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(SRB) NIS and RAGF signed an Agreement on Exploration in Hungary

Vibilia Beta 111220

(20/12/2011)

Oil Industry of Serbia (NIS) and Austrian company RAG (Rohoel-Aufsucungs Aktiengesellscaft) signed in Vienna the Agreement on Exploration of oil and gas in southern part of Hungary. The goal of the agreement is to unite investments and share risks of oil and gas explorations and to NIS it will belong 50% in future production in the area Kiskunhalas, west of Szeged.

Nafta

Chief Director of RAG, Markus Mitereger said that he could not be precise on how much gas and oil there is in that area and that it could be said after first trial drills next year, but based on the experience he can say that in that area there are gas and oil resources. General Director of NIS, Kiril Kravcenko said that the value of geology explorations is around 10 million euros which NIS will invest in Hungary, while in next 5 to 7 years two companies will invest together 100 million euros in this project.




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