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Hungarian Oil And Gas Group MOL Announces New Discovery In Pakistan

Tamás Székely 2015.09.18.

Hungarian oil and gas group MOL has announced a new crude oil, condensate and natural gas discovery in Karak Block, Pakistan. The block is operated by Mari Petroleum Company Limited (MPCL) with 60% working interest while MOL Pakistan Oil & Gas Co. B.V has 40% in the block, MOL said on Friday morning in a statement released for the Budapest Stock Exchange.

“MOL is extremely pleased to announce its tenth discovery in Pakistan. Pakistan is a promising and prospective area with a vast amount of unexplored acreage,” commented Alexander Dodds, MOL Group E&P, Executive Vice President. “MOL Group has always been committed to invest in Pakistan’s oil and gas sector and MOL will subsequently do so in the coming years,” he added. Ákos Grósz, CFA, Managing Director of MOL Pakistan said that the company was “committed to help alleviate the energy deficits of Pakistan by maximizing exploration and enhancing current production through cutting-edge technologies.”

The Hungary-based oil and gas group has a well-established presence in Pakistan with five blocks and over 15 years of successful operation. This is the 10th discovery since 1999 in 3 different blocks. Kalabagh-1A ST1 discovery is the Joint Venture’s second success in the Karak block after its first crude oil discovery made at Halini-1 Exploratory Well-1 in 2011. Based on a comprehensive 3D seismic campaign the structure was confirmed as an independent closure at about 8km distance from Halini discovery.

Kalabagh-1A ST1, spud-in on March 20, 2015, has been successfully drilled down to a depth of 3,003 meters. During testing, the well flowed gas & condensate in Datta Formation at a rate of 618 boepd and 160 bblpd, respectively. In the Samanasuk Formation it flowed gas and condensate at a rate of 877 boepd and 180 bblpd, respectively. Finally, the testing of Lockhart Formation flowed commercial quantity of crude oil at 500 bblpd, MOL said.

via portfolio.hu and bse.hu photo: mol.hu


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