Hungary's MOL Drills New Exploration Well In Iraq
January 23 2012 - 3:25AM
Dow Jones News
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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