MOL Nabs Ngosso Permit in Cameroon

MOL Hungarian Oil and Gas Plc. announced  that the acquisition of Tullow's 40% non-operated interest in the Ngosso Permit, offshore Cameroon was successfully completed.

MOL signed the Sale and Purchase Agreement with Tullow Cameroon Limited on November 5, 2007. The operator in respect of the Block chose not exercise its pre-emption right and the Government of the Republic of Cameroon has given its approval for the Transaction.

The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oil-fields in Nigeria and Cameroon. The block is operated by Addax Petroleum, a reputable player in West Africa, with long standing operational experience in similar environments in Nigeria and Gabon.