MOL Strikes Oil in Russia

MOL's 100% subsidiary Matyushkinskaja Vertikal drilled a successful exploration well in Southern sector of the Ledovoye block in Russia's Western Siberia. The Ledovaya-101 well discovered a promising oil potential in 2650 meter depth in the Matyushkinskaya block.

The well known Jurasic structure of the block contains in this well several layers, from which the primary well-test resulted in 300 bbl good quality oil in-flow. After necessary technical operation and the final well-testing the production is planned to start in Q3 2008.

In the area of the recent discovery MOL has carried out high quality 3D seismic survey as well in the Q1 2008, afterward of detailed analysis and interpretation of the survey's results MOL tends to accelerate its exploration and appraisal activity with further more drilling of new possible prospects.

In 2007 April MOL acquired 100% ownership of the Matyushkinskaya Vertikal company achieving the rights for both the exploration and production in Matyushkinskiy block. The block's extension is up to 3,200 square kilometers, where is placed an already producing oil field and several exploration upside potential as well. The accelerated field development of existing oil field called Matyushkinskoye was started in 2007. The existing proved reserves by SEC of the field at December 31, 2007 were 2.3 MMboe and the average daily production was 1,120 bbl/day in 2008 March.

Zoltan Aldott, Executive Vice President of the Upstream Division stated: "Russian assets play an outstanding role in the Upstream activity of MOL. With our Russian partner we have already been producing crude oil in the ZMB field for several years. With purpose of extending our Upstream activity we acquired three project companies to provide exploration and development activities in West-Siberia and in the Volga-Ural area on own risk and operatorship. The recent discovery is the first testimony of the successful application of our geoscientist's experience."