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MGYOY Mol Magyar Olay Es Gazipari Rt (PK)

3.85
0.022 (0.57%)
Last Updated: 14:30:12
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
  0.022 0.57% 3.85 3.74 3.85 3.85 3.85 3.85 400 14:30:12

Hungary's MOL Finds Oil At Pakistan Exploration Venture

14/10/2011 6:11pm

Dow Jones News


Mol Magyar Olay Es Gazip... (PK) (USOTC:MGYOY)
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Hungarian oil and gas company MOL Nyrt (MOL.BU) said Friday it made an oil discovery at the Halini-1 well in the Karak block in the northeastern region of Pakistan.

   MAIN FACTS: 

-The Halini-1 well drilling began Jan. 7, 2011. The well has been drilled to a depth of 5,350 meters.

-During the initial short duration tests carried out, the well flowed at the average rate of 1,700 barrels/day of crude oil.

-The flow rates from the well are expected to increase with further testing and stimulation treatment which is planned to be conducted shortly.

-To determine the size of the prospect, the consortium is planning to drill additional wells to delineate the exact extent, size and reserves potential of this oil discovery.

-The operator of the Karak Block is Mari Gas Company Ltd. (MARI.KA) and MOL Pakistan has a 40% interest.

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

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