Falcon Oil & Gas Ltd.: Hungary Well Test Begins
03 Março 2014 - 4:00AM
Marketwired
Falcon Oil & Gas Ltd.: Hungary Well Test Begins
DUBLIN, IRELAND--(Marketwired - Mar 3, 2014) - Falcon Oil &
Gas Ltd. (TSX-VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon" or the
"Company") is pleased to announce that well testing operations on
the Kútvölgy-1 well in Hungary have started.
Kútvölgy-1 is the first of a three well drilling and testing
programme fully funded by NAFTNA INDUSTRIJA SRBIJE JSC ("NIS"), to
evaluate the gas potential of the Algyo Formation in Falcon's Mako
trough permit.
The testing objectives are to determine reservoir quality and
gas productivity from the target Algyo formation encountered in
Kutvolgy-1. Testing operations are anticipated to take 3
months.
Philip O'Quigley, CEO of Falcon commented:
"We are pleased to confirm that well testing operations on our
Kútvölgy-1 well have commenced. Technical evaluation of the well
results obtained so far indicate possible gas pay zones in the
Algyo formation that will be tested in the coming weeks."
About the Algyo
The Algyo is a relatively shallow play between 2,300m and
3,500m. A number of Falcon wells have been drilled through the
Algyö in recent years, some of which encountered gas shows, but to
date no well has ever tested the play concept at an optimal
location as previous wells targeted deeper intervals of up to
6,000m.
Multiple Algyo prospects have subsequently been identified by
Falcon through extensive AVO analysis. The ongoing exploration
drilling program with NIS is targeting three separate high-graded
prospects.
An independent study by RPS Energy published in January 2013
included for the first time Prospective Resource recoverable
volumes attributable to the shallow Algyo Play. According to the
RPS report, eight of the ten prospects identified by Falcon contain
568 BCF of prospective recoverable gas resources, each with a 10%
Geological Probability of Success ("GPoS").
About Falcon Oil & Gas Ltd.
Falcon is an international oil & gas company engaged in the
acquisition, exploration and development of conventional and
unconventional oil and gas assets, with the current portfolio
spread between Australia, South Africa and Hungary. Falcon is
incorporated in British Columbia, Canada and headquartered in
Dublin, Ireland with a technical team based in Budapest,
Hungary.
For further information on Falcon Oil & Gas Ltd. please
visit www.falconoilandgas.com.
About NAFTNA INDUSTRIJA SRBIJE JSC ("NIS")
NIS is one of the largest, vertically integrated oil and gas
companies in Southeast Europe, focusing on exploration and
production of hydrocarbons, refining of crude oil and sales of a
broad range of petroleum products.
For further information on NIS please visit www.nis.rs.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information in this press release may constitute
forward-looking information. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon's filings with the Canadian
securities regulators, which filings are available at
www.sedar.com.
Falcon Oil and Gas Ltd.+353 1 417
1900www.falconoilandgas.comFalcon Oil and Gas Ltd.Philip
O'QuigleyCEO+353 87 814 7042FTI ConsultingEdward Westropp+44 207
269 7230FTI ConsultingNatalia Erikssen+44 207 269 9348FTI
ConsultingKatherine Golligher+44 207 269 7209Davy (NOMAD &
Joint Broker)John Frain / Anthony Farrell+353 1 679 6363GMP
Securities Europe LLP (Joint Broker)Rob Collins / Liz Williamson /
Emily Morris+44 20 7647 2800Cantor Fitzgerald Europe (Joint
Broker)David Porter / Richard Redmayne+44 207 894 7000
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