MOL Norge Discovers Oil and Natural Gas in the North Sea

MOL Group's wholly owned subsidiary MOL Norge AS and joint venture partners have discovered oil and natural gas in a marine area located approximately 200 km west of Stavanger in the Norwegian sector of the North Sea. The exploration well in the 820S licence area was drilled to a maximum depth of 2,652 metres below sea level. Oil and gas were found in several geological formations. It was successfully tested for approximately 3,463 barrels of oil equivalent per day. The potential resources discovered in the main formation are estimated to be between 12 and 71 million barrels of oil and gas equivalent. The commercial viability of the discovery will be determined following additional technical work.