MOL enters into Ghauri exploration block, Upgrades stake in Pakistan

3/14/2013

MOL enters into Ghauri exploration block, Upgrades stake in Pakistan

BUDAPEST -- MOL said that it had signed farm-out agreements with Mari Petroleum Co (MPCL) to acquire a 30% interest in the Ghauri exploration block in Pakistan, and a 25% interest in the MOL operated block 43B in Oman.

MOL already has well established presence in both countries. In Oman, with the acquisition of 25% in block 43B, MOL has increased its interest to 100%. Drilling of the first exploration well is ongoing in Oman, test result is expected in the third quarter of 2013.

In Pakistan, Ghauri block is a promising exploration opportunity, close to MOL's Margala blocks. The block is operated by MPCL with a 35% stake; the other partner is Pakistan Petroleum (PP) with a 35% stake.

MPCL is MOL's partner in the Pakistani Karak block as well. Ghauri block is in the first exploration phase and the consortium intends to drill the first exploration well this year. Based on MOL's evaluation, the expected hydrocarbon is oil and gas. The transactions are subject to the approval of the Omani and Pakistani governments.

Dow Jones Newswires

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