MOL GROUP EXPLORATION & PRODUCTION UPDATE 2015

1

2015 I.1

MOL GROUP EXPLORATION &PRODUCTION UPDATE 2015

MOL GROUP EXPLORATION & PRODUCTION UPDATE

CONTENT

3

2015

MOL GROUP UPSTREAM – 2014 I.

4

HIGHLIGHTS OF 2015 II.

6

MAIN DATA OF THE BLOCKS III.

8

EXPLORATION AND APPRAISAL WELLS IN 2014/2015 IV.

IV.1 Well Status and Results in 2014 10

IV.2 Schedule of Exploration and Appraisal Wells in 2015 14

DETAILED WORK PROGRAMMES IN 2014/2015 V.

V.1 Hungary 16

V.2 Croatia 18

V.3 Kurdistan 22

V.4 United Kingdom (North Sea) 24

V.5 Pakistan 26

V.6 Russia 30

V.7 Kazakhstan 33

V.8 Other Countries 36

CONTENTTi

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4


MOL GROUP UPSTREAM – 2015

15090

30

210

630

85

65

2014 recoverable resources (MMboe) •CEE •Kurdistan •UK •Russia •Kazakhstan •Middle East and Asia

9

77

8

3

97.5

2014 production (mboepd) •CEE •CIS •WE (UK) •Middle East and Asia •Africa

1

65

318135

7

555

2014 Y/E reserves (MMboe) •CEE •CIS •WE (UK) •Middle East and Asia •Africa

30

294

180

526

287

1 407

Total 2014 CAPEX by region (USD mn) •CEE •CIS •WE (UK) •Middle East and Asia •Africa •Acquisitions

90

31

ORGANIC RESERVES REPLACEMENT RATIO – 103%

Reserves(31.12.2013)

576

Production(35)

New organicbookings

42

Revisions(6)

Purch./saleof minerels

in place(22)

Reserves(31.12.2014)

555

Reserve changes in 2014 (MMboe)

5

2015 I.

1

2

11

5 10

3

9

8

7

6

124

13

Country Production 2014 (mboepd)

Reserves (SPE 2P, MMboe)

1 – UK (North Sea) 1.3 30.4

2 – Hungary 41.6 123.5

3 – Croatia 35.2 194.9

4 – Romania Exploration

5 – Syria “Force Maejure” 35.8

6 – Egypt 2.0 3.4

7 – Cameroon Exploration

Country Production 2014 (mboepd)

Reserves (SPE 2P, MMboe)

8 – Angola 1.2 3.2

9 – Oman Exploration

10 – Kurdistan 1.9 15.4*

11 – Pakistan 6.6 13.4

12 – Kazakhstan 60.4

13 – Russia 7.7 74.5

* Shaikan block reserves

6


HIGHLIGHTS OF 2015

Key goals for 2015: •ZeroHSEincidents/accidents • IncreaseGroupproductionto105-110mboepd •Mitigateproductiondeclineandmaximisecash-

flowinmatureCEEassets •Progress towards monetising the value from

key international growth projects in Kurdistan RegionofIraq,PakistanandtheCIScountries

•GrowMOL’spresenceontheNorthSea •Reach flat to declining Unit Cost across all

countries •Enhanceinternationalexplorationportfolio • Finalisemajororganisationalchanges inGroup

Upstream •Utilise opportunities that arise from current

lower oil price environment

CEE – Mitigate the production decline and maximise cash-flow on matured CEE fields,building on extensive know-how as well astaking portfolio optimisation steps and cost efficiencyimprovements

In Hungary, through continuous implementation of redevelopment projects MOL aims to keep production decline below 5% (4% decline rate in 2014). In addition, the Upstream EfficiencyProgramme will continue with focus on cost reduction.

InCroatia,INA’sfirmgoalistostopnaturaldeclineand begin to grow production in 2015. This year will bring finalisation of the first phase of majorEOR projects and continuation of the successful production optimisation programme. In offshore opera tions, following the start of production on Izabela and Ika SW wells in 2014, INA plans further development activity to stabilise production.

KURDISTAN – Gradual increase of commercialproduction from both blocks as well as completing the information acquisition cam-paign for further reconsideration of the work programmeonAkri-Bijeel,withmore focusonTriassic

In Akri-Bijeel Block main goal for 2015 is to complete the information acquisition campaign with the testing of Bijell-2, -4, -6 and Bakrman-2 appraisal wells, which should serve as valuable information for further delineation of the reservoir. In the meantime debottlenecking is ongoing and scheduled to be completed by Q2 2015 on the Bijell-1 Production Facility. Following its completion, the production rate will be gradually ramped up during the year with tie-in of additional producing wells.

OntheShaikanfield,whichiscurrentlyproducingthrough two production facilities, debottlenecking and facility upgrade projects shall be undertaken in H1 2015, enabling the production to stabilise around 37-40 mboepd.

NORTH SEA – A lower risk offshore operation, which should serve as a hub of know-howtechnology,forthewholeGroupwithanalreadymaterialcontributiontotheGroupproduction

MOL extended its presence in UK North Sea after purchasing assets from Premier Oil in 2014 following its entry to the area in 2013, as well as Aberdeenbranchofficeopening,withexperiencedsenior staff on the ground.

The Cladhan development is now almost complete and should be on track for first oil inH2 2015. Catcher is moving forward with the first wells planned for drilling in Q2 2015 andthe FPSO construction is underway. Key focus for the recently acquired assets in 2015 are the successfuldeliveryofan infillprogrammeontheScott platform and the intervention and side-track programme on Telford.

7

2015

PAKISTAN – Continue field development in TALBlock and fully explore upside potential of allother blocks

In TAL Block exploration, appraisal as well as field development activities will continue withan aim to pursue further upside targets. In the Margala-North Block, where MOL has 70% interest as operator, the main goal of the 2015 work programme is to test and complete MGN-1 exploration well. In Karak Block continuation of the Extended Well Test Production and drilling of two exploratory wells are the key tasks ahead.

RUSSIA – Increase production from Baituganfield and determine exploration potential ofMatjushkinskyBlock

On Baitex current exploration project targets to explore upside in deeper Devonian layers, while further development will bring completion of 40-50 production and injection wells per year to continue the last years’ growing production trend.

At Matjushkinsky Block focus remains on explora-tion, including the interpretation of recent 2D seismic, which is expected to clarify the remaining potential of the block.

KAZAKHSTAN–Movingforwardtowardsmonetis-ing the value from Fedorovsky followingadditional reserves booking in 2014

Following a successful completion of the appraisal programme in 2014 MOL will proceed with pre-parations for the start of the first phase of thedevelop ment project. This will evaluate the behavi-our of the reservoirs to determine the full-scale field development plan, while also ensuring thesalesofproducedgasandcondensate.Thefirstdevelop ment well (U-25) is expected to be spudded in Q2 2015. Moreover, following a new commercial dis covery in the Bashkirian reservoir in 2014 a two years Exploration Licence extension was offered, providing a unique opportunity to explore the remaining area and upside potential of the block.•

2015OrganicCAPEX(Plan) •Hungary 15% •Croatia 18% •UK 18% •Russia 4% •Pakistan 8% •Kurdistan 26% •Other 10%

•Exploration 21% •Develop. and Other 79%

USD0.9bn

CAPEX

2015 Production (Plan) •Hungary 36% •Croatia 35% •UK 8% •Russia 6% •Pakistan 6% •Kurdistan 6% •Other 3%

•Oil 42% •Gas 52% •Condensate 6%

105-110mboepd

PRODUCTION

8


MAIN DATA OF THE BLOCKS

Country Block Reserves MMboe

2014 Production

mboepd

Acreage (km2) Phase Contract

type OperatorDiluted share (%)

Partner

Hungary Several 123.5 41.6 3,659 E / D C Yes 100 –

Croatia

Onshore – several 167.7 24.1 11,930 E / D C Yes 100 –

Offshore – North Adriatic

27.2 11.1

1,756 E / D C No 50 ENI (50%)

Offshore – Aiza Laura 22 E / D C No 50 ENI (50%)

Offshore – Izabela 34 D C No 30 Edison (70%)

RomaniaEx-6 n.a. n.a. 1,226 E C Yes 100 –

Ex-1, EX-5 n.a. n.a. 2,208 E C No 70 EP (30%)

UK

Broom

30.4 1.3

10.1 D C No 29EnQuest (63%)

Ithaca (8%)MOL (29%)

Catcher 175.9 D C No 20

Premier (50%)MOL (20%)Cairn (20%)Dyas (10%)

Cladhan 30.0 D C No 34Taqa (64.5%)MOL (33.5%)Sterling (2%)

Crathes 14.8 D C No 50 EnQuest (50%)MOL (50%)

Scolty 7.4 D C No 50 EnQuest (50%)MOL (50%)

Rochelle 29.2 D C No 15Nexen (41%)

Endeavour (44%)MOL (15%)

Scott 88.2 D C No 22

Nexen (41.89%)MOL (21.84%)

Dana Petroleum (20.64%)

Apache (10.47%)Maersk (5.16%)

Telford 338.2 D C No 2

Nexen (80.41%)Apache (15.65%)Maersk (2.36%)MOL (1.59%)

Russia

Matjush-kinsky 74.5

2.9 3,228 E / A / D C Yes 100 –

Baitugan 4.8 65 D C Yes 51 TPAO (49%)

Yerilkinsky n.a. n.a. 40 E C Yes 51 TPAO (49%)

