Vecsés 3 Well: Another Success for MOL

MOL Plc. has notified the capital markets on the website of the Budapest Stock Exchange that third Vecsés oil well (just outside Budapest), adds another 600 barrels of oil a day to MOL's Hungarian production.

In the Vecsés oil field, discovered two years ago, there are three wells already operating. They produce about 4,000 barrels of crude oil per day, which is nearly 30% of MOL Hungary's crude oil production and 4% of the MOL Group's hydrocarbon production.

"One of our key tasks is to exploit the potential of domestic hydrocarbon exploration and production. The Vecsés field delivered on its promises and has already contributed a very significant amount to domestic production, with over one million barrels to date. This strengthens security of supply, as this amount has made it possible to reduce crude oil imports to Hungary. We are planning to invest nearly HUF 100 billion in hydrocarbon exploration and production in Hungary over the next three years," Archibald Schubert, Managing Director of MOL E&P Hungary, commented.