BUDAPEST--Hungary's largest company and regional oil firm MOL
Nyrt. (MOL.BU) announced on Monday a discovery of light crude oil
and natural gas in the Fedorovsky Block in Kazahstan.
MAIN FACTS:
- The discovery was made in the Rozhkovskoye field of the
Fedorovsky block, where MOL has a 27.5% working interest,
KazMunaiGas E&P has 50% and First International Oil Corporation
has 22.5%.
- The company recorded maximum flow rates of 1.9 million barrel
equivalent per day of crude oil and 6 million cubic feet per day of
natural gas. This flow rate was on a relatively small choke and was
produced while testing of the Bashkirian reservoirs.
- Previous exploration had targeted the Bobrikovskiy and
Tournaisian horizons, thus the discovery of oil reserves in the
Bashkirian hadn't been included in the previous resource and
reserves assessment. Therefore the positive test results from the
new Bashkirian discovery will significantly increase the field's
reserve prospects.
- Quantitative evaluation of the reserve is underway, and MOL
expects further increase following the results of further
exploration and appraisal of the Fedorovsky block.
- MOL closed down 0.6% or HUF80 in Monday trading on the
Budapest Stock Exchange at HUF13,700.
Write to Veronika Gulyas at veronika.gulyas@wsj.com
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