Aqra-1 Appraisal Well Spudding

MOL Hungarian Oil and Gas Plc. (MOL) is pleased to announce the spud of Aqra-1 appraisal well. This is the first appraisal well in the Block to assess the Bijell discovery, situated 8 km to the north-west of the Bijell 1 discovery well and 26 km to the west-northwest of the Bekhme-1 exploration well.
The well is designed to an estimated TD of over 4,700 meters in the Triassic subject to technical conditions. The drilling rig is provided by Crosco, the subsidiary of INA, a member of MOL-Group.

Shaikan-4 Appraisal Well

Based on Operator's information the well testing program for the Shaikan-4 appraisal well, drilled 6 km to the west of the Shaikan-1 discovery well, is ongoing with two well tests in the Triassic having been completed to date. Five further tests are planned in the Jurassic and Triassic.

In the course of the first well test conducted in the Kurre Chine C formation, Shaikan-4 achieved a flow rate of 563 barrels of oil per day (bopd) and 3.65 mmscf/d of gas at a 328 psi flowing wellhead pressure.

In the course of the second well test, which is still ongoing, Shaikan-4 tested a thin zone at the bottom of the Kurre Chine B formation achieving a flow rate of 4970 bopd and 7.0 mmscf/d of gas at a 1101 psi flowing wellhead pressure with initial results indicating a 39 degree API fluid.

Background:
MOL, via its 100% subsidiary, Kalegran Ltd., signed Production Sharing Contract with the Kurdistan Regional Government for Akri-Bijeel and Shaikan exploration blocks in 2007.
The operator of the Akri-Bijeel block is Kalegran Ltd. with 80% participating interest. Gulf Keystone Petroleum International Ltd. holds 20% share. The participating interests are subject to dilution by a Government held Third Party Participation of 20% and a Government Interest of 20%.
The operator of the Shaikan block is Gulf Keystone Petroleum International Ltd. with 75% participating interest. Kalegran holds 20% share, and the remaining 5% is held by Texas Keystone. The participating interests are subject to dilution by a Government held Third Party Participation of 15% and a Government Interest of 20%.

Investor Relations    + 36 1 464 1395
Facsimile:                + 36 1 464 1335

Publish date: 
2012-01-23
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