STOCKWATCH Hungary’s MOL tracks market as Pakistan gas discovery seen small

March 19th, 2008 Aimon · No Comments

BUDAPEST (Thomson Financial) - Shares in Hungary’s MOL Nyrt tracked a wider market today as analysts said a gas discovery in Pakistan was too small to impact earnings.

At 9.51 am the shares traded up 0.8 pct at 21,050 forint compared to an 1 pct rise in the BUX index.

‘(The discovery, given MOL’s 10 pct share) is around 1.3 pct of last year’s production at MOL,’ said Raiffeisen Bank. ‘The news is positive but too small to cause a significant market reaction.’

MOL said this morning it made a third discovery of gas and condensate in the Tal Block in the Northern Western Frontier Province of Pakistan.

Production at the Mami Khel-1 well produce is 1.3 mln cubic meters per day of gas and 457 cubic meters per day of condensate, MOL said in a statement this morning. MOL holds 10 pct of the operating consortium.

‘The consortium will be conducting further extended tests to evaluate the size and economic potential of the reserves,’ MOL said in a statement. ‘Further information will be provided in due course.’