MAZEIKIU NAFTA

MATERIAL EVENT



REGARDING SUBMISSION OF THE COMPANY’S BALANCE SHEET AND PROFIT (LOSS) ACCOUNT

FOR THE 1ST QUARTER OF 2003



(Unofficial translation done at the NSEL)



Mažeikių Nafta AB will submit balance sheet and profit (loss) account for the

1st quarter of 2003 by 31 May 2003.



Financial statements have not been prepared by 30 April 2003 due to the reason

that Pricewaterhouse Coopers UAB, the newly elected audit firm of Mažeikių

Nafta AB,  is finalising preparation of the financial statements in May 2003.





Giedrius Karsokas

Head of the Communications Division

(370 443) 92608