9

2015 III.

Country Block Reserves MMboe

2014 Production

mboepd



Partner

Kazakh stan

North Karpovsky n.a. n.a. 1,670 E C No 49

KMG EP (51%)(Operating

Company: Karpovsky Severny LLP)

Fedorovsky 60.4 n.a. 1,511 E / D C No 27.5

KMG EP (50%), FIOC (22.5%) (Operating Company: Ural Oil

and Gas LLP)

Syria*Hayan 35.8 n.a. 645 D PSC Yes 100 –

Aphamia n.a. n.a. 2,285 E PSC Yes 100 –

Kurdistan Region of Iraq

Akri-Bijeel15.4 1.9

889 A / D PSC Yes 80 / 51.2 GKP

Shaikan 283 D PSC No 20 / 13.6 GKP

Pakistan

Tal 13.4 6.1 3,668 E / A / D C Yes 10.5 / 8.4

PPL (30%)OGDCL (30%)

POL (25%)GHPL (5% Carried)

Karak n.a. 0.34 2,335 E / A C No 40 MPCL (60%) – operator

Margala n.a. n.a. 1,387 E C Yes 70 POL (30%)

Margala-North n.a. n.a. 1,562 E C Yes 70 POL (30%)

Ghauri n.a. 0.14 1,292 E C No 30 MPCL (35%) – operator, PPL (35%)

Oman Oman 66 n.a. n.a. 4,898 E PSC Yes 100 –

Egypt

Ras Qattara

3.4 2.0

247 D PSC No 25 IEOC (75 %) – operator

West Abu Gharadig 77 D PSC No 25

IEOC (45 %) – operator & Dana Petroleum (30%)

North Bahariya 135 D PSC No 20

Sahara North Bahariya (50%) –

operator & IPR (30%)

East Yidma – Sidi

Rahman25 D PSC Yes 100 –

Angola

Block 3/05A

3.2 1.2

226 D PSC No 4

Sonangol P&P (25%) – operator, China Sonangol (25%)

AJOCO (20%), ENI (12%), Somoil (10%)NIS (4%), INA (4%)

Block 3/05 99 D PSC No 4

Sonangol P&P (25%) – operator, China Sonangol (25%)

AJOCO (20%), ENI (12%), Somoil (10%)NIS (4%), INA (4%)

Cameroon Ngosso n.a. n.a. 474 E C No 40 Addax (60%) – operator

* Activities are fully in line with US and EU sanctions; forward looking work programme and expenditures depend on the termination of the “force majeure”

10


EXPLORATION AND APPRAISAL WELLS IN 2014/2015

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2015 IV.1

WELL STATUS AND RESULTS IN 2014

Exploration&Appraisal wells Progress Comment /

Test result

Paying / Participating interest (%)

Partner

Hungary

Vízvár-D-1 CompletedDrilling started in Q4 2013. Completed in February 2014. Based on drilling and log data, well test was cancelled. Dry.

100 –

Vízvár-É-6 CompletedDrilling started in September, 2014. Completed in November 2014. Based on drilling and log data well test was cancelled. Dry.

Hbag-K-1 Completed Gas discovery, completed for gas production.

Tompu-1 Completed Gas discovery, completed for gas production.

Tompu-2 Completed Gas discovery, completed for gas production.

Bem-D-1 Completed Gas discovery, completed for gas production.

Bem-D-2 Waiting for test Drilling completed, waiting for well test.

Mh-DK-3 Completed Gas discovery, completed for gas production.

Monor-É-2 Completed Drilling started in September 2014. Completed in December 2014. Well test is completed. Dry.

Kerka-1 CompletedDrilling started in December 2014. Completed in December 2014. Based on drilling and log data, well test was cancelled. Dry.

Beru-4 (unconv.) Tested

Drilled, stimulation programme completed, long pilot pro-duction is ongoing from March of 2012. Initially the well has been produced with high gas rate (350-650 boepd). Re-testofwellfinishedbytheendof2014.Gasproduc-tion rate has been stabilized at the level of 108 boepd.

Beru-6 (unconv.) Waiting for test

Drilling completed and well stimulation were completed by the end of 2014. Production will start with complex well test programme at the beginning of 2015.

Croatia

Hrastilnica-4 Tested, successful

Spud in was on November 27th2013.Drillingfinalizedonthe February 3rd 2014, TD @ 2 600 m. Well test started on April 22ndandfinishedonJune18th. Well testing of main Iva sandstone reservoir (Gamma C series) is finished.Testingofinterval2060,5–2032,5m:Ø6,3mmQoil=50,55m�/day,Qgas=2900m�/day,Ø12,7mmacquired Qoil = 78,650 m3/day, Qoil= 6 420 m3/day.

100 –

12



Test result


Partner

Croatia

�epelovacNorth-1

Declared unsuccessful without well

test

DrillingfinalizedontheOctober16th 2014, TD @ 2 364 m. According to the analysis of all collected data and analysis of logging data water saturation up to 80%, installation of cement plugs for liquidation was performed without well test. Location restoration is in progress.

100 –Iva-2 Du

Tested, results

evaluation to follow

Well was drilled (spud in on August 10th 2013, drilling finishedonOctober30th 2013). Total depth 2 883 m. Unconventional layer. The second phase of fracturing campaign started on September 29th. Frack operations conductedsuccessfully,cleaningofwellisfinished.Results evaluation to follow.

Hrastilnica-5 DrillingSpud in was on November 7th 2014. TD 2122m. Based on drilling results, drilling of deviated well Hra-5α in progress on Dec 31st 2014 (1 854 m MD).

Russia

Prikoltogors-kaya-127

Tested, suspended

Well test of formation J15 was carried out in February 2014 with poor results. Well is preserved.

100 –

Kedrovskaya-105 Tested, suspended

WelltestwasfinishedinMarch2014,withtestingofAchimov layer. Well is suspended.

Verkhne-Laryo-ganskaya-201

Tested, suspended

Well test of formation J1 was carried out in February–March 2014, with positive results.

Verhne Koltogorskaya

125

Tested, suspended

Well was spudded on 23rd March, 2014. Actual TD is 3 131 m MD. Well was drilled and completed in 6th August, 2014. Based on testing results the well is dry. Suspended well.

Zapadno-Kedrovs-kaya 121

Tested, unsuccessful

Well was spudded on 27th May, 2014. Actual TD is 2 970,5 m MD. Well was drilled and completed on 26th November, 2014. Based on testing results the well is dry. The well was abandoned.

Novomatushkins-kaya 103

Tested, mechanical

failure

Well was spudded on 16th July, 2014. Actual TD is 3 150 m MD. Well was drilled and completed on the 23rd September, 2014. The well successfully tested oil from the deepest interval penetrated (Paleozoic) but a full data-set was not obtained due to stuck pipe. Under liquidation because it is mechanically impossible to retest the Paleozoic interval.

Kazakhstan

NK-1 Completed Dry. 49 KMG EP (51%)

NK-2 DrillingWell reached its original targeted depth in September 2014. Based on the drilling result KMG EP decided to deepen the well further, on its own risk.

49 KMG EP (51%)

U-24 CompletedSuccessfully appraised the Rozhkovsky gas-condensate field,whichresultedinnewdiscoveryincaseofBashkirianlayer. Testing period February-April 2014.

27.5KMG EP

(50%) FIOC (22.5%)

13

2015 IV.1


Test result


Partner

KurdistanRegionofIraq

Bijell-1BSidetrack , testing and completion

Well was sidetracked and completed in Q1, 2014. Subsequently additional workover was carried out to install subsurface safety valve.

80% GKP

Bijell-2Drilling and

starting testing

Well TD: 5 423 m; Encountered several operational problems while drilling. Workover Operation for Testing started with WO rig on 6th Dec, 2014.

Bijell-4Drilling and

starting testing

Well TD: 5 188 m; Testing operation in progress, encountered several problems while drilling and at start of testing.

Bijell-6 Drilling and testing Well TD: 4 300 m; Testing in progress.

Bakrman-2 Drilling Spud Date: 7 April 2014. WellTD4370m,performedOHDST,drillinginfinalphase.

Shaikan-7Drilling,

testing and completion

Shaikan-7 well: drilling, testing and completion; TD: 2619m; well completed as a Jurassic producer and connected to PF-1.

20% GPK

Pakistan

Kot-1 Tested, suspended

Exploration well Kot-1 was drilled to a total depth of 5 648 m (against planned TD of 5 488 m). Target geological formations were tested through conducting two BFDSTs andfiveCHDSTs.ObservednoHCfloworonlywaterflowed.Basedontestingresults,wellwasplugged&suspended and rig released on 16 February 2014.

11 / 10 OGDCL,PPL, POLMalgin-1 Well Tested,

suspended

Exploration well Malgin-1 was spud on 28 February 2014 and drilled to total depth of 5 690 m. Target geological formations were tested through conducting one BFDSTs andtwoCHDSTs.ObservednoHCflow.Basedontestingresults, well was plugged & suspended and rig released on 16 December 2014.

Mardan Khel-1 Drilling

Exploration well Mardan Khel-1 was spud on 17 September 2014 with planned TD of 4,620 m. As of 31 Dec 2014, drilling was in progress at 3 905 m in Kawagarh formation in 8-1/2" hole. Current depth as of February 11, 2015 is 4 787 m MD RT in Datta Formation.

