MOL completed acquisition of Ngosso Permit in Cameroon

MOL Hungarian Oil and Gas Plc. hereby announces that the acquisition of Tullow's 40% non-operated interest in the Ngosso Permit, offshore Cameroon was successfully completed.

MOL signed the Sale and Purchase Agreement with Tullow Cameroon Limited on 5^th November 2007. The operator in respect of the Block chose not exercise its pre-emption right and the Government of the Republic of Cameroon has given its approval for the Transaction.

The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oil-fields in Nigeria and Cameroon. The block is operated by Addax Petroleum, a reputable player in West Africa, with long standing operational experience in similar environments in Nigeria and Gabon.