MOL and O&GD Discovers New Oil Field

MOL Plc. has notifies market participants of the following MOL and O&GD have discovered a new oil field at a depth of approximately 2,400 meters near Galgahévíz, Hungary.

O&GD and MOL share the extracted volume in a 51%-49% ratio. The Galgahévíz4 well is capable of producing approximately 1,000 barrels of crude oil per day, which will be processed at the Danube Refinery in Százhalombatta.

"The new deposit contributes significantly to Hungary's security of supply, as domestic production reduces import dependency. Uncertainties surrounding supply routes also confirm that the more pipelines there are in the region, the more certain it is that there will always be enough energy. However, the best source is always domestic, which is why MOL treats hydrocarbon exploration in Hungary as a priority," Dr. György Bacsa, Managing Director of MOL Hungary said.

The Galgahévíz-4 well contributes approximately 0.5% to MOL Group's hydrocarbon production.