October 14, 2011 / 4:58 PM / 9 years ago

Hungary's MOL discovers oil in Pakistan

BUDAPEST, Oct 14 (Reuters) - Hungarian oil group MOL has discovered crude oil with the additional potential of associated gas in the Karak exploration block in Northwest Pakistan, MOL said in a statement on Friday.

Initial short duration tests in the 5,350-metre-deep well showed an average rate of 1,700 barrels/day crude flow, MOL said.

“The flow rates from the well are expected to increase with further testing and stimulation treatment, which is planned to be conducted shortly,” it said.

“To determine the size of the prospect, the consortium is planning to drill additional wells to delineate the exact extent, size and reserves potential of this oil discovery,” MOL added.

MOL’s Pakistani unit acquired 40 percent in the block, which is operated by Mari Gas Company Limited, in 2008.

The block is in the southern section of the Tal block operated by MOL Pakistan. (Reporting by Sandor Peto; Editing by Will Waterman)

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