion zlotys ($320 million) to
finance more oil and gas production.
The company also said a write-down on an oil field off
Norway would knock 191 million zlotys off first-half net profit.
Analysts had expected Lotos to post net profit of 34 million,
without taking the one-off hit into account.
The company produced 146,000 tonnes of oil and 16 million
cubic metres of gas from its Baltic fields last year but now
wants to boost output of both over the coming three years.
Lotos is controlled by the state through a 53.2-percent
stake. The group wants to issue up to 55 million shares - which
would increase the total number of shares by 42.35 percent - and
allow current shareholders to buy into the issue.
The Polish treasury, which oversees state assets, told
Reuters it would say whether it will take part in any issue at a
Sept. 8 meeting, when shareholders are due to vote on the plan.
Lotos wants to launch production of 250,000 tonnes of oil a
year from its B8 Baltic field by the end of 2015.
It plans to start producing gas from the B4 and B6 fields by
the end of 2017, with production from both seen at a combined
250 million cubic metres a year.
The group is also aiming to boost efficiency at its refining
business and raise its share in the home retail market, where it
competes with state-controlled PKN Orlen, to 10 percent
next year from 9.2 percent now.
Lotos said it was taking a 545-million zloty full write-down
on the Yme field off the Norwegian coast, due to a lack of new
plans for the oil field. It said the charge would translate into
a 191-million zloty reduction in first-half net profit.
The refiner controls 20 percent of Yme. Canada's Talisman
Energy owns 60 percent, Germany's Wintershall
, a unit of chemical giant BASF, has 10
percent, as does Norske AEDC, a unit of AOC Arabian Oil Company.
(1 US dollar = 3.1447 Polish zloty)
(Reporting by Anna Koper and Adrian Krajewski; editing by David