MOL Group announced today a new commercial discovery at the MOL operated exploration well Mardan Khel-1 in Pakistan.

Mardan Khel-1, located in Pakistan’s TAL Block, was spud on September 17, 2014 and the well reached its target depth of over three miles on February 17, 2015. Four formations have been tested at the well, all of which flowed with high volumes of gas and condensate according to MOL Group.

The current total production capacity of the facilities in the TAL Block is 80,000 barrels of oil equivalent (gas) per day and 37,000 boe (liquids) per day. MOL intends to carry out an appraisal plan including additional wells on the Eastern and Western parts of the structure.

MOL Pakistan Oil & Gas Company, a 100 percent subsidiary of MOL Group, has also signed a farm-in agreement for Pakistan’s DG Khan Block, where MOL is acquiring a 30 percent non-operating interest from Pakistan Oil Fields Limited.

MOL Group E&P Executive Vice President Alexander Dodds commented in a company statement:

“MOL Group is extremely pleased to announce its seventh discovery in TAL Block, which we have operated since 1999. MOL Pakistan has a successful track record in the TAL Block and we are grateful to our partners for their continued support and confidence in our capabilities to operate within the JV. Pakistan is a promising and prospective country with significant remaining undeveloped resources and reserves, and MOL Group remains committed to investing in Pakistan’s oil and gas sector as our recent farm-in agreement and continued investment in the TAL block demonstrates.”