Watchdog Fines MOL for Disclosure Compliance Shortfall

Energy Trade

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The National Bank of Hungary (MNB) on Monday said it fined Hungarian oil and gas company MOL HUF 5 million for failing to post an announcement on a hydrocarbon discovery on the website of the Budapest Stock Exchange, according to a report by state news wire MTI.

On November 21, MOL announced the discovery of a "significant amount" of crude oil on the outskirts of the capital and posted the news on its website - albeit not in the "investor relations" section - but failed to make an announcement on the website of the bourse where its shares are traded.

MOL had said production at the new well is starting at 600 barrels a day, but is expected to rise to 700-1,000.

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