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MOL signs Concession Agreements in Romania

Hungarian oil and gas company MOL announced on Tuesday evening that it has signed Concession Agreements with the Romanian National Agency for Mineral Resources for three exploration blocks.

As announced on July 5, 2010, EX-1 (Voivozi), EX-5 (Adea) and EX-6 (Curtici) were awarded at the 10th Licensing Round to the consortium of MOL and Expert Petroleum. MOL is the operator of the projects, with 70% participating interest in the blocks, while Expert Petroleum holds the remaining 30%. The blocks have a combined area of 3,434 square kilometers and are located in the Pannonian basin, next to the Hungarian border. The exploration period is divided to a three-year initial term and an optional three-year phase. The initial work programme includes 2D and 3D seismic measurements to be followed by drillings. Besides the good oil and gas potential, some of the blocks have unconventional potential as well. The agreements are subject to the approval of the Romanian Government.