Hungarian oil and natural gas company MOL announced on the website of the Budapest Stock Exchange on Friday morning, that a consortium in which it owns a 27.5% stake has discovered oil and natural gas in the Fedorovskoye Block located in the Northern Western Kazakhstan Region of the Republic of Kazakhstan.
The MOL announcement said that the consortium now including Exploration Venture Limited, First International Oil Company and MOL-affiliate MOL Caspian Oil and Gas has been involved in exploration of oil and gas in this block since 2000. MOL has been part of the consortium since 2004.
Exploratory well Rozhkovskaya-U-10 was spud-in during October 2007 and reached its target depth during April 2008, the MOL announcement said.
During the testing campaign, the well has produced significant volumes of high-quality oil/condensate and gas from the primary targets. The result of the test carried out between 4344-4365 meter was 8.24 MMscf/day gas and 1503 bbl/day oil/condensate production at 2415 psi flowing wellhead pressure, through 28/64 inch choke, MOL said.
MOL said that the consortium will be conducting further extended tests to evaluate the scale and potential economic viability of the reserves discovered in Kazakhstan, adding that the company will provide further information in due course. (MTI-Econews)