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MGYOY Mol Magyar Olay Es Gazipari Rt (PK)

3.828
0.00 (0.00%)
09 Aug 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Mol Magyar Olay Es Gazipari Rt (PK) USOTC:MGYOY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 3.828 3.71 3.93 0.00 13:00:01

Hungary's MOL Drills New Exploration Well In Iraq

23/01/2012 8:25am

Dow Jones News


Mol Magyar Olay Es Gazip... (PK) (USOTC:MGYOY)
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Hungarian oil company MOL Nyrt (MOL.BU) Monday announced the spudding a new appraisal well at its exploration venture in Iraq along with the initial results of other exploration in the area.

MAIN FACTS:

-The new, Aqra-1 appraisal well is designed to a go down to an estimated 4,700 meters.

-The drilling rig is provided by Crosco, the subsidiary of INA, a member of the MOL group.

-MOL has completed two tests on the Shaikan-4 appraisal well.

-Shaikan-4 achieved a flow rate of 563 barrels of oil per day in the Kurre Chine C formation.

-Shaikan-4 achieved a flow rate of 4,970 barrels of oil per day in the Kurre Chine B formation.

-MOL, via its 100% subsidiary, Kalegran Ltd., signed a production sharing contract with the Kurdistan regional government for the Akri-Bijeel and Shaikan exploration blocks in 2007.

-The operator of the Akri-Bijeel block is Kalegran Ltd. with 80% participating interest. Gulf Keystone Petroleum International Ltd. holds 20% share.

-Budapest Bureau, Dow Jones Newswires, +36-1-267-0622; budapest@dowjones.com

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