Falcon's Hungary Well Encounters Gas Shows

Junior energy firm Falcon Oil & Gas reported Tuesday that initial drilling operations on the Besa-D-1 well, onshore Hungary, have encountered gas shows having reached a depth of 9,850 feet.

Besa-D-1 is the second of a planned three-well program to evaluate the gas potential of the Algyo Formation in the Make Trough license. The well has now been cased to its target depth and is suspended pending further technical evaluation in order to determine an appropriate testing program later this year, Falcon said.

Falcon added that it has agreed with the operator, Naftna Industrija Srbije, to an extension of the drilling and testing of the three-well program to December 31, 2014. The extension will allow NIS to complete the testing of Besa-D-1, evaluate the hydrocarbon potential of the entire Mako Trough and fulfil the third well obligation of the three-well drilling program.

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

"We are pleased to confirm that we have drilled, without any operational difficulties, the second of the three well drilling program, with our partner NIS. The technical evaluation of the well results and the testing program 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 program 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."

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