Falcon Partner Spuds Second Well in Hungary

Junior explorer Falcon Oil & Gas announced Friday that its partner, Gazprom Neft subsidiary Naftna Industrija Srbije (NIS), has spud its second well in a three-well exploration campaign onshore Hungary.

The Besa-D-1 well is being drilled to evaluate the gas potential of the Algyo Formation at a depth of approximately 9,840 feet in the Mako Trough.

However, results from testing of the first completed well in the campaign – Kutvolgy-1 – showed that, although the well experienced some recovery from certain intervals, production did not meet commercial rates. Consequently, testing of Kutvolgy-1 has been discontinued and the well will be plugged and abandoned.

As well as drilling Besa-D-1, NIS will continue to study the hydrocarbon potential of the entire Mako Trough, including the Deep Mako play.

Falcon is fully carried as all costs associated with its three-well drilling program in Hungary are funded by NIS.

At the start of May, Falcon announced a farm-out of its Beetaloo acreage in Australia's Northern Territory, in which it received $18.8 million (AUD 20 million) and an agreement to carry Falcon for a nine-well exploration and appraisal drilling program over five years. The firm also holds a Technical Cooperation Permit covering 7.5 million acres in the southwest Karoo Basin, South Africa.

Falcon CEO Philip O'Quigley commented in a company statement Friday:

"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 program 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 Kutvolgy-1 with the market in due course."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)
 -  Linde to Build New PP Line at Braskem ... (Jul 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Tool Tech
Expertise: Maintenance Technician|Mechanic|Rig Mechanic
Location: New Iberia, LA
 
Downhole Mechanical Tech II : HALJP00006169 - Houston TX
Expertise: Mechanical Technician|Rig Mechanic
Location: Houston, TX
 
United States Houston: Application Evaluation Specialist
Expertise: Drilling Engineering|Field Development
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $49.7/BBL 1.76%
Light Crude Oil : $47.12/BBL 1.55%
Natural Gas : $3.07/MMBtu 0.58%
Updated in last 24 hours