MOL's Offer for Slovnaft Rejected



MOL Hungarian Oil and Gas Company reports that the Slovak Financial Market Office did not approve the offering price included in the draft public offer submitted by MOL for Slovnaft. It is MOL's considered opinion that the transaction of 202,000 Slovnaft shares on the Bratislava Stock Exchange on March 20, 2002 is invalid, as it believes that the purpose of the transaction was to illegally position the average price of shares at a distorted level. Further, it is MOL's opinion that the Slovak Financial Market Office is not legally entitled to pass judgment on the draft public offer submitted by MOL, until the investigation of the aforementioned share transaction has been completed. MOL will appeal against the decision of the Slovak Financial Market Office within 15 days.
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