Oil discovery in Karak Block, Pakistan

MOL Hungarian Oil and Gas Plc. hereby informs the capital market participants that a crude oil discovery with the additional potential of associated gas has been made in Karak block, Pakistan. The Karak exploration block is located in North-West Pakistan in the southern vicinity of the MOL Pakistan-operated Tal block. The operator of the Karak Block is Mari Gas Company Limited (MGCL). MOL Pakistan farmed into the block with 40% interest in 2008.

The Halini-1 well was spud on January 7, 2011. The well has been drilled upto 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 crude oil of API gravity 26 at 32/64” choke size. 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.

Sándor Fasimon, Executive Vice President of the Exploration and Production Division commented: “Following six remarkable discoveries in our Tal block we are proud to announce the successful drilling in the Karak block. This discovery made in close collaboration between the professionals of MGCL and MOL Pakistan validated our upstream strategy focusing on organic growth.”

For further information, please contact:

Investor Relations + 36 1 464 1395
Facsimile: + 36 1 464 1335
MOL Communication + 36 70 373 1907

Publish date: 
2011-10-14