July 8, 2008

MOL Acquires Tullow’s 40% Interest in Ngosso Permit

MOL Hungarian Oil and Gas has successfully acquired the UK-based exploration and production company Tullow Oil's 40% non-operated interest in the Ngosso Permit, offshore Cameroon.

MOL had signed the sale and purchase agreement with Tullow Cameroon in November 2007. The operator of the block chose not to exercise its pre-emption right, following which the government of Cameroon gave 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 known player in West Africa, with operational experience in similar environments in Nigeria and Gabon.