MOL raises stake in exploration block in Romania to 100%

1/10/2013

MOL raises stake in exploration block in Romania to 100%

BUDAPEST--Hungarian oil and gas company MOL Nyrt. said Thursday that it increased its stake to 100% in exploration block EX-6 in Curtici, Romania. MOL acquired the 30% participating interest of Expert Petroleum in the block.

After receiving approval of the Romanian National Agency for Mineral Resources or ANRM, MOL's existing 70% and the acquired 30% stake in the block were transferred to Panfora Oil and Gas SRL, which is a Romanian entity owned equally by MOL and MOL Romania and dedicated to exploration and production activities of MOL Group in Romania.

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