New gas and condensate discovery in Pakistan

MOL Plc. hereby announces that it has made a new (forth) discovery of gas and condensate from Maramzai-1 well in the Tal Block, located in the Northern Western Frontier Province of Pakistan.

The production of Maramzai-1 well is 1.1 million cum/day (38.3 MMscfd; 6.4 th boe/day) gas and 228 cum/day (1,434 bbl/day) condensate at 220 bar (3,197 psig) flowing wellhead pressure through 48/64” choke. The production rates can improve further after acid stimulation of two limestone reservoirs in the well.

After that the consortium will be conducting further extended tests to evaluate the size and economic potential of the reserves. Further information will be provided in due course.

Hydrocarbon exploration has been carried out in this block since 1999 by a consortium of companies including Oil and Gas Development Co. Ltd (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Ltd (POL) and Government Holdings (Pvt.) Ltd (GHPL) with MOL as an Operator of this Joint Venture. MOL has a 10% interest in the consortium.

Our exploration activity resulted in the first discovery (Manzalai-1 well) in December 2002. After seismic acquisitions performed in 2003 the consortium decided to drill a new exploratory well (Makori-1 well) in 2004. The drilling was successful, MOL announced the discovery in January 2005. MOL has made its third discovery of gas and condensate in the Tal Block (Mami Khel-1 well) in March 2008.

Mr. Zoltán Áldott, Exploration and Production Executive Vice President of MOL said: “This discovery has further strengthened our confidence in the potential of the Tal block, that already is seen as a major source of energy for Pakistan in the future. Due to the already existing infrastructure this well will be put on production on fast track by summer 2010.”