MGN-1 Drilling/VSP

Exploration well MGN-1 was spud on 18 June 2014 with planned TD of 4 268 m and currently drilling is in progress. Current depth as of February 11, 2015 is 3 713 m MD RT in Kuldana-2 Formation. Recording VSP.

70 / 70 POL

Ghauri X-1 Tested, successful

Exploration well Ghauri X-1 was spud on 4 November 2013 and drilled to total depth of 3 990 m /PBTD 3 929 (against planned depth of 4 250 m). Testing started on 28 March 2014. Four CHDSTs were conducted (Khewra, Kussak, Sakesar, Chorgali) and results proved the well an oil discovery. Rig was released after completion on 17 May 2014.

11 / 10 OGDCL,PPL, POL

Egypt

Rawda Centra-1 exploratory well

(NB)

Tested, successful

Spud in on April 10, 2014. The well was drilled to TD of 10,950 ft and rig was released on June 3, 2014. Four intervals were fractured and tested and the well was put in production on August 7, 2014 as oil producer.

20

SNB – Operator

50% & IPR – Partner 30%

14


SCHEDULE OF EXPLORATION AND APPRAISAL WELLS IN 2015

Country Block G&G/Wellname2015 plan

Q1 Q2 Q3 Q4

Kurd

ista

n R

egio

n o

f Ir

aq

Akri Bijeel

Bijell-2

Bijell-4

Bijell-6

Bakrman-2

Bakrman-3

Bakrman-4

Cro

ati

a

Onshore

7 wells

3D Seismic Legrad Geological Study HGI- continuation

Hungary

Conventional, several 9 wells

Conventional, additional 1 well, one 3D

Unconventional Berettyóújfalu-6

Russia Yerilkinsky Novosemionkinskiy-1

Matjushkinsky 2D processing

Seismic

Well drilling

Well test

15

2015 IV.2

Country Block G&G/Wellname2015 plan

Q1 Q2 Q3 Q4

Pakis

tan

Tal

Mardan Khel-1

Makori Deep-1

Tolanj South-1

Tolanj West-1

2D/3D processing and gravity survey

KarakHalini Deep-1

Kalabagh-1

Margala 2D processing

Margala North MGN-1

Ghauri 3D acquisition/processing

Kazakhstan Fedorovsky U-25

Romania Ex-6 3D seismic

Oman

Block 66

Exploration well

2D/3D seismic re-processing and interpretation

Egypt North Bahariya Ferdaus-19

Cameroon Ngosso Azobe-1X

16



Block Reserves MMboe

2013 Production

mboepd



Partner

Several 123.5 41.6 3,659 E / D C Yes 100 –

E-Exploration; D-Development

dEdE

dE

dE

dE

dE

dE

dE dE

dE

dEdE

dE

dEdE

dEdE

dE

dE dE

dEdE

dE #±

#

#±

##±

#±#±#

#

1

#

#

###

#

##

#1

#Felsőgóla

Görgeteg

Ladánybene

Nagykőrös

SzegedBasinWest

Ásotthalom-S3D

Alpár 3D

Páhi-Ny 2D

Algyő

Borota

Sávoly

Mogyoród

Ásotthalom

Magyarbánhegyes

Komádi-W-3

Tiszaszentimre

Nádudvar

Csombárd

MezősasNagykereki

Algyő

Ortaháza

Nagybakónak

Komádi-W-2

Túrkeve

Szarvas

Nagykáta

Hajdúbagos

Tompapuszta

Kiskunhalas

Szentmártonkáta

Hbag-K-1

Víz-D-1

Tompu-1

Monor-É-2 Bem-D-1

Tompu-2Mh-DK-3

Kerka-1

Víz-É-6

Beru-4

Kk-ÉK-1

Szal-É-1

Rib-1

G-D-1G-D-2

Tófej-Ny-2

Ber-4Ü-K-1

Bem-D-2

Beru-6

Fkút-D-1

±0 5025 Km

HUNGARY

New concession block

Exploration license 2014

3D seismic survey 2014


2D seismic survey 2014dE 2014 major field development

Symbol size is proportional to targeted reserves

dE 2015 major field developmentSymbol size is proportional to targeted reservesCountry border

1 Unconventional exploration well, testing is planned

# 2015 appraisal well

# 2014 exploration well

# 2015 exploration well

#± 2014 gas or gas/condensate discovery

# 2014 exploration well, testing in progress

1 Unconventional exploration well, testedQ1 2015

Block Firstproduction Peak production Nr. of producing wells Typeandquality

Several n.a. n.a. 942 Oil, gas and cond.

HUNGARY

DETAILED WORK PROGRAMMES IN 2014/2015

17

2015 V.1

2014 CAPITAL EXPENDITURES

Exploration | USD 50.3 mn |Development | USD 49.6 mn |Sustain&Other | USD 33.4 mn |

Hungary remains one of MOL’s core countries in terms of production and reserves, even though production started more than 75 years ago. In recent years, investments varied between USD 100-150 mn per annum, covering both projects with EOR/IOR techniques (applied since the 70s’) to mitigate the decline rate of mature fields aswell as exploration, which still has an important role and has resulted in several new discoveries (~4 MMboe/year) in the last 5 years.

An extensive geological knowledge of the country and a well-developed existing surface infrastructure have enabled low cost and quick (generallywithinone-twoyears)fieldproduction,thussupportingmorerapidcashflowgeneration.In2014, MOL completed 2D/3D seismic acquisitions,

drilled/tested 9 conventional exploratory wells (5 of which were gas/gas condensate discoveries), andfinished11fielddevelopmentprojectson itsexisting acreage. In the 2nd bid round, announced on 13-14th June 2014, MOL was awarded Okány-East concession block.

Through continuous implementation of new projects MOL seeks to achieve its strategic goal for Hungary of minimising the production decline rate to 5%. For this purpose, 9 new exploratory wells,finalisationof10fielddevelopmentprojectsand start of 14 new field development projectsare planned in the work programme for 2015. In addition,theUpstreamEfficiencyProgrammewillcontinue with focus on cost reduction.

DETAILED WORK PROGRAMMES OF MAJOR PROJECTS (2014 / 2015)

Year Type WorkProgramme

2014

Exploration

•9conventionalexploratorydrillings/testswerecompleted,ofwhich5–discoverieswereachieved (2P reserves 2.6 MMboe).

•1welliswaitingfortest,1wellisrescheduledto2015.•One3Dandone2Dseismicacquisitionandprocessingwascompleted.•Unconventional:1welltestwasfinished,1istobecompletedfortest.

Development •11fielddevelopmentswerecompletedand10werestillinprogressattheendof2014.•5newdevelopmentwellsweredrilled,severalworkoverswereperformed.

2015

Exploration

•8conventionaldrillingsand8testsareplannedonexistingexplorationlicensesandmining plots.

•1conventionaldrillingand1testonnewconcessionblock.•One3Dseismicacquisitionandprocessingprogrammeonnewconcessionblock.•Unconventionaloperation:1extendedwelltestprogramme.

Development

•10fielddevelopmentsareinprogressandwillbefinishedin2015.14newfielddevelopment projects are planned to start.

•Drillingof6developmentwellsisplanned.•Effortsareputintoaccelerateddevelopmenttime,andcontinuousutilisationof

successful internal R&D results in order to mitigate HC production decline and OPEX increase.

18


Croatia is the core country of the current portfolio and major contributor to production. The goal is to explore the smaller satellite fields around/withintheminingspots,executeEORprojects,Me�imurjeproject and mitigate the natural decline in the coming years.

dEdE

dE

dE

dEdEdE

dE

#

#

###

#

#

##

#Lipovljani 3D

Legrad 3D

Ivanic,ZuticaEOR

MedimurjeGas Dev.

Struzec Frac

Privlaka Frac

Ika SW Gas Dev.

Ika A4infill well

Annamariainfill wells

Hra-4

Čep-1N

Hra-5Hra-6Bn-2J

Đt-2Z

Zeb-1Z

G-10Mač-1R

Slc-2

±

0 10050 Km

CROATIA

3D SeismicSurvey 2015

Major Development Projects

Country Border

Symbol size is proportionalto targeted reserves

A d r i at i c S e a

dE 2014

dE 2014-2015

dE 2015

Q1 2015

# Appraisal well drilledand tested in 2014

# Appraisal wellunder drilling

# Plannedappraisal well

# Development wellunder drilling

# Planneddevelopment well

# Exploration welldrilled in 2014

# Planned explorationwell, unconventional

CROATIA

19

2015 V.2


Exploration | Onshore USD 16.4 mn | Offshore USD 0.1 mn |Development | Onshore USD 80.9 mn | Offshore USD 49.5 mn |

INA started the Croatian onshore exploration and production activities more than 50 years ago. This accumulated knowledge of geological structures and experience make INA the most efficientcompany to exploit the remaining sizable hydr-carbon potential of the continental part of Croatia.

To balance the natural decline of mature fieldsINA accelerated its domestic onshore exploration and development activities in the past year, which has already resulted in a moderated, 5% production decline rate in 2014. Moreover, mainly due to the successful 4P well optimisation programme, crude oil production increased for thefirst time inmore thanadecade,witha5%

improvement compared to 2013. In addition to the continuation of certain major development projects, 2 exploratory wells were completed and some unconventional fracking campaigns started on existing wells during 2014.

