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New MOL-INA cross-border exploration project New phase in the partnership cooperation in Potony - Novi Gradac region
MOL and INA are expanding their present cooperation. On 1 September 2007 the two strategic partners signed a new agreement for launching the second joint cross-border hydrocarbon exploration program in the region of Novi Gradac (Croatia) and Potony (Hungary), following the successful drilling of Zaláta well.
The exploration area covers nearly 189 km2 along the borders of the two countries, this is why the two companies decided to jointly implement the project. Exploration operations will begin in 2007 with the so-called 3D seismic measurements in the 189 km2 area. Based on the results, operations will continue with the drilling of the first exploration well (wild cat) most probably in the second half of 2008. The planned bottom hole of this well is 4500 m, and the costs would be around 8,2 million euro. The plan also contains the drilling of an optional well in 2009.
In accordance with the strategic partnership MOL and INA will finance this joint exploration program in equal ratio (50-50%) (irrespective of the fact whether the specific operations are implemented on the Hungarian side of the border or the Croatian). INA will be the operator on the Croatian and MOL will be the operator on the Hungarian side of the border. The parties will unanimously approve every decision related to the management and control of exploration program, and the revenues will also be shared equally.
In case of a commercial hydrocarbon discovery the parties will jointly investigate the optimal opportunity for the field development and production in order to accelerate the implementation of the program.
Cooperation, joint resources and know-how-s will enable MOL and INA to conduct more successfull exploration and production projects. Following the successful cross-border exploration at Podravska Slatina - Zaláta region this is the second joint project by the two partners, now in the Novi Gradac and Potony region. The parties continue to negotiate on further promising exploration projects in the future.
