In an initial rate test in a seven-meter gross interval, which the company has not yet fracture-stimulated, the Magyarcsanad-1 well flowed 377 barrels of oil per day of light crude oil (48 degree API gravity) and 745,000 cubic feet of gas per day. The total thickness of the Endrod formation behind casing is 362 meters.
The initial rate test had an estimated flowing bottom-hole temperature of 182 degrees Celsius (360 degrees Fahrenheit) and a 3,843 pounds per square inch (psi) flowing tubing pressure. Downhole pressure measurements, surface fluid and gas samples were continuously monitored through the initial test period to aid the company's plans for possible appraisal drilling The liquid hydrocarbons from the well were sold to a third-party under an oil sales contract. Gas was flared. Falcon will move forward with the Magyarcsanad-1 well testing program and will fracture-stimulate the entire 362 meters of the Endrod formation that is behind casing.
Falcon CEO and President, Marc A. Bruner, said, "The naturally flowing Endrod oil zone encountered at the Magyarcsanad-1 adds a new dimension to our project, as the scope of our exploration program in Hungary expands to include oil."
The Magyarcsanad-1 well is located in the southern area of Falcon's Mako License and is approximately 16.5 kilometers south of Falcon's Mako-6 well and approximately nine kilometers east of the Mako-1, Mako-2 and Mako-3 wells, which were drilled several years prior to Falcon's acquisition of the Mako License. The Mako-1, Mako-2 and Mako-3 wells encountered gas and oil shows within the Endrod formation. The Magyarcsanad-1 well was drilled by Falcon as a southern delineation well to assist in defining the boundaries of a Basin Centered Gas Accumulation (BCGA) within the Mako Trough.
The recent and newly completed 3-D seismic acquisition program is being processed and integrated into the Company's previously acquired 3-D programs. This new seismic program covers the Magyarcsanad-1 discovery and will be important in defining possible offset appraisal wells.
Falcon Oil & Gas Ltd. is a British Columbia corporation that is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly owned subsidiary TXM Oil and Gas Exploration, and in Romania through its wholly owned subsidiary JVX Energy Corporation.
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