The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oilfields in Nigeria and Cameroon.
MOL, together with its operator partner, plans to drill two wells in the fourth quarter of 2007 and the first quarter of 2008 to appraise the full potential of the discoveries made by the previous operators on the block. The block is operated by Addax Petroleum, a reputable player in West Africa, with significant operational experience in similar environments in Nigeria and Gabon, and a track record of 100% exploration success in the past years.
The transaction is subject to Addax Petroleum's pre-emption right and the approval of the Government of the Republic of Cameroon.
Zoltan Aldott, Executive Vice-President of the Exploration and Production Division commented: "Increasing activity in the upstream business forms a significant part of MOL's strategy. In addition to continuing operations in our core areas, we aim to enter into new geographic regions by participating in such projects. Our ultimate goal is to build a valuable exploration and production portfolio with significant upside potential. The acquisition of this asset fits well into this strategy."
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