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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