2015willbringfinalisationofthefirstphaseofmajorEOR projects with positive effect on production onIvani�fieldandstartofCO2 injectionin�uticafield.Moreover, INA plans to conduct numerouswell workovers and hydraulic fracturing works onmatureonshorefieldsaswellastodrill4newexplorationwells.INA’sfirmgoalistostopnaturaldecline with these projects and put the Croatian production on the growing trend from 2015. •


CROATIAONSHOREWORKPROGRAMME


Onshore – several 1941 1988 645 Oil (31–38° API), gas

Offshore – North Adriatic 1999 2010 33 Gas



2014 Production

mboepd



Partner

Onshore – several 167.7 24.1 11,930 E / D C Yes 100 –

Offshore – North Adriatic

27.2 11.1

1,756 E / D C No 50 ENI50%

Offshore – Aiza Laura 22 E / D C No 50 ENI

50%

Offshore – Izabela 34 D C No 30 Edison

(70%)


20



2014

Exploration

•Drilled2explorationwells:Hrastilnica-4(successful),�epelovac-1North(unsuccessful).Hrastilica-5 drilled by the end of year and drilling of deviated well Hra-5α will continue.

•Unconventional–continuationoffracturingactivities;secondphaseoffracturingcampaignperformedsuccessfullyon3wells:Iva-2DU,Peteranec-4and�utica-249Du.

Development

•DrilledGo-10wellonGoladeepgascondensatefield,drillingstoppedinJuly2014andwill continue in 2015.

•PilotprojectFracpackonPrivlakaandStru�ecoilfields.•4Pprogrammeforincreasingproductionandreservesonexistingoilandgasfields.•Wellworkoveroperations(wellequipmentrepair,matrixacidizing,hydraulicfracturing,

gravel pack, etc.).•ContinuedimplementationofEORprojectonIvani�and�uticafields:workoversonthe

injection wells for CO2andsaltwaterandfinalisationofconnectionsonsurfacefacilities.Trial exploitation of the injection system and CO2injectioninto12Ivani�wellshasstartedin October 2014.

•ContinuedactivitiesonMe�imurjeprojectConstructionworksareinprogressonZebanecfield(welllocationZeb-2,pipelineroute,ontheNodeMe�imurjeandCGSMihovljan);onVuckovecfield(welllocationVuc-1/5,Vuc-3,pipelineroute,ontheNodeVuckkovec)andVukanovecfield(welllocationVuk-1,pipelineroute),ResolvingpropertyrightsfortheGaspipeline(73km)betweenNodeMe�imurjeandGTPMolve.

2015

Exploration

•Drilling4newwells:Bunjani-2South,Hrastilnica-6,�eletovci-2WestandZebanec-1West (unconventional). Finish deviated well Hra-5.

•Testingof2wells:Klo�tar-8andZebanec-3.•Acquire1seismic3DLegrad.•Preparationprojects:GeologicalstudyHGI–Continuation.

Development

•3DseismicacquisitionontheareaofJamarice,KozariceandLipovljanifields.•ContinueddrillingofGo-10wellontheGoladeepgascondensatefield;drillinginjectionwell(Ma�kovec-1R)inscopeofMe�imurjeprojectanddrillingdevelopmentwellSelec-2withinoilfield�utica.

•Continuing4Pprogrammeforincreasingproductionandreservesonexistingoilandgasfields.

•Wellworkoveroperations(wellequipmentrepair,matrixacidizing,hydraulicfracturing,gravel pack, etc.).

•EOR:InjectionofCO2ontheoilfieldIvani�.SolvingpropertyrightswithCroatianRepublicand obtaining permits for trial CO2injectionon�uticanorthoilfield.PossiblestartofCO2 injectionon�uticanorthinQ3/Q42015.Workoversontheproductionwells–Ivani�oilfield.FinalisationofprocurementprocessforEORIIonthe�uticasouthoilfields.

•Me�imurje:ContinuationofconstructionworksonVuckovec,VukanovecandZebanecfields,CGSMihovljan.Submittedarequest(January29th) for a construction permit for GaspipelinebetweenNodeMe�imurjeandGTPMolve.StartconstructionworksonGaspipeline route.

21

2015 V.2


2014

Exploration •NorthAdriatic–PostwellresultsofIlena-1Dir,Ivna-1Dir&IKAB,Reinterpretationofthearea performed to check the validity of the next exploration well proposal.

Development

•IkaJZproject–4wellsweredrilledandcompleted,gastestproductionstarted on the 27thNovember2014.Removaloftechnicalshortcomingsidentifiedingastestproduction is in progress. The necessary documentation to get the operating license is under preparation.

•IkaBplatformrevampingworkswerecompletedin1Q2014.•IkaA-4HORdevelopmentwelldrilled,productioncompletionfinishedandwell

connected to existing gathering system. •IvanaA/Koptimisationproject–Contractawardfinishedanddetailedengineeringof

the process skid is ongoing. Activities were related to EPC (engineering, procurement and construction) for process skid and booster unit installation. Detailed engineering and procurement of material / equipment for process skid and booster unit installation are in progress. Preparation of Main Construction Project for issuing Construction Permit is in progress.

•GasproductionfromIzabelafieldstartedonthe2nd July 2014.

2015

Exploration •NorthAdriatic–Reinterpretationofthearea(in-housestudy)toevaluatevalidityofthefuture exploration program.

Development •Ika,Annamaria,MaricaandIvanafieldsCapitalMaintenance.•IvanaA/Koptimisation–processskid,boosterunitinstallation.

Majorfielddevelopmentstartedafterthesignatureof the North Adriatic Production Sharing Agreement (1996) and Aiza Laura Production Sharing Agree-ment (1997). Extensive exploration and develop-ment activities in the North Adriatic are carried out in cooperation between INA and its Italian partners (ENI and EDISON GAS) within Mining Plot areas. Until now, in the contract areas North Adriatic and Aiza-Laura, INA has invested HRK 5.1 billion (USD 1.0 billion) in capital construction of mining facilities and plants, while of the total gained reserves INA s share will range about 64% of the produced gas.

North Adriatic Production area is facing natural decline and high water cut. In order to mitigate these negative trends, 5 development wells were drilled in 2014, yielding 1.6 mboepd in incremental gas production for INA. Start of production on Izabela field from July 2014, and on Ika JZ fieldfrom November 2014. •

CROATIA OFFSHORE WORK PROGRAMME

22


KURDISTAN

MOLenteredKurdistanRegionofIraqin2007,whenKalegran(MOL’s100%subsidiary)signedPSCcon-tract for Akri-Bijeel Block as operator and farmedinto Shaikan PSC as minority partner. Since then, three successful discoveries were made in the KurdistanRegionofIraq,themostpromisinggrowthareafortheGroup.Withthecurrentworkprogramme(earlyoilproductiononAkriBijeelBlockandthestartoftheoilexportandFieldDevelopmentofShaikanBlock)MOLaimstomonetiseitsinvestments.

AKRI-BIJEEL BLOCK

In the Akri-Bijeel block the accelerated drilling programme continued with 4 drilling rigs and 1 workover rig. A key milestone was reached with the official approval of the Field Development

Plan (FDP) by the ManCom and signing by the Minister of Natural Resources. (2) Around the Bijell discovery Bijell-2 and Bijell-6 wells achieved total depth (B-2 TD 5,423 m Triassic, and B-6 TD 4,300 m Jurassic). The Triassic zone will be tested at Bijell-2 with further upside potential. The comprehensive well test at Bijell-6 started inSeptember andwill finish inQ12015. Testingof Bijell-4 started in Q4 and shall be completed by Q1 2015. Moreover, Bijell-1B was sidetracked and completed while production resumed from this well in Q4 2014 considered as commercial production after FDP signature. (3) 3D seismic acquisition for Bakrman area was completed in 2014.ThefirstappraisalwellaroundtheBakrmandiscovery (Bakrman-2) was spudded in April and reached TD 4370m in December. The test programme will start with the same rig in Q1 2015.

##

##±#

#

#±##± #

#### #

u

uu

##

PF1

PF1

PF2

Kalak

B-10

B-6

B-2

B-1bB-4

B-7B

Ba-1

Ba-2Sh-1b

Sh-2 Sh-5

Sh-10Sh-3

Sh-4

Sh-7

Sh-6Sh-11

Production Facility in operation

Field Development License

Bakrman 3D seismic: surveyed andprocessed in 2014, interpretation is ongoing

Bijeel 3D seismic: reprocessed in 2014,reinterpretation is ongoing

±

0 3015 Km

IRAQ

u

A k r i - B i j e e lS h a i k a n

Oil flow line

Planned connectorto oil transportation line

Q1 2015

#

#

#±#

##±

#

Discovery well

Appraisal well drilled

Appraisal well drilled,development sidetrack is planned

Discovery well with additonal workover,sidetracked, tested and completed in 2014

Appraisal well drilledand sidetracked in 2014

Appraisal well, drilling is ongoing

Appraisal well, testing is ongoing

#

Development well, drilling is ongoing

23

2015 V.3

Main goals in 2015 are: (1) to complete the appraisal activity with the ongoing drillings as well as to complete the information acquisition campaign with the testing of Bijell-2, -4, -6 and Bakrman-2, wells, (2) drilling necessary infillwells in Bijell area, (3) drilling of appraisal wells in Bakrman area and (4) with the ultimate goal of ensuring the understanding of the block value. At the same time the surface facility capacity is being increased through rental facilities allowing the production level increase as well as start definitionofcentralprocessingfacilityforfullfielddevelopment plan.

