ExxonMobil Exploration and Production Hungary Limited
(ExxonMobil), a subsidiary of Exxon Mobil Corporation (NYSE:XOM), and
MOL Hungarian Oil and Gas Plc. (MOL) today announced an agreement to
start a joint exploration program in blocks 106 and 107 in the Mako
Trough in southeast Hungary.
ExxonMobil will fund the work program and receive a 50 percent
interest in the acreage upon completion. MOL will retain the remaining
50 percent. The exploration program covers 387,000 acres with wells
drilled to depths of approximately 14,000 feet (4,300 meters). The
comprehensive work program includes drilling and completion of wells
using ExxonMobil proprietary technology and expertise.
"We will deploy ExxonMobil processes that enable us to drill
faster and accurately perform very complex well completions," said
Elwyn Griffiths, vice president, business development, ExxonMobil
Exploration Company. "Our technology has proven successful in
increasing the effectiveness and reducing the costs of other
unconventional exploration and development programs."
ExxonMobil plans to spud the first wells in 2008 and conduct well
testing and reservoir evaluation studies over two to three years. The
goal of the program is to evaluate the potential for commercial
production of unconventional gas and liquid hydrocarbons.
The exploration program is the next phase under an agreement
signed in 2007 between MOL and ExxonMobil to undertake a joint
technical study of basins in Hungary with unconventional hydrocarbon
potential. The newly announced exploration program in the Mako Trough
will gather further information on the source, extent and
recoverability of this untapped hydrocarbon opportunity.
"ExxonMobil is pleased to undertake this joint exploration program
with MOL," said Elwyn Griffiths. "We believe our expertise in tight
gas development will match up well with MOL´s knowledge of the local
geology and operating environment."
"ExxonMobil is the largest producer and supplier of natural gas in
Europe," said Griffiths. "We will continue to search for new resources
and new partners in Europe to help satisfy the growing demand for this
cleaner burning fuel."
The MOL exploration acreage is adjacent to the Mako Trough License
Area where ExxonMobil announced a production and development agreement
with Falcon Oil and Gas Ltd. on April 10, 2008.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results
including resource recoveries and project plans and schedules could
differ materially due to changes in market conditions affecting the
oil and gas industry or long-term oil and gas price levels; the
outcome of exploration programs; political or regulatory developments;
the outcome of commercial negotiations; and other factors discussed
under the heading "Factors Affecting Future Results" in the Investor
Information section of our website (www.exxonmobil.com) and in Item 1A
of our most recent Form 10-K.
