MOL-ExxonMobil agree to jointly examine unconventional resource potential

On 16 May 2007 MOL Hungarian Oil and Gas Plc. (MOL) signed a Heads of Agreement with ExxonMobil subsidiary Esso Exploration International Limited to undertake a joint technical study of certain basins in Hungary that present significant unconventional hydrocarbon gas resource potential and, depending on the study results, to undertake additional exploration activities.

Unconventional exploration projects usually require substantial financial commitment and often entail significant production risk. Since ExxonMobil possesses extensive experience, appropriate technology and know-how and MOL has an excellent understanding of the petroleum geology and industry operations of Hungary, this cooperation is expected to leverage the strengths of both parties.

The project presents a good opportunity for MOL to further examine the unconventional hydrocarbon potential in Hungary.