ExxonMobil, MOL and Falcon to work on Hungarian well
Falcon Oil & Gas has announced that all three parties of the Production and Development Agreement in the
Hungarian Mako Trough, ExxonMobil affiliate Production Ventures East Hungary, the Hungarian oil and gas firm MOL and
Falcon, have all now agreed to fracture stimulate another section in the Foldeak-1 well within the Szolnok
Formation.
This operation will use the remaining balance of the Initial Work Program budget. The parties will address next steps
after evaluating the results of the Stage 3 fracture stimulation operations.
Falcon has discovered a large Basin Centred Gas Accumulation (BCGA) and a potential fractured oil and gas play in the
Mako Trough area in south central Hungary. In 2007 the company was awarded a production license covering 245,775 net
acres.
An independent report effective March 31, 2008 estimates potentially recoverable contingent resources at the
following for Falcon's interests in the Szolnok formation, the Lower Endrod, the Basal Conglomerate and the Synrift
Sequence, measuring in trillions of cf and millions of barrels of oil.
