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Falcon Oil & Gas Ltd. has reported 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."