MOL, as the operator of TAL Block in Pakistan, has made a new gas and condensate discovery. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block.

MOL Plc. hereby notifies the market participants of the following:

MOL, as the operator of TAL Block in Pakistan, has made a new gas and condensate discovery. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block. The Mamikhel South-1 exploratory well successfully reached a total depth of 4,939m on 23 May 2020. Upon testing the well flowed gas and condensate from Lockhart and Hangu formation at a flow rate of 6,516 boepd (16.12 MMscf/d and 3,240 bpd, respectively), with flowing well-head pressure of 4,476 PSI at 32/64” choke. Further testing of the well is ongoing.

Dr. Berislav Gašo, MOL Group’s E&P EVP commented:

“I am delighted to announce that we have made another discovery in Pakistan. This new discovery has de-risked an exploration play in deeper reservoir in the TAL Block, leading to new upside opportunities. The Mamikhel South-1 discovery will also help to improve the energy security of the country from indigenous resources. We are thankful to our Joint Venture partners as well as the Government of Pakistan for their continued support.”

As the operating shareholder MOL is responsible for 89 mboepd gross production (as of Q1 2020) in the TAL block (MOL’s share is 8.4%). Our partners in the Joint Venture consortium are OGDCL, PPL, POL and GHPL. MOL has a proven track record of successfully operating in Pakistan’s upstream sector for 21 years and holds equity stakes in four blocks in the country.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of about 1900 service stations across 10 countries in Central & South Eastern Europe.