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Hungary’s Oil Company MOL Announces New Discovery And Farm-In Agreement In Pakistan

Tamás Székely 2015.05.19.

Hungarian oil and gas group MOL has announced on Tuesday that it made a new commercial discovery from one of its exploration well ‘Mardan Khel-1’ in the TAL Block located in the Khyber Pakhtunkhwa Province of Pakistan. MOL also said it signed a farm-in agreement for the DG Khan block, acquiring a 30% non-operating interest from Pakistan Oil Fields Limited (POL) in the block. MOL has a well-established, proven track record and successful presence in Pakistan with five blocks and over 15 years of operation. As the operating shareholder of the TAL Block, MOL is currently responsible for over 70,000 boepd gross production.

The exploration well of Mardan Khel-1 was was spudded on last September and the well reached target depth of 4,912 meters by February, 2015. The well tested four formations and all flowed with high volumes of gas and condensate. The two best tested zones yielded 4,300 barrels of oil equivalent per day gas along with 2,100 bpd condensate and respectively 4,000 boepd gas along with 1,840 barrels per day condensate, the Hungarian oil company said. The well will be completed as a producer and tied-in to the Makori Central Processing Facility. The current total production capacity of the facilities in the Tal block (80 kboepd gas and 37 kboepd of liquids per day) is sufficient to integrate the new well, MOL confirmed.

Meanwhile MOL and OL Pakistan Oil & Gas Co. B.V. have signed a farm-in agreement for the DG Khan block where MOL is acquiring a 30% non-operating interest from Pakistan Oil Fields Limited (POL) in the block. POL is besides in the TAL block also our partner in the MOL-operated Margala and Margala-North blocks. The DG Khan Block is a promising gas and condensate exploration opportunity in the provinces of Punjab and Balochistan. After MOL’s farm-in, the block will be operated by POL with a 70% working interest. The consortium intends to acquire seismic data this year followed by drilling of one exploration well in 2017. The transaction is subject to the approval of the Pakistani government.

via 4-traders.com and portfolio.hu photo: mol.hu

 


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