Hungarian oil and gas company MOL Nyrt. (MOL.BU) said Friday that it made a new discovery of oil and gas in Fedorovskoye Block located in Northwestern Kazakstan region in the Republic of Kazakstan.
This block is being explored for hydrocarbons since 2000 by a consortium of companies now including Exploration Venture Limited, First International Oil Company Ltd., and MOL Caspian Oil and Gas Ltd., an affiliate of MOL.
MOL has been taking part in the project since 2004, and holds a 27.5% stake in the consortium.
Exploratory well Rozhkovskaya-U-10 was spud-in during October, 2007 and reached its target depth during April, 2008. During the testing campaign, the well produced significant volumes of high quality oil/condensate and gas from the primary targets. The result of the test carried out between 4344 - 4365 meters was 8.24 MMscf/day gas and 1503 barrels a day oil/condensate production at 2415 psi flowing wellhead pressure, through 28/64 inch choke.
Following the ongoing testing the consortium will be conducting further extended tests to evaluate the scale and potential economic viability of the reserves. Further information will be provided in due course.