MOL Discovered a New Oil Field in Western Hungary

The oil and gas company MOL Plc. has notified the capital markets oon the website of the Budapest Stock Exchange on Tuesday that it had discovered a new oil field near Somogysámson in Western Hungary.

During the exploration drilling carried out in December last year, oil was found at a depth of 1,250 meters. According to the results, the well located in the Somogysámson oilfield is capable of producing 1,200 barrels per day.

Zsombor Marton, Executive Vice President of MOL Group Exploration and Production said he was "very proud to announce that, after the exploration successes of the recent years, we have once again discovered a new oil field – this time in the Transdanubian region, where we last discovered oil more than a decade ago. The fact that we achieved this success in the concession belonging to Bázakerettye, which has an almost 100-year oil industry tradition, is clear evidence that there is still potential in hydrocarbon exploration in Hungary. We are discovering previously unknown hydrocarbon deposits one after the other and further strengthening the country's security of supply: with the oil deposits in Vecsés and Tura and the natural gas fields in Eastern Hungary, we have reached a 5-year peak in domestic production.”

The COO of MOL Hungary, Dr. György Bacsa added that in a landlocked country like Hungary, "our oil supply is largely via pipelines and intermediaries. It is clear that we need to reduce Hungary's import dependence by all means available. We will continue our investments and will continue to do our utmost to maintain and, if possible, increase production."

The production of the new well is transported by truck and represents approximately 1% of the MOL Group's total hydrocarbon production.