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MOL closed deal with KMG EP
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Thursday, 22 Nov 2012
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MOL Hungarian Oil and Gas Plc announced that it had successfully closed a previously announced deal with JSC Kazmunaigas Exploration and Production for the acquisition of 49% of shares in JSC Karpovskiy Severniy holder of the North Karpovsky exploration license in Kazakhstan.

The signing of the Share Purchase Agreement was notified on July 19th 2012, pending were the consent of the Ministry of Oil and Gas in Kazakhstan, the waiver of state priority right and the approval of the Kazakh and the EU antimonopoly bodies which were all duly cleared.

The exploration program contains drilling of two firm and two optional exploration wells and acquisition of 335 kilometers 2D seismic line. Currently drilling of first well SK-1 is ongoing on turn key basis. The partners are planning to drill the second well SK-2 and test both wells till the end of 2013. Total prospective recoverable resources of hydrocarbons previously published by KMG EP are 240 MMboe.

MOL Group is also present in Kazakhstan participating in the Fedorovsky exploration block located in the neighborhood of the North Karpovsky block where the consortium led by MOL achieved a significant gas-condensate discovery in 2008.

Mr Jzsef Molnr CEO of MOL said that "We are pleased to announce that we can commence our work in another exploration block in Kazakhstan, in a country where we have already achieved exploration successes in the neighboring Fedorovsky block. We hope that the already on-going first and the second exploration wells on the North Karpovsky block will bring us similar successes. We are proud to join hands with KMG EP, a strong, well known partner from the Fedorovsky JV."

Source - Kazakhstan Today

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