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MOL partner announces oil discovery in Pakistan

Pakistan's Mari Gas Company Limited has announced it discovered oil in a block in which Hungarian peer MOL's local unit owns a 40% stake.

A well spudded in the Karak Block in January flowed at an average rate of 1,700 barrels per day, Mari Gas said.

MOL Pakistan Oil and Gas Company acquired its 40% stake in the block from Mari Gas in 2008.

MOL confirmed the discovery in an announcement late Friday, after the end of trade on the Budapest Stock Exchange.