Falcon's President, CEO and Chairman Marc A. Bruner commented, "Halliburton and I have a good track record together. I will always appreciate the important contributions that Halliburton made to my previous deep, tight gas project in Wyoming. And now, it is with optimism that I look forward to their assistance with this important new deep gas project in Hungary."
Falcon has two rigs running in Hungary at this time. The Crosco 403 rig is currently drilling at a measured depth of 2820 meters at the Pusztaszer-1 location on the Tisza License and the Crosco 801 rig is currently drilling at a measured depth of 1427 meters at the Mako-6 location on the adjacent Mako License, both in south-eastern Hungary.
"Both rigs are making good progress," stated Marc A. Bruner. "And our geological predictions about high drilling penetration rates have certainly been accurate to date. While these two rigs are drilling ahead, our exploration team has continued to run additional 3D seismic programs to add to our inventory of drillable prospects and the operations team has proceeded to construct the next surface location at the Szekkutas-1 location."
After studying the information provided by the Halliburton team, Falcon has decided to drill one or more additional wells in the Jiu Valley Coal Bed Methane Concession in Romania. "The design of the hydraulic fracture stimulation of the initial well at Lupeni-South-1 has been finalized," said Mr. Bruner. "But, although utilized extensively in the U.S., the technology associated with the completion and testing of coal bed methane wells is new to Romania and the necessary equipment requires extensive mobilization. Accordingly, we have decided to source another rig, and drill one or more additional wells in the Jiu Valley. Our plan would then be to complete multiple wells in the same sequence of operations."
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