Russian Competition Office approves MOL’s purchase of 100% of NWOG-MOL

MOL Hungarian Oil and Gas Plc. announces that the Russian Competition Office has granted approval for the agreement signed with Russian North-West Oil Group (NWOG) on 9 October 2006. Following Competition Office approval, the transaction was closed on 31 October 2006 when MOL gained 100% ownership of NWOG-MOL.

As a result of the transaction, the exploration licence of the Surgut-7 block in Western-Siberia is now the sole property of MOL. The block is located approximately 10 km from the ZMB oil field. Given the proximity of the surface facilities, the Company expects significant synergies in case of a discovery.

Project Surgut-7 is an excellent fit with MOL’s strategy, which is focused on the acquisition of further exploration and production projects in Russia, primarily in a partnership with a strong local partner.