MOL, Oman Oil Co. Cancel Buyout

MOL Hungarian Oil and Gas Public Limited Company (MOL) hereby informs capital market participants that MOL and the Oman Oil Company S.A.O.C. (OOC) have agreed to cancel the asset and share purchase contracts signed on March 8, 2008, as all the necessary consents and waivers on pre-emption rights from the relevant third parties regarding all the assets offered by OOC for sale were not received by the required deadline. Accordingly, Oman Oil Budapest Limited (subsidiary of Oman Oil Company S.A.O.C.) transfers back the 8,774,040 pieces of "A" series MOL shares to MOL Plc, which were received on 12th March 2008.

Oman Oil Budapest Limited announced on 19 December 2008. that it has purchased 7,316,294 pieces of “A” series MOL shares. After all these transactions OOC indirectly owns 7,316,294 pieces of “A” series MOL shares representing 7% of MOL’s total registered capital.

The strategic cooperation between MOL and OOC will continue. The two partners have agreed in joint development of future business opportunities as strategic partners.

The termination of the asset and share purchase contracts will have no impact on the consolidated Profit and Loss Statement and Balance Sheet of MOL Group prepared in accordance with IFRS standards.