Watchdog Fines MOL for Disclosure Compliance Shortfall

Energy Trade

Image by Postmodern Studio / Shutterstock.com

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.

Bamosz Investment Fund NAV Reaches HUF 15.624 tln in March Analysis

Bamosz Investment Fund NAV Reaches HUF 15.624 tln in March

Hungary Condemns Iranian Attack on Israel Int’l Relations

Hungary Condemns Iranian Attack on Israel

Share of 1st Time Home Buyers Climbs Residential

Share of 1st Time Home Buyers Climbs

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D... Hotels

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.