Post by CiKoLa on Jan 8, 2011 19:23:32 GMT -5
ZAGREB, Jan 7 (Reuters) - Croatia's oil group INA (INA.ZA: Quote), whose biggest shareholder is Hungary's MOL (MOLB.BU: Quote), revealed on Friday a satellite oilfield discovery some 40 kilometres south of the capital Zagreb.
"The field is set next to existing production fields and infrastructure, which is going to simplify bringing the field to production. Measurements at the depth of 2,000 meters indicated a flow of 30 cubic metres of oil per day and over 30,000 cubic metres of natural gas per day," INA said in a statement.
INA, one of the biggest Croatian firms, has upstream and downstream segments and works on gas and oil exploration in Croatia, the Middle East, notably in Syria, and Africa.
MOL owns 47.15 percent of INA, while the Croatian government has 44.84 percent.
"Further analysis of the testing results will enable a more precise appraisal of the new reservoir and estimation of the commercial reserve base, after which a reservoir study will be prepared," the statement said.
Croatia imports some 40 percent of its gas needs and around 80 percent of its oil products consumption.
MOL wants to become the majority owner of INA and published a bid to small shareholders worth 2,800 kuna per share. The bid expires on Jan. 14 and its success remains uncertain.
After the bid was announced, local institutional investors engaged in a heavy trade of INA shares on the Zagreb bourse and pushed the price towards a three-year high. The shares closed at 3,205 kuna per share on Friday afternoon, or 0.09 percent up from the previous session.
MOL slammed the sudden price jump as unfair and caused by opaque concerted action of local investors. Local pension funds rejected those allegations, saying they want to acquire INA shares believing in their future value.
After MOL announced its bid, the Croatian government said it wanted to protect its position in the company and supported potential local investors willing to buy INA shares on the bourse
af.reuters.com/article/energyOilNews/idAFLDE7061E420110107?pageNumber=2&virtualBrandChannel=0
"The field is set next to existing production fields and infrastructure, which is going to simplify bringing the field to production. Measurements at the depth of 2,000 meters indicated a flow of 30 cubic metres of oil per day and over 30,000 cubic metres of natural gas per day," INA said in a statement.
INA, one of the biggest Croatian firms, has upstream and downstream segments and works on gas and oil exploration in Croatia, the Middle East, notably in Syria, and Africa.
MOL owns 47.15 percent of INA, while the Croatian government has 44.84 percent.
"Further analysis of the testing results will enable a more precise appraisal of the new reservoir and estimation of the commercial reserve base, after which a reservoir study will be prepared," the statement said.
Croatia imports some 40 percent of its gas needs and around 80 percent of its oil products consumption.
MOL wants to become the majority owner of INA and published a bid to small shareholders worth 2,800 kuna per share. The bid expires on Jan. 14 and its success remains uncertain.
After the bid was announced, local institutional investors engaged in a heavy trade of INA shares on the Zagreb bourse and pushed the price towards a three-year high. The shares closed at 3,205 kuna per share on Friday afternoon, or 0.09 percent up from the previous session.
MOL slammed the sudden price jump as unfair and caused by opaque concerted action of local investors. Local pension funds rejected those allegations, saying they want to acquire INA shares believing in their future value.
After MOL announced its bid, the Croatian government said it wanted to protect its position in the company and supported potential local investors willing to buy INA shares on the bourse
af.reuters.com/article/energyOilNews/idAFLDE7061E420110107?pageNumber=2&virtualBrandChannel=0