SHAIKAN BLOCK

In 2014, Shaikan-7 well was drilled and completed as a Jurassic producer, and was subsequently connected to PF-1. Shaikan-11, an additional producer to be connected to PF-2, was spudded in December. PF-2 became operational in May 2014 and three wells were tied in to PF-2 in 2014 with Shaikan-11 to follow in 2015. The peak production of nearly 40,000 bpd was achieved on 27th December 2014. Shaikhan-11 development well was spudded on 24th December 2014.

2015 work plan includes completion of Shaikan-11 and debottlenecking of Shaikan production facilities PF-1 and PF-2. •



2014 Production

mboepd



Partner

Akri-Bijeel n.a. 1.9

889 A / D PSC Yes 80 / 51.2 GKPI

Shaikan 15.4 283 D PSC No 20 / 13.6 GKPI


Akri-Bijeel 2014 n.a. 1 Oil (20° API)

Shaikan 2010 n.a. 8 Oil (17° API)

Block Year WorkProgramme

AK

RI-

BIJ

EEL

2014

•B-1Bsidetrackandcompletion,drilling of B-2,-4 & -6 completed, testing started. Drilling of Bakrman-2 appraisal well.

•BijellandBakrman3Dseismicacquisition and processing.

•ExtendedwelltestofBijell-1upgrade and surface facility upgrade.

2015

•TestingandCompletionofBijell&Bakrman Appraisal Wells (B-2,- 4 &- 6 and Ba-2).

•DrillingofBakrman-3andBakrman-4.

Block Year WorkProgramme

SH

AIK

AN

2014

•Drilled,testedandcompletedShaikhan-7 appraisal well.

•ShaikanProductionFacility-2(PF-2)became operational in May 2014 and achieved peak production of nearly 40,000 boepd in Dec 2014, which is total combined production capacity of PF-1 and PF-2.

•DrillingofdevelopmentwellShaikan-11 started.

2015 •CompletionofShaikan-11,a

development well and additional producer for PF-2.

•DebottleneckingofPF-1andPF-2.


Exploration&Appraisal | Akri-Bijeel USD 170.4 mn | Shaikan USD 7.8 mn |Development | Akri-Bijeel USD 15.5 mn | Shaikan USD 13.5 mn |

24


UNITED KINGDOM(NORTH SEA)

±0 10050 Km

UNITEDKINGDOM

N o r t h

S e a

UnitedKingdom

Norway

MOL Group partner

MOL Group operated

Catcher

Blakeney

Crathes

Lucius

Cladhan

Broom

Scolty

ShetlandIslands

P1633

P1064P1680

P1967P902/P242

P1972

P1655

P1617

P1619

P1430

P2086P2040

P2084, P1107

P1298, P1615

P1463

Rochelle

Scott, TelfordP218, P185

P2162

P2169

Ninian

21/25c*

16/24c*

P1994

##

#

#

## ##

#### #

####

###

#

#

#

#

Up to 4 wellsplanned in 2015

28/10a-2

28/4a-3

28/5a-7

28/9-1

28/9-2 28/9-3

28/9-4

28/9a-5A

28/9a-6

Bonneville

Carnaby Burgman

Varadero

Catcher

Catcher Area

##

Telford

Rochelle

Scott

H2 workover,F3Z ST

ST-7, ST-15

Scott/TelfordRochelle Area

#P1, W1, P2

Cladhan

0 5Km

Cladhan Area

0 10Km

0 5Km

Q1 2015

#

##

1st phase development

2nd phase development

Offshore boundary

Other contract blocks

Oil, condensate pipeline

Gas pipeline

Hydrocarbon field

Relinquished in 2014

Catcher Area

Licence blocks

#

Scott/Telford, Rochelleand Cladhan Areas

2015 development activity

#

Other well drilled

Discovery wellPlanned development well

2014-2015 development activity

* licence not executed

MOLenteredtheUKinMarch2014afteracquiringaportfolioofassetsfromWintershall.Atthattime,theCladhan development was already underway, and the Catcher development was being progressed to field approval status. The Cladhan development isnowalmostcompleteandshouldbeontrackforfirstoilinH22015.Catcherhasbeenfullyapprovedandismoving forward with the first wells planned fordrilling in Q2 2015 and the FPSO construction inJapan underway. December 2014 saw the completion of the acquisition of shares in Scott, Telford andRochelle. Telford and Rochelle are both subsea developments with Scott being the host platform which these are tied back into. Key focus for 2015 on these assets are the successful delivery of an infillprogramme on the Scott platform and the interventionandside-trackprogrammeonTelford.In2014,MOLwasalsosuccessfulinthe28thLicensingRoundbeingawarded4firmblocks.



2014 Production

mboepd



Partner

Broom

30.4 1.3

10.1 D C No 29EnQuest (63%)

Ithaca (8%)MOL (29%)

Catcher 175.9 D C No 20Premier (50%)

MOL (20%), Cairn (20%), Dyas (10%)

Cladhan 30.0 D C No 34Taqa (64.5%)MOL (33.5%)Sterling (2%)

Crathes 14.8 D C No 50 EnQuest (50%)MOL (50%)

Scolty 7.4 D C No 50 EnQuest (50%)MOL (50%)

Rochelle 29.2 D C No 15Nexen (41%)

Endeavour (44%)MOL (15%)

Scott 88.2 D C No 22

Nexen (41.89%)MOL (21.84%)

Dana Petroleum (20.64%)

Apache (10.47%)Maersk (5.16%)

Telford 338.3 D C No 2

Nexen (80.41%)Apache (15.65%)Maersk (2.36%)MOL (1.59%)

24

25

2015 V.4

CLADHANCladhan consists of a pair of subsea producing

wells and one supporting water injector which will be tied back into TAQA’s Tern Alpha platform, located 17.5 km northeast of Cladhan, for production.MOLbecameapartnerinthefieldasthefirstproductionwellP1wasbeingcompleted.In 2014, the W1 well was drilled and completed. The work on the second producer well P2 is underway,andisplannedtobefinalisedin2015.Thereafter the wells will be tied back into the Tern platformwithfirstoiltargetedforH22015.

CATCHEROperator (Premier Oil) received approval for its

Catcher area Field Development Plan (FDP) from the UK Department of Energy and Climate Change on 12th June 2014. The project will entail the drilling of 22 subsea wells (14 producers and 8 water injectors) on the Catcher, Varadero and Burgman fieldswhichwill be tied back to a leased FPSO.Theoilwillbeoffloadedbytankerswhilethegaswill be exported through the SEGAL facilities. First

oil is targeted for mid-2017. 2015 work programme consists of drilling and completion of up to 4 wells on the Catcher Manifold. The planned spud date ofthefirstwellisQ22015.

SCOTTWork is currently ongoing to complete the

reinstatement of the platform drilling package in readiness for the infill programme. In 2015,a new production well ST-07 will be drilled and completed, and this will be followed by the side-track of the ST-15 well. In addition to these major activities, a number of minor barrel chasing operations are underway.

TELFORDTwo main activities are planned for Telford in 2015.

The first is a workover of the H2water injectorand the second is the re-entry and side-track of the F3Z production well. A rig has been selected for the work and operations should commence in Q3 2015. •


Exploration | UK total USD 2.2 mn | Development | UK total USD 177.4 mn |


Broom 2004 n.a. 4 Oil (54° API)

Catcher 2017 n.a. 0 Oil (31° API)

Cladhan 2015 n.a. 0 Oil (38° API)

Crathes 2017 n.a. 0 Oil (31° API)

Scolty 2017 n.a. 0 Oil (31° API)

Rochelle 2013 n.a. 2 Gas

Scott 1993 n.a. 8 Oil (54° API)

Telford 1996 n.a. 9 Oil (54° API)


2014

Development •Cladhan–DrilledandcompletedtheP1andW1wells.P2workunderwayatyearend.

2015

Development

•Cladhan–CompletetheP2well.•Catcher–Drillandcompleteuptofirst4wellsontheCatcherManifold.•Scott–DrillandcompletetheST-07well;Side-tracktheST-15well.•Telford–WorkoveroftheH2waterinjector;Side-tracktheF3Zproductionwell.

26


PAKISTAN

Manzalai

Maramzai

Mamikhel

Makori

Tal

Karak

MargalaNorth

Margala

Ghauri

Margala 2D

Tolanj-W 2D

Makori East Malgin-1Makori East-4Manzalai-11

Kot-1MardanKhel-1

Maramzai-3

MGN-1

Ghauri X-1

Halini Deep-1Kalabagh-1

TolanjSouth-1

TolanjWest-1

MakoriDeep-1

Makori East-5

Ghauri 3DTolanj 3D

Karak 3D

±0 5025 Km

PAKISTAN

Exploration License

Existing Development & Production Lease

Planned Development & Production Lease

Planned gravity survey

2D seismic processing, interpretation

# Planned exploration well

# Planned development wellu Central Processing Facilityu Gas Treatment Unit

#± Discovery well drilled in 2014

# Exploration well tested in 2014

#± Development well drilled in 2014

# Development well under drilling

# Exploration well under drilling

3D seismic processing, interpretation

Planned 3D seismic survey

Q1 2015



2014 Production

mboepd



Partner

Tal 13.4 6.1 3,668 E / A / D C Yes 10.5 / 8.4

PPL (30%)OGDCL (30%)

POL (25%)GHPL (5% Carried)

Karak n.a. 0.34 2,335 E / A C No 40 MPCL (60%) – operator

Margala n.a. n.a. 1,387 E C Yes 70 POL (30%)

