MOL submitted a binding bid for 100% stake in a Russian oil asset

MOL Hungarian Oil and Gas Public Limited Company submitted a binding bid on December 1, 2006 for the purchase of 100% stake in an oil producing asset in one of the main oil regions of Russia with good pipeline connections. The asset has over 60 million barrels of proven and probable reserves in accordance to the reserve audit provided by one of the leading petroleum engineering firms.

The present level of production is 1 800 bbl/day, which has significant growth potential according to the field development plans of MOL.

If successful, the purchase of this asset would be an excellent fit to MOL's previously announced strategy, which is focused on acquisition of further exploration and production projects in Russia.