Exploration & Production
Falcon Spuds Well Targeting Deeper Mako Trough
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Falcon Oil & Gas Ltd. has reported that the first of three exploration wells "Kútvölgy-1", to evaluate the gas potential of the Algyö Formation at a depth of approximately 3,000m in the Mako Trough, was spudded on the 11th June, 2013.
Drilling of this first well is expected to take approximately 40 days. It is planned to drill into the Algyö Formation, log and suspend the well for further evaluation prior to carrying out an appropriate testing program.
In accordance with the agreement with NIS, announced on 14 January 2013, Falcon is fully carried as all costs associated with this three well drilling program are funded by NIS. Any hydrocarbon sales revenue resulting from this program will be shared equally between Falcon and NIS.
Philip O'Quigley, CEO of Falcon commented: "We are pleased…
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