North West Oil Group, Inc. (NWOL)

[mmonth]

OK, How about this one:


Hungary's oil company to join exploration in west Siberia

BUDAPEST, Dec. 19 (Xinhua) -- Hungary's oil and gas company MOL will join the Russian North-West Oil Group (SNZG) in the exploration of Surgutskiy-7 oil field in west Siberia, Hungarian media reported Monday.

The Russian competition office has endorsed the establishment of a joint venture by the two companies for the exploration activities. MOL said they had gained approval from the Russian authorities before launching practical cooperation next year.

The Surgutskiy-7 oil field is estimated to have some 6 million tons of oil reserves, and drillings of the first wells are scheduled for 2007, SZNG reported.

MOL executives confirmed that negotiations were underway with the SZNG on the joint work next year, adding that the company was also looking for other projects in the region.

SZNG won the right for oil exploration and production last April, and has already started geological work at the site in the Khanty- Mansiyskiy autonomous region.

Source: Xinhua News Agency - CEIS

http://www.redorbit.com/news/science/336705/hungarys_oil_company_to_join_exploration_in_west_siberia...