MOL Discovers Oil, Gas In Kazakhstan Block

BUDAPEST--Hungary's largest company and regional oil firm MOL Nyrt. (MOL.BU) announced on Monday a discovery of light crude oil and natural gas in the Fedorovsky Block in Kazahstan.

MAIN FACTS:

- The discovery was made in the Rozhkovskoye field of the Fedorovsky block, where MOL has a 27.5% working interest, KazMunaiGas E&P has 50% and First International Oil Corporation has 22.5%.

- The company recorded maximum flow rates of 1.9 million barrel equivalent per day of crude oil and 6 million cubic feet per day of natural gas. This flow rate was on a relatively small choke and was produced while testing of the Bashkirian reservoirs.

- Previous exploration had targeted the Bobrikovskiy and Tournaisian horizons, thus the discovery of oil reserves in the Bashkirian hadn't been included in the previous resource and reserves assessment. Therefore the positive test results from the new Bashkirian discovery will significantly increase the field's reserve prospects.

- Quantitative evaluation of the reserve is underway, and MOL expects further increase following the results of further exploration and appraisal of the Fedorovsky block.

- MOL closed down 0.6% or HUF80 in Monday trading on the Budapest Stock Exchange at HUF13,700.

Write to Veronika Gulyas at [e-mail]

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