Margala-North n.a. n.a. 1,562 E C Yes 70 POL (30%)

Ghauri n.a. 0.14 1,292 E C No 30MPCL (35%) – operator, PPL

(35%)


27

2015 V.5


Tal January, 2005 2018 15 Oil, gas, LPG and cond. (38–55° API)

Karak January, 2012 2017 1 Oil (28° API) and gas

Ghauri July, 2014 2020 1 Oil (22° API)


Exploration | Tal USD 5.1 mn | Karak USD 7.6 mn | Margala & M. North USD 17.8 mn | Ghauri USD 5 mn |Development | Tal USD 5.1 mn |

TALBLOCKMOL is the operator of the Pakistani TAL Block

Consortium. Since 1999 the Consortium has made 6 discoveries and became one of the most successful operators in the region. Processing facilities in Tal Block, including the Makori Gas Processing Facility commissioned in 2014, are producing natural gas, crude oil/condensate, and LPG from Manzalai, Makori, Makori East, Maramzai andMamikhel fields, taking the grossBlock production to approximately 77 mboepd (52.3 mboepd of gas, 20.6 mboepd of oil/condensate, and 4.2 mboepd of LPG). In 2014, Mamikhel and Maramzai fields were declaredcommercial and the development plans were submitted to the Government of Pakistan. Due to the capacity constraints to process condensate by thelocalrefineries,during2014,TALJVPexported

269,869 bbl of condensate whereas permission to export up to 1 MMbbl in 2015 has been obtained from the Government of Pakistan. In 2014, MOL Pakistan increased drilling activities from 2 rig operations to 4 rig operations in the operated blocks, out of which three rigs are deployed in TAL Block. Four wells were spudded during Year 2014, out of which two were of exploratory nature and two were development wells, expected to be completed in 2015. One exploratory well was plugged and suspended and one development well was successfully completed in 2014. Four rig drilling operations will continue during year 2015 in the TAL block.In 2015, exploration, appraisal as wellasfielddevelopmentactivitieswillcontinueinthe Tal Block with an aim to pursue further upside targets.



2014

Exploration

•TimeProcessingof398km2 3D seismic data over Tolanj. Tolanj South-1 was approved as an exploration well.

•2Dseismicacquisition(88km)overTolanjWestcompleted.•DrillingandtestingofMalgin-1explorationwellcompleted(dry).•TestingofKot-1explorationwellcompleted(dry).•DrillingofMardanKhel-1explorationwellcommenced.

Development

•WellsconnectedtoManzalaiGasPlant(MGP)&MakoriEPFweredivertedtoManzalaiCPF and newly commissioned Makori GPF.

•MGPbeingkeptonstandbyforutilisation.MakoriEPFisplannedtoberelocatedtoTolanj X-1 to set-up EPF for the same.

•Firstgas-inMakoriGPF,a150MMscfdgas,20mboepdoil,10mboepdofcondensate,425 tpd LPG capacity. Makori GPF, constructed on EPCC basis in February 2014.

•Successfuldrilling,testingandcompletionofMakoriEast-3developmentwell. Drilling of Maramzai-3 commenced.

•ProductioncommencedfromMakoriEast-3,Manzalai10&Manzalai11wells.

28


KARAKBLOCKKarak Block was granted to Mari Petroleum

Company Limited (MPCL) in 2005. MOL Pakistan farmed-in to the block in 2008. Oil discovery was made in 2011 with the Halini-1 exploration well. The aim of the 2015 work programme is to get

more information about the size of the discovery while continuing with the Extended Well Test Production (gross 1 300–1 500 bblpd), drill two more exploratory wells, and define furtherprospects with seismic interpretation of the existing 2D data.


2014

Exploration

•Finished2Dseismicacquisitionof337kmoverthesouthernandsouthwesternpartsofKarak Block.

•Processing/reprocessing(705km)completed.•Interpretation/mappingofthenewlyacquired3Ddata(332km2) completed. Finalised

two exploration well locations (Halini Deep-1 & Kalabagh-1). •WorkovercompletedatHalini-1well.•Continuedearlyproductionactivities.

2015 Exploration

•Interpretrecentlyprocessed/reprocessed(705km)2Dseismicdata.•Interpretationofexisting3Dseismicdataforfutureappraisalprogramme.•Reprocessingandinterpretationof336km(contingent)2DseismicdataoverChashmai

Lead.•Drilling,testingandcompletionofHalini-Deep-1andKalabagh-1explorationwells.•EWTofHalini-1welltobecontinuedwithdailyoilproduction(1300-1500bblpd).

Appraisal •InstallationofpermanentartificialliftsurfacefacilitiesatHalini-1.ImplementHaliniDeeptie-in at Halini-1.


2015

Exploration

•FirmupTolanjWestleadintodrillableprospectbyprocessing/reprocessingthenewlyacquired and vintage 2D seismic data. Drill Tolanj West by September, 2015. Planning to stake well location on ground.

•3Ddepthimaging(398km2) and data interpretation to optimize the location of Tolanj East exploration well.

•DrillingofMakoriDeep-1well.•ContinuedrillingandtestingofMardanKhel-1explorationwell.•DrillingofTolanjSouth-1exploratorywell.•FinalisationofMardanKhelappraisalwelllocationtoappraiseMardanKheldiscovery

area (subject to Mardan Khel-1 discovery).

Development

•ConstructionofWHSF,VAandflowlinefromMardankhel-1,MakoriEast-4andMaramzai-3 wells to Manzalai CPF / Makori GPF.

•Drilling,TestingandCompletionofMakoriEast-4,Maramzai-3anddrillingofMakoriEast-5.

•ContinueinstallationofcompressionfacilitiesinManzalaifieldtosustainproduction.•ShiftingofMakoriEPFplanttoputTolanjX-1onproduction.

29

2015 V.5

MARGALAANDMARGALANORTHBLOCKS In the Margala and Margala North blocks, MOL

reprocessed vintage 2D seismic (432 km) in order to identify/confirm exploration leads forfuture drilling inventory, acquired 2D seismic data (33km)overoneoftheidentifiedleadsinMargalaBlock, and commenced drilling of exploration well (MGN-1) in Margala North block. MGN-1 exploration well is the 1st well being drilled in the

northern part of the Potwar Basin (North of MBT). MGN-1 may have a significant impact on futureexploration approach in the area. The aim of the 2015 work programme is to test and complete MGN-1 and to process (33 km) and reprocess (350 km) 2D vintage seismic data in Margala Block inordertomaturetheidentifiedleadsintodrillableprospects.


2014

Exploration•Reprocessedandinterpreted432km,andacquired33kmof2DseismicdatainMargala

Block.•CommencementofdrillingofMGN-1explorationwellinMargalaNorthBlock.

2015

Exploration

•TestingandcompletionofMGN-1explorationwellinMargalaNorthblock.•Processing/Re-processingofnewlyacquired(33km)andvintage2Dseismicdata(350km)inMargalaBlockfollowedbyitsseismicinterpretationandfinalisationofwelllocation (if matured).


2014

Exploration

•Reprocessingandinterpretationofvintage2Dseismicdata(320km).•CompletedandtestedfirstexplorationwellGhauriX-1,anoildiscovery(API22°).•Initiated3Dseismicdataacquisitiondesigning(380km2) in order to appraise Ghauri

discovery area and evaluate upside potential (Harno structure).•CommencementofproductionfromGhauri-1wellbyinstallinganEPF.•BasedonProductionPerformanceofGhauriX-1wellinstalledJetPumptoimproveOil

Recovery.

2015

Exploration•Acquisitionandprocessingof3Dseismicdata(380km2) over Ghauri and Harno

structures.•ContinueearlyproductionactivitiesatGhauriX-1discovery.

GHAURIBLOCKSMOL farmed-in to MPCL Ghauri Block in 2013

with30%share.ThefirstexplorationwellGhauriX-1 was drilled on 28th of February 2014, followed by its testing and completion. The well resulted infirstoildiscoveryintheBlock.Earlyproductionfrom the well is ongoing. •

30


RUSSIA

#

#

#

##

#

#

u

u

u

VK-125

ZK-121

NM-103

Kedr-105

Prik-127

VL-201

Kv Dev.wells (2)

±0 3015 Km

RUSSIA

License area

Expl. targets 2011-2012

Expl. targets 2014

Field on production

u Central processingfacility

u Oil gathering unit

Existing oil pipeline2D seismic survey (2014),interpretation is ongoing

Development well,drilled in 2014#

#Exploration well,drilled and tested in 2014

Exploration well,tested in 2014

#

u

u

u

#DNS-1

DNS-2

CPF

Baitugan

Yerilkinsky

Novosemenkinskiy-1

±0 105 Km

RUSSIA

uu

Tran

snef

t

Baitugan - Transneft

Pipeline

Production license

Exploration license

3D seismic processing andinterpretation (2014)

Booster pump station

Central processing station

Oil trunk line

Baitugan-Transneft oil pipeline

Gas pipeline

Transneft oil pipeline# 2015 exploration well

MOL entered Russia in 2002 with the purchase of50%equityincompanyZMBwithassetslocatedinCentralWestSiberia.TheZMBequitystakewassoldinAugust2013.In2006,twootherassetswith100%ownership were purchased, namely Matjush kinskaya Vertical(3.231km�,West-Siberia,Tomskregion)andBaiTex (65 km�, Volga-Ural region). In April 2014,

MOLenteredintoastrategicpartnershipwithTPAObydivesting49%ofsharesinBaiTex,wherebyMOLremainedtheoperator.ThematurefieldatBaiTexisinare-developmentphasewhilsttheexplorationonan adjacent block Yerilkinsky is just starting. Matjushkinskaya Vertical encompasses fields inexploration,appraisal,anddevelopmentphases.



