MOL buys into Cameroon

Offshore staff

BUDAPEST, Hungary –Magyar Olaj-es Gazipari Nyrt (MOL) has agreed to acquire Tullow Oil Plc.'s 40% interest in Ngosso permit offshore Cameroon. Ngosso is a shallow water block in the Rio del Rey basin.

Operated by Addax Petroleum, MOL says the group plans to drill two wells in 4Q 2007 to 1Q 2008.

The agreement is subject to approval by Cameroon.

11/07/2007