Rohöl-Aufsuchungs Aktiengesellschaft

Rohöl-Aufsuchungs Aktiengesellschaft, the Austria-based exploration and production company known as RAG, has retained Envoi Ltd. to find a joint venture partner to explore and develop its Koros Exploration License in the Pannonian Basin of central Hungary.

RAG is offering, through a subsidiary, up to 50% participation in exchange for forward equity participation in new three-dimensional seismic survey started in the second quarter. The new partner will also participate in a two-well exploration drilling program planned for 2013.

RAG’s activities in Hungary date to 2008, when it became the third largest acreage holder in the country. The Koros License was originally operated by Pogo Hungary Ltd. until 2005, when they were acquired by Toreador. RAG joined as a new partner in 2008 and later acquired 100% interest in 2009. Since then, RAG has reprocessed the pre-existing seismic surveys from the area that were acquired in 2008.

RAG’s current operating program for the Koros License was approved in October 2011, triggering the first of an additional four-year exploration term with two two-year extensions possible after that. The acreage is within the north central part of the Pannonian Basin and encompasses 2,900 square kilometers, including a number of ring-fenced production areas known as mining plots in Hungary. The lease has a net 2,422 square kilometers available for exploration.

Of the 321 wells drilled in the Koros license, almost all data from the early 1950s through the late 1970s are within the existing ring-fenced mining plots.

For additional information, please contact Mike Lakin, at Envoi Ltd., 4420-8566-1310 or mikelakin@envoi.co.uk.