Hungarian JV signs exploration license in Hungary
CEGE, a Joint Venture between MOL and Green Rock Energy has been given rights on exploration and exploitation of geothermal energy on a 390 km2 concession area at Jászberény, Hungary. New technologies will be used in the process and drilling will go up to 3,000 m.
In a press release from MOL Plc, CEGE Ltd. (owned in 65-35% by MOL Plc. and Australian Green Rock Energy International Ltd.) obtained rights on exploration and exploitation of geothermal energy on a 390 km2 concession area at Jászberény, Hungary. The two year exploration phase aims to explore the geothermal potential of the area through reinterpretation of existing 3D seismic data, shooting new magnetotelluric points, drilling a close to 3,000 m deep geothermal production well and through the establishment and testing of a geothermal system composed of a doublet. The expected CAPEX of the exploration project exceeds the amount of HUF 3.1bn.
Mr. Tamás Szakál, Vice President of E&P MOL Hungary highlighted: “We are delighted that after several years new concession tenders were announced last year. We submitted successful bids to a number of blocks. We have a very good chance of carrying out a successful exploration program which can contribute to our mid-term strategic goal of mitigating the production decline in Hungary below 5%. Beyond that we can utilize our know-how obtained in exploration and production activities in renewable geothermal energy projects.”
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Investor Relations + 36 1 464 1395
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Source: MOL GROUP Website