14/12/2012 16:56:00

MOL: Romania Approves Concession Deal for Curtici Block

BUDAPEST--Romania Wednesday approved the concession agreement for a potential oil and gas block in Romania's Curtici, or EX-6 Block, where MOL can now commence conventional exploration operations, Hungarian oil and gas firm MOL Nyrt (MOL.BU) said in a stock exchange filing Friday.

MAIN FACTS:

- MOL said it's "very optimistic" about continuing its exploration success ratio reached in the Pannonian basin region of Central and Eastern Europe.

- The exploration phase consists of two sub-periods, three years each, the second one optional. Operations are expected to start immediately, MOL said.

- MOL and its partner Expert Petroleum won exploration rights for three blocks in 2010.

- MOL closed trading flat at 17,050 forints ($78.7) Friday.

-Write to the Budapest Bureau at budapest@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

December 14, 2012 11:56 ET (16:56 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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