MOL Announces Oil and Gas Discovery in Kazakhstan

MOL Plc announced that it has made a new discovery of oil and gas in Fedorovskoye Block located in northwestern Kazakhstan. This block has been explored for hydrocarbons since 2000 by a consortium of companies now including Exploration Venture Limited, First International Oil Company Ltd, and MOL Caspian Oil and Gas Ltd, an affiliate of MOL Plc. MOL Plc. has participated in the project since 2004 with 27.5% current interest.

Exploratory well Rozhkovskaya-U-10 was spud-in during October, 2007 and reached its target depth during April, 2008.
During the testing campaign, the well produced significant volumes of high quality oil/condensate and gas from the primary targets. The result of the test carried out between 4344 - 4365 m was 8.24 MMscf/day gas and 1503 bbl/day oil/condensate production at 2415 psi flowing wellhead pressure, through 28/64 inch choke.
Following the ongoing testing the consortium will be conducting further extended tests to evaluate the scale and potential economic viability of the reserves.