MOL Makes Discovery in Akri-Bijeel Block in Kurdistan

Hungarian oil and gas group MOL has made a discovery in Akri-Bijeel Block in Kurdistan Region of Iraq. The testing results are promising, it said in a statement on 10 March, Portfolio Hungary reported.

According to the official announcement: “Gulf Keystone is pleased to announce that Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil and Gas Plc. and the operator of the Akri Bijeel block in Kurdistan, concluded a successful oil test in the Bijeel-1 exploration well in the Akri Bijeel block.  Undiluted equity working interests in Akri Bijeel are currently 80% Kalegran and 20% GKPI.

“The tested zone is in the upper Jurassic and flowed at rates of up to 3,200 bopd with associated gas rates of 933,000 scf/d.  Oil gravity was 18 degrees API and flowing wellhead pressure was 420 psi on a 48/64" choke.

“Drilling operations are still in line with previously announced plans, following completion of the full test cycle, drilling will resume from the current depth of 3831m to a final planned depth of approximately 4400m, pending actual well results.”

MOL is proud that this very promising exploration result proves the validity of the newly developed geological model, commented Zoltan Aldott, Executive Vice-President of the Exploration and Production Division.

This is the latest great success of MOL’s over 75 years E&P experience domestically and internationally in 14 countries, and the great success of the excellent cooperation between the Kurdistan Regional Government of Iraq and the consortium.

MOL, via its 100 % subsidiary Kalegran Ltd, signed a Production Sharing Contract with the Kurdistan Regional Government of Iraq (KRG) on Akri-Bijeel exploration block in the Kurdistan Region of Iraq in 2007. MOL is the operator in block with 80 % share and Gulf Keystone Petroleum International Ltd is partner with a 20% share.

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