MGYOY Mol Magyar Olay Es Gazipari Rt (PK)

BUDAPEST--Hungarian oil and gas company MOL Nyrt. (MOL.BU) said Friday that it had made a new oil and gas discovery in Pakistan, in the MOL-operated TAL Block.

MAIN FACTS:

- The Makori-Deep-1 exploration well reached its target depth of 5,067 meters on April 17, 2016. During testing, the well flowed oil and gas in Lockhart-1 formation at a rate of 2,020 barrels of oil equivalent per day and 900 boepd (5.4 million standard cubic feet of gas per day), respectively.

- As the operating shareholder, MOL is currently responsible for over 80,000 boepd gross production.

- "Our exploration and development efforts in Pakistan are crucial building blocks of the success of MOL's new upstream program, which aims at making MOL's portfolio self-funding even in a low oil-price environment," Berislav Gaso, MOL's Exploration & Production chief operating officer said in a release.

Write to Margit Feher at margit.feher@wsj.com; Twitter: @margitfeher

(END) Dow Jones Newswires

June 17, 2016 07:14 ET (11:14 GMT)

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