Tests at SE Hungary gas well a huge fiasco for Falcon

Denver-based Falcon Oil & Gas has been disappointed in the test results conducted at the Földeák-1 natural gas well which is part of the Makó trough in southeastern Hungary, the company said in a statement yesterday. Conducted at depths of 4.358 and 4,200 meters, the tests yielded high water flow rates and low quality natural gas. The companies involved in the project are currently in talks to determine the future of the project.

Research at Földeák-1 well appears near Makó to have been a dead-end street for Falcon, according to a statement yesterday, which mentions a recommendation by project partner Exxon Mobil to cease testing in the area.

Falcon is developing the field in cooperation with Exxon Mobil and Hungarian oil company MOL. The partners finalized an agreement to conduct testing and development in a 750 square-kilometre area and divide profits in three nearly equal parts (Exxon 33.5%, MOL 33.5%, Falcon 33%).


Source: Portfolio.hu