The 17,500 ft Lower DB3 prospect is located at the Avoca Minerals property in St. Mary Parish, Louisiana, one of the richest natural gas producing areas in North America. The prospect is classified as a PUD and has 20 BCF of proven-undeveloped gas reserves.
"The cost of drilling a new well is marginally higher than re-entering the Inglewood 2 well but the risks are much lower," said Fred B. Zaziski, Falcon's CEO. "Working with 35 year old casing might put Falcon at risk of running into trouble during the completion of the well. We want our first well to be drilled with the best completion materials and latest technology given the size and potential of the reservoir."
Because of current high energy prices, lead times for drilling rigs are higher than usual but Falcon is already in advanced talks with a local drilling contractor. The Company is also finalizing an agreement with a drilling partner that has shown interest in the Lower DB3 PUD location.
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