MOL is founding a geothermal energy company with international partners

MOL Hungarian Oil and Gas Plc. hereby announces that on July 30, 2008 it signed the Articles of Association with Enex hf. (Iceland) and Green Rock Energy International Pty. Ltd. (Australia) for the establishment of CEGE Central European Geothermal Energy Production Private Company Limited by Shares. The aim of the new company is exploration, production and sales of geothermal energy, the construction of geothermal power plants and technologies for directly supplying thermal heat. The three founders have an equal one third share in the HUF 6 million share equity of CEGE.

The foundation of CEGE demonstrates MOL’s commitment towards exploring, developing and selling renewable energy sources. MOL and its legal predecessors have more than 70 years experience in geological exploration and it offers a robust professional hinterland for the new subsidiary.

Enex hf. is a state-of-the art company in the geothermal sector in Iceland. Enex has extensive experience in developing and implementing geothermal projects and can provide valuable support to its partners in the new company.

Green Rock Energy Ltd. is an Australian publicly listed company focused on Engineered Geothermal Systems or Hot Dry Rock technology, not yet applied in Hungary. As Australia has one of the most dynamically developing geothermal sectors in the world, CEGE can obtain access to this leading edge knowledge through Green Rock Energy.

CEGE’s mission is to become the market leader in geothermal energy in Hungary through the cooperation of the three companies. The new company will implement geothermal exploration in Hungary and if opportunities arise, on a regional level. These exploration activities will focus on the discovery of geothermal energy and CEGE, if successful, will implement geothermal power plants and technologies for directly supplying thermal heat.