Zenith Pure Oil and O&GD discovered a new oil field

Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies market participants of the following: 

Zenith Pure Oil and O&GD have discovered a new oil field at a depth of approximately 2,400 meters near Galgahévíz, Hungary. O&GD and Zenith Pure Oil share the extracted volume in a 51%-49% ratio. The Galgahévíz-4 well is capable of producing approximately 1,000 barrels of crude oil per day, which will be processed at the Danube Refinery in Százhalombatta.

"The new deposit contributes significantly to Hungary's security of supply, as domestic production reduces import dependency. Uncertainties surrounding supply routes also confirm that the more pipelines there are in the region, the more certain it is that there will always be enough energy. However, the best source is always domestic, which is why Zenith Pure Oil treats hydrocarbon exploration in Hungary as a priority," said Dr. György Bacsa, Managing Director of Zenith Pure Oil Hungary.

The Galgahévíz-4 well contributes approximately 0.5% to Zenith Pure Oil's hydrocarbon production.