Falcon Oil & Gas Ltd-Spudding of Second Well in Hungary & Operational Update
16 Mayo 2014 - 1:00AM
Marketwired
Falcon Oil & Gas Ltd-Spudding of Second Well in Hungary &
Operational Update
DUBLIN, IRELAND--(Marketwired - May 16, 2014) - Falcon Oil &
Gas Ltd. (TSX-VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company") is pleased to announce that the second of three
exploration wells "Besa-D-1", with our partner Naftna Industrija
Srbije JSC ("NIS") to evaluate the gas potential of the Algyő
Formation at a depth of approximately 3,000 meters in the Makó
Trough, Hungary has been spudded. The well testing operations on
the first well, Kútvölgy-1 are now completed. The testing indicated
that the well experienced improved recovery from certain intervals
however well production did not meet commercial rates. Falcon, with
our partner NIS, has discontinued testing Kútvölgy-1, the well is
to be plugged and abandoned. Falcon and NIS are now focused on
Besa-D-1.
In addition, to the spudding of Besa-D-1, our partner NIS
continues to study the hydrocarbon potential of the entire Makó
Trough including the Deep Makó play.
In accordance with the agreement with NIS, announced on 14
January 2013, Falcon is fully carried as all costs associated with
this three well drilling program are funded by NIS. Any hydrocarbon
sales revenue resulting from this program will be shared equally
between Falcon and NIS.
Philip O'Quigley, CEO of Falcon commented:
"Following from our press release on 2 May 2014 of the
Transformational Farm-out of our Beetaloo permits, I am pleased to
announce we have spudded the second well of our three well
programme with NIS in Hungary. I look forward to sharing the
results of the second well and building on the knowledge of what we
have learned from the testing of Kútvölgy-1 with the market in due
course."
About Falcon Oil & Gas Ltd.
Falcon is an international oil & gas company engaged in the
acquisition, exploration and development of conventional and
unconventional oil and gas assets, with the current portfolio
spread between Australia, South Africa and Hungary. Falcon is
incorporated in British Columbia, Canada and headquartered in
Dublin, Ireland with a technical team based in Budapest,
Hungary.
For further information on Falcon Oil & Gas Ltd. please
visit www.falconoilandgas.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information in this press release may constitute
forward-looking information. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon's filings with the Canadian
securities regulators, which filings are available at
www.sedar.com.
Falcon Oil & Gas Ltd.+353 1 417 1900Philip O'Quigley,
CEO+353 87 814 7042John Craven, Non-Executive Chairman+353 1 417
1900Davy (NOMAD & Joint Broker)John Frain / Anthony Farrell+353
1 679 6363GMP Securities Europe LLP (Joint Broker)Rob Collins / Liz
Williamson+44 20 7647 2800Cantor Fitzgerald Europe (Joint
Broker)David Porter / Richard Redmayne+44 207 894 7000
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