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Falcon' s Hungary well encounters gas shows

DUBLIN -- Falcon Oil & Gas Ltd (Falcon) reported that initial drilling operations on the Besa-D-1 well have reached total depth (TD) of 3,000 m having encountered gas shows.

Besa-D-1 is the second of a planned three well programme to evaluate the gas potential of the Algyo Formation in the Mako Trough License. The well has now been cased to TD and is suspended pending further technical evaluation in order to determine an appropriate testing programme later this year. No operational problems occurred during drilling.

In January 2013, Falcon agreed a three-well drilling programme with Naftna industrija Srbije jsc (NIS) to target the Algyo Play, whereby NIS made a cash payment of $1.5 million to Falcon in February 2013, and agreed to drill three wells by July 2014 at their cost. The July 2014 date for completion of drilling and testing of the NIS three well programme has been extended to 31 December 2014.

This extension has been granted to allow NIS to:
 
Complete the testing of Besa-D-1;

Evaluate the hydrocarbon potential of the entire Mako Trough including the Deep Mako play; and

Fulfill the third well obligation of the NIS three-well drilling programme.

Philip O’Quigley, CEO of Falcon commented: “We are pleased to confirm that we have drilled, without any operational difficulties, the second of the three well drilling programme, with our partner NIS. The technical evaluation of the well results and the testing programme will take place during the second half of 2014.

In working together, Falcon and NIS have agreed to extend the completion date for the three well programme from July 2014 to 31 December 2014 in order to identify the appropriate location and geological target for the drilling of the third obligation well within our prospective acreage in the Mako Trough.”

07/16/2014

 

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