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ExxonMobil Gives Notice To Discontinue Testing of Foldeak-1 Well
ExxonMobil Gives Notice To Discontinue Testing of Foldeak-1 Well
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nOct. 8, 2009 (Canada NewsWire Group) -- DENVER, Oct. 8 /CNW/ ---Falcon, ExxonMobil & MOL to Evaluate Next Steps-Falcon Oil & Gas Ltd. (TSXV: FO) (\"Falcon\" or the \"Company\"), a global energy company focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources, today announced that ExxonMobil Corporation affiliate ExxonMobil Hungary (Mako) Limited (\"ExxonMobil\"), the Company's partner in the joint production and development project located in the Mako Trough in Hungary, has notified the Company of its recommendation to cease operations at the Foldeak-1 well site after testing a portion of the Szolnok Formation. ExxonMobil, MOL and Falcon are discussing next steps regarding such operations.ExxonMobil has completed two fracture stimulation tests at 4,358 and 4,200 meters. The Szolnok Formation is approximately 1,200 meters thick in the Foldeak-1 well, and has a base depth of 4,394 meters.The lower fracture stimulation at 4,358 meters was completed successfully yielding average gas flow rates of approximately 200,000 standard cubic feet (6,000 cubic meters) per day and average water flow rates of approximately 15 to 370 barrels (2.5 to 60 cubic meters) per day over a 10 day period.The upper fracture stimulation at 4,200 meters was completed successfully yielding average gas flow rates of approximately 50,000 standard cubic feet (1,415 cubic meters) per day and average water flow rates of approximately 1,200 to 3,100 barrels (200 to 500 cubic meters) per day over a 46 hour period (the well is flowing as of the date of this press release).For both fracture stimulation tests, the water flowed back was very fresh, less than 5,000 parts per million (ppm) of total dissolved solids. ExxonMobil also reported the presence of CO2 and H2S at levels of up to 16% and up to 400 ppm, respectively, for both fracture stimulation tests.The very high water flow rates and calculated test permeability experienced in the Foldeak-1 well leads Falcon to be believe that the fracture stimulation connected to a fresh water filled natural fracture system. It is possible that the matrix Szolnok Formation remains largely untested due to preferential flow from the natural fractures.Falcon interprets the intervals above the tested section to be a separate reservoir and a potential swee...