2014 Production

mboepd



Partner

Matjush-kinsky 20.8 2.9 3,228 E / A / D C Yes 100 –

Baitugan 53.7 4.8 65 D C Yes 51 TPAO (49%)

Yerilkinsky – – 40 E C Yes 51 TPAO (49%)

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2015 V.6


Matjushkinsky 2005 2017 53 Oil (34° API)

Baitugan 1947 2021 262 Oil (26° API)


Exploration | Baitugan USD 0.2 mn | Yerilkinsky USD 0.1 mn | Matjushkinsky USD 21.1 mn |Development | Baitugan USD 28.5 mn | Matjushkinsky USD 21.2 mn |

Baitugan is a shallow, compact field withdeveloped infrastructure, which supports low energy and operational costs, while further exploration potential exists in deeper zones. The initialfielddevelopmentprogramme(3Dseismicsurvey and drillings) resulted in significantlygreater reserve potential than originally calculated. Current exploration project targets

to explore upside in deeper Devonian layers, while further development will bring completion of 40-50 production and injection wells per year to continue the last years’ growing production trend. Construction of infield infrastructurewas finalised according to the scheduled 2014work programme, except for an infield roadconstruction, which will be completed in 2015.


BAITUGANANDYERILKINSKYBLOCK


Baitugan

2014

Exploration •Re-processingandre-interpretationof3Dseismic;StudyforexplorationofDevonian horizon.

Development•Drillingof52developmentwells.•Extensionofgathering,waterinjectionandpowersupplysystem.•ContinuationofthereconstructionofCentralProcessingStation(CPS).

2015

Exploration •Re-processingandre-interpretationof3Dseismicacquiredin2008.

Development•Drillingof50developmentwells.•Extensionofgathering,waterinjectionandpowersupplysysteminlinewiththe

entry of new wells, road construction.

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Yerilkinsky Block: After the completion of 3D seismic interpretation in 2014, Yerilkinsky’s reservoir was estimated to contain 12 MMbbl

(100% ownership, unrisked basis) recoverable resourcepotential.Drillingofthefirstexplorationwell is planned for Q3 2015.

Matjushkinsky Licence area investment projects started in April 2007. The long term, exploration driven investment project consists of separate exploration and development projects. Due to the previous years’ exploration programme and discoveries, SPE 2P reserves increased from 6 MMboe (2007) to 20.8 MMboe (2014). Three exploration wells were drilled during the year, two of which were dry, whereas the third experienced

mechanical problems which precluded fully testing all prospective intervals. In Kvartovoye field, two production wells were drilled during2014. In addition, 673 km2Dseismicfieldworkwas completed in 2014 and interpretation is in progress with results expected in 2015, which may imply further changes in the work programme for 2015 and beyond. •


MatjushkinskyLicence

2014

Exploration•Drillingof3explorationwells(Verkhne-Koltogorskaya-125,Zapadno-

Kedrovskaya-121, Novo-Matjushkinskaya-103) (tested, unsuccessful). •Executionof673km2Dseismicacquisitionandinterpretation.

Development •Drillingof2developmentwellsinKvartovoye.•Constructionofwastemanagementfacilitiesandliquidationofdrillingmudpits.

2015

Exploration •Interpretationof2Dseismic.•Disassemblyofdrillingequipmentandlandre-cultivationon3explorationwells.

Development •Constructionofpowersupplyline.


Yer

ilkin

sky

2014

Exploration •Processingandinterpretationof3Dseismic.•Preparationofexplorationdrilling.

2015

Exploration•AllocationoflandinYerilkinskysite,preparationofdesigndocumentationfor

drilling.•Drillingof1explorationwell.

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2015 V.7

KAZAKHSTAN

#

# #± ## ####±###

u

u

u

KRP-N-1

KRP-N-2 RZK-U-10RZK-U-11

RZK-U-12

RZK-U-21

RZK-U-22

RZK-U-23

RZK-U-24RZK-U-26

RZK-U-25

RZK-U-31

Zhaikmunay Gas Plant(Chinarevskoye field)

KarachaganakRefinery

CPF

Yan-3D

Block boundary

Rozhkovsky ProductionLicence under approval


±0 3015 Km

KAZAKHSTAN

FedorovskyNorth

Karpovsky

K A Z A K H S T A N

R U S S I A

u Planned CentralProcessing Facility

u Existing GasTreatment Plant

#± Discovery well

#± 2014 Discovery and appraisal well

# Planned exploration and appraisal well

# Drilled and tested appraisal well

# Planned exploration well

Condensate/oilpipeline

Gas pipeline

Country border


# Drilled exploration well tested in 2014

# Ongoing exploration well

Q1 2015

RozhkovskyArea

MOL has interests in two blocks in Kazakhstan.In Fedorovsky Block, significant gas–condensatediscoverywasmadeinrecentyears(grossfieldsize,100%: ~220 MMboe reserves, 60 MMboe net to MOL).

ThedevelopmentofthefieldcouldsupportMOLtoachieve its mid-term production goals. Moreover,the block has further exploration upside. North-KarpovskyBlockisahigh-riskhigh-rewardportfolioelementinthevicinityofFedorovsky.



2014 Production

mboepd



Partner

North Karpovsky n.a. n.a. 1,670 E C No 49

KMG EP (51%)(Operating Company: Karpovsky

Severny LLP)

Fedor-ovsky 60.4 n.a. 1,511 E / D C No 27.5

KMG EP (50%), FIOC (22.5%)

(Operating Company: Ural Oil

and Gas LLP)


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Fedorovsky Q3 2016 2024 n.a. Gas and cond.


Exploration | North Karpovsky USD 11.1 mn | Exploration&Development | Fedorovsky USD 6.9 mn |

* Subject to Authorities’ approval

In the Kazakh Fedorovsky Block, MOL and its Partners reached significant discoveries in 2008and 2009 with two successful exploration wells which proved commercial gas and condensate reservoirs in the Rozhkovsky field structure.A successful appraisal programme with 6 addi-tional wells was completed by May 2014. Based on the testing result of RZK U-24 appraisal well, a new oil discovery was made in the Bashkirian reservoiroftheRozhkovskyfield.In2014,afteranindependent reserve audit, MOL booked an addi-tional 24 MMboe reserves and now holds 60 MMboe of reserves in the Block. Kazakh state authorities approved the declaration of commer-ciality and the Production Licence is expected to

be approved in Q1 2015 by the Ministry of Energy. As the Exploration License expired on 11th of May 2014, the Ministry offered a two years Exploration License extension providing a unique opportunity and time for the Consortium to explore the remaining area and upside potential of the block.

In 2015, MOL will proceed with preparations (includingtendering)forthestartofthefirstphaseof the development project. The first phase willevaluate the behaviour of the reservoirs to deter-mine the full scale field development plan, andensure the sales of produced gas and condensate. On-site construction works will start in Q1 2015 whilethefirstdevelopmentwell(U-25)isexpectedto be spudded in Q2 2015.


FEDOROVSKYBLOCK


2014 Exploration & Development

•Testingof1appraisalwell(RZKU-24)drilledin2013.AcommercialdiscoveryintheBashkirian layer was made.

•Approvalofnewreservescalculation.•AnnouncementofcommercialdiscoveryandobtainingProductionLicense.•Detaileddesignoffuturetrialproductionfacility.•StartofEPCCofthetrialproductionsurfacefacilities.

2015 Exploration & Development

•Drillingof2wells(RZKU-25andU-31),testingof1well(RZKU-25).300km2 3D seismic.*•Detaileddesign,longleaditemprocurementandconstructionoffuturetrialproduction

facility.

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2015 V.7

In In 2012, MOL acquired 49% non-operated interest in North-Karpovsky Block in West-Kazakh-stan. The first exploration well was completedwith drilling and testing in 2014, without any commercial quantity of hydrocarbon flow. Thesecond exploration well reached its planned target and is currently under further deepening

to penetrate other potential reservoirs at the deeper section. In addition, in 2014, 730 km� of 3D seismic acquisition was measured, processed and interpreted. Based on the new prospect inventory, the selection of prospects for further exploration is under evaluation. •

NORTHKARPOVSKYBLOCK


2014 Exploration•Completedrillingofoneexplorationwell(NK-2).•Testingofoneexplorationwell(NK-1).•Complete730km23Dseismicacquisition,processingandinterpretation.

2015 Exploration •Complete3Dseismicacquisition,processingandinterpretation.

Pho

to b

y V

ikto

r K

uzm

a

36


OTHER COUNTRIES

OMANMOLstarteditsexplorationactivityinSultanateofOmanin2006ontheconcessionofBlock43Bontheunderexplored northern part of the country. Block43Bwas relinquished at the end of 2013, howeverinthemeantimeMOLacquiredanotherconcession,Block66,with100%interest.Block66islocatedinthe mid-western part of the country, close to theSaudi border. The exploration activity onBlock 66has started in 2013 with planning and preparation fortheseismicacquisition.

