Business News

Hungary's MOL agrees part purchase of Cameroon oil field

Nov 6, 2007, 9:38 GMT

Budapest - Hungarian energy giant MOL on Tuesday announced that it has signed an agreement to acquire Tullow Oil's 40 per cent stake in an offshore Cameroon oil block. 'The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oilfields in Nigeria and Cameroon,' MOL said in a statement. MOL said that along with the block partner, Addax Petroleum, it planned to drill two wells in the last quarter of 2007 and the first quarter of 2008 to check on the 'full potential of discoveries made by previous operators.' The transaction is subject to Addax Petroleum's pre-emption right and the approval of Cameroon's government. © 2007 dpa - Deutsche Presse-Agentur

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