Press Release MOL – RAG

MOL Magyar Olaj- és Gázipari Nyrt., Budapest (MOL) and Rohöl-Aufsuchungs Aktiengesellschaft, Vienna (RAG) have signed a framework agreement on their intention to perform joint activities in the exploration and development of certain licenses held by the partners in Hungary and licenses under application with the mining authorities.

The agreement sets out common interests of the parties in evaluating licenses jointly and handling related hydrocarbons sales.

MOL and RAG believe that their co-operation and joint plans will provide both partners the opportunity to carry out exploration and development more effectively and efficiently involving international best practises and technologies.

The partners agreed to offer the other partner a preferential status concerning future activities, licenses and opportunities.

The co-operation aims to provide additional Hungarian oil and gas resources to the market and to further strengthen the security of supply in the country.

RAG is the oldest independent oil and gas company in Austria. RAG’s E&P activities are carried out in Austria, Germany, Hungary and Poland. In Hungary, RAG’s operations are carried out by its 100% subsidiary RAG Hungary.

In addition to exploration and production RAG is one of Europe’s largest operators of underground gas storage. The gas storages of RAG and its storage partners not only serve the Austrian market but provide users in the larger Central European region with storage capacity of 5 BCM targeted for 2011.