In 2014, MOL continued the pre-drilling exploration activity with completion of G&G studies, performing a 2D/3D seismic acquisition campaign, seismic process-ing and partial interpretation of the seismic data, as wellasstartedpreparatoryworksfordrillingofthefirstexploration well expected to be spudded in Q4 2015. The completed studies identified formations havingreservoir potential. The seismic acquisition campaign, completed within less than 7 months, represents the largest seismic acquisition in MOL’s history including 802 km 2D lines and covering a 3D area of 1 422 km�. The processing and interpretation of the seismic data startedinAprilandJuly2014andfinishedinDecember2014 or is expected to be finished by March 2015,respectively. In the second half of 2014, the permitting and preparation/launching of the drilling related tend ers have also started. After completion of the interpretation in Q1 2015, the drillable prospects will be identifiedandranked.Thefirstandsecondexplorationwells in the Block are planned to be drilled back-to-back starting from Q4 2015. Further information is expected to be gained during 2015 by re-processing of the seismic data with application of special processing methods to provide a better basis for continuing the exploration/appraisal activity.

EGYPTINA holds interests in four hydrocarbon concessions in Western Desert of Egypt. INA is the operator of the Sidi Rahman and Rizk Development Leases of the East Yidma Concession, while it has a non-operator status in three other concessions (Ras Qattara, West Abu Gharadig and North Bahariya). In 2014, on Ras Qattara and West Abu Gharadig two and four development wells were drilled, respectively. In the same year INA drilled a side track borehole in the Rizk East-1 well on East Yidma concession. North Bahariya 2014 work programme included drilling of one development well while actually eight wells were drilled. In addition, two wells that were drilled in Q4 2013 were put in production by beginning of 2014. Egypt 2015 work programme includes drilling of 10 development wells solely on the North Bahariya Concession.

ANGOLAINA entered Angola in 1981 by becoming a party to the Block 3 PSA with a 5% participating interest. Block 3 was one of the biggest oil discoveries in the early 1980s and it included three contract areas: Block 3/80 (6fields),Block3/85(2fields)andBlock3/91(1field)atsea depths in the range from 40 to 105 m. Production in this area started in 1985, peaked in 1998, and currently is in decline. As production licenses on Block 3/80 expired in 2001, INA and other partners accepted National Concessionaire’s offer to continue production under a new contract as Block 3/05 and in the remaining area of Block 3 exploration activities continued under contract for Block 3/05A. Blocks 3/85 and 3/91 were operated by Total E&P Angola, S.A. until operatorship was transferred on December 31st, 2010 to Sonangol Pesquisa & Producao S.A. INA s participating interest in Blocks 3/05 and 3/05A is 4%.

BLOCK3/05A wide well interventions programme was executed on Block 3/05 in 2014 the main items being: Perforations (3 wells); Water shut-offs (3 wells); Well Stimulation (4 wells) and Flowline/Tubing acid washing (37 wells). Work also continued on surface facilities maintenance and upgrade programmes. Main items of the 2015 work programmeareBUF-113infillwelldrillingandPalancafield workovers (Pulling/Snubbing 4 Wells). Workwill continue on the Separators Package and Water Treatment Facilities upgrade (to be completed in 2017).

BLOCK3/05ADevelopment well Gazela-101 was spudded on 28th July and drilled to the revised TD of 4,488 m (MD) on 18th December, 2014. Two runs of open hole well logging were performed until December 31st, 2014. Development well Gazela-101/Gazela-101 ST-1 is to be completed and production is to be started in Q1 2015, followed by post-drilling studies. During 2015, the Contractor Group should make the Final Investment Decisions about further development of Block’s Caco-Gazela and Punja development areas.

CAMEROONIn 2007, MOL acquired a 40% undiluted working and paying interest in the shallow offshore Ngosso Block in Cameroon. The block is operated by Addax Petroleum Cameroon Ltd. In 2010, the exploration concept was developedtoexploretheprolificCretaceousplay.Withadditional seismic acquisition one drillable object was identified. JV’s aim is to drill one deep well (Azobe-1X HPHT well, TD 3.830 meters). The dredging and maintenance dredging of the access channel to the Azobe-1X well location was completed in December 2014. Drilling operation is expected to start in February

37

2015 V.8

GLOSSARY

CAPEX: Capital ExpendituresCPF: Central Processing FacilityChoke: Adevicethatisusedtocontrolfluidflowrateordownstreamsystempressure.Depth conversion: The process of transforming seismic data from a scale of time (the domain in which they

are acquired) to a scale of depth to provide a picture of the structure of the subsurface independent of velocity.

Dry well: Aninvestigatedboreholewhichdoesnotconfirmtheexistenceofahydrocarbonsiteorisnotabletoprofitablyproducecrudeoilornaturalgas.

EGR: Enhanced Gas Recovery EOR: Enhanced Oil Recovery. The third stage of hydrocarbon production during which

sophisticated techniques that alter the original properties of the oil are used. Its purpose isnotonlytorestoreformationpressure,butalsotoimproveoildisplacementorfluidflowinthereservoir.

EPCC: Engineering, Procurement,Construction and CommissioningEPF: Early Production FacilityEWT: Extended Well Test Fielddevelopment: Process of implementing surface and sub-surface facilities necessary for the recovery

of hydrocarbon reserves.GPF: Gas Processing FacilityIOR: Increased Oil Recovery Magneto telluric test: An electromagnetic method used to map the spatial variation of the Earth’s resistivity by

measuringnaturallyoccurringelectricandmagneticfieldsattheEarth’ssurface.MBT: Main Boundary Thrust MGP: Manzalai Gas PlantNFW: NewFieldWildcat.Wellfarfromotherproducingfieldsandonastructurethathasnot

previously produced hydrocarbon.

2015 and finish in June 2015. In case of success,commercial level oil production could start at the end of the decade, supporting long-term oil production.

ROMANIAMOL’s aim is to expand its exploration and production activities beyond the borders of Hungary and Croatia and build up a wider portfolio in Central Eastern Europe. Based on MOL’s long exploration experience in the Pannonian Basin and taking into account the possible synergies, one of the most promising areas is Romania. In Romania, MOL focuses solely on conventional hydrocarbon potential. In May 2010, three concession blocks were awarded to MOL (in a Consortium). The Concession Agreement (CA) of theEx-6BlockwasofficiallyratifiedbytheRomanianGovernment at the end of 2012, while ratification ofthe other two (Ex-1 & Ex-5) CAs is still in progress, expectedinthefirsthalfof2015.IncaseofEX-6,thecommitted exploration programme has to start with a 3D seismic acquisition. Due to the country-wide land permitting difficulties, the 3D acquisition wasrescheduled to 2015. Committed programme should

continuewiththedrillingoflessthanfivewellsbasedon the interpretation of the seismic data in 2016-2017.

SYRIAINA signed two Production Sharing Agreements in Syria and invested more than USD 1bn over the last 14 years. In 2011, the Hayan project in Syria reached the stage of full development, while continuing exploration work on the Block Aphamia resulted in two exploration wells. In 2012, complying with the domestic and international restrictive measures, INA was not able to continue performing its regular business operations and activities in Syria due to reasons which are beyond the control of the company. On February 26, 2012 INA delivered the “Force Majeure” notice to the General Petroleum Company of Syria related to the PSA for the Hayan Block signed in 1998 and PSA for the Aphamia Block signed in 2004. Announcing the “Force Majeure” doesn’t mean termination of the agreement and the simultaneous exit from the project. INA maintains its economic interest with an aim of continuation of the Agreement execution after ceasing of the circumstances that have led to “Force Majeure”. •

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Proved reserves: Those quantities of petroleum, which by analysis of geosciences’ and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from agivendateforward,fromknownreservoirsandunderdefinedeconomicconditions,operating methods, and government regulations.

Probable reserves: Those additional reserves which analysis of geosciences’ and engineering data indicate are less likely to be recovered than Proved reserves but more certain to be recovered than Possible Reserves.

Resources: Or recoverable resource potential. Those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations.

Risked resources: Product of the estimated resources quantity and the associated chance of discovery. SPE: Society of Petroleum Engineers TALJVP: TAL Joint Venture PartnersUnconventional gas: Unconventional gas is any gas resource discovered in non-traditional geological

structures, where the reservoir is also the source rock. This category includes tight gas, basin centred gas accumulations, gas hydrates, coalbed methane and shale gas. These resources share a common characteristic, namely they typically represent huge volumes of gas-in-place (significantly more than in traditional reservoirs), butproductionismorecapitalintensiveandflowratesaresignificantlylowerthanthoseofconventional reservoirs

Unrisked resources: Resources without taking into consideration the exploration risk (probability of success)VA: Valve assemblyWHSF: Wellhead Surface Facility

Abbreviations boe: Barrel of crude oil equivalent boepd: boe per day mboepd Thousand boe per day ktoe Thousand tonnes oil equivalent RRP Unrisked, working interest based recoverable resource potential (P50) MMbbl Million barrel MMboe: Million boe MM scf: Million standard cubic feet MM scfpd: Million standard cubic feet per day

Partners (Abbreviations) GKPI Gulf Keystone Petroleum International PPL Pakistan Petroleum Limited OGDCL Oil and Gas Development Company POL PakistanOilfieldsLimited GHPL Government Holding Private Limited KMG EP KazMunaiGas Exploration Production FIOC First International Oil Corporation EP Expert Pet roleum IEOC International Egyptian Oil Company AJOCO Angola Japan Oil Company NIS Naftna Industrija Srbije IPR Improved Petroleum Recovery

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2015

NOTES

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NOTES

MOL GROUP EXPLORATION & PRODUCTION UPDATE 2015

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