MOL Hungarian Oil and Gas Plc. hereby announce that it signed a Farm-out Agreement with Oil and Natural Gas Corporation Limited (ONGC) on 8 May, 2008 to acquire 35% interest in an onshore exploration block in North-West India. This acquisition is in accordance with the recently signed Memorandum of Understanding with ONGC.
ONGC (Oil and Natural Gas Corporation Limited) is an Indian national oil and gas company involved in exploration and production of hydrocarbons in India and worldwide and having interest in refining and transmission of products, natural gas and petrochemicals businesses.
The HF-ONN-2001/1 Block -- with area extent of 1,513 sqkm -- is operated by ONGC that holds the remaining 65% interest following the transaction. One exploration well is planned to be drilled by the end of 2008 and one other in the third exploration phase. In case of successful exploration activity gas and condensate production is expected.
The transaction is subject to the approval of the Government of the Republic of India. Zoltan Aldott, Executive Vice-President of the Exploration and Production Division commented: "This is the first result following the signing of the Memorandum of Understanding with ONGC in January. We consider India as a new, promising target country and ONGC as our natural partner. Our plan is to build up a well-balanced portfolio. We can offer our expertise of exploration in highly complicated areas, with special regards to experience gained in Northern Pakistan where we conduct successful exploration activity, having a very similar stratigraphic-structural build-up."
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