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Falcon Oil & Gas Announces Results of Romanian Exploration Well and Provides Operations Update in Hungary
Falcon Oil & Gas Announces Results of Romanian Exploration Well and Provides Operations Update in Hungary.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Sept. 12 /CNW/ -- Falcon Oil & Gas Ltd.\n(TSXV: FO) announced today the preliminary results of its first Romanian\ncoalbed methane well and provided an update of its deep gas project in\nHungary.\n\nRomania\nFalcon's Lupeni South-1 well in the Jiu Valley Coal Bed Methane Concession\nin Romania has reached the primary target of Coal Seam #3. There were\nnumerous gas shows in Seam #3 and also in the secondary targets in Seam #13\nand Seam #14. The gross thickness of Seam #3 is approximately 21 meters, over\nan interval from 309 to 330 meters.\nThe core analyses and preliminary desorption measurements in the field\nindicate the potential presence of coalbed methane in multiple horizons but\ngive no indication at this time of the potential gas production rates or\nrecoverable reserves to be expected.\nBased on the gas shows and core information, Falcon and the other working\ninterest owner in the prospect, Pannonian International, Ltd., a wholly-owned\nsubsidiary of Galaxy Energy Corporation, have determined to enlarge the cored\nsection to run casing to total depth and to commence completion and testing\noperations.\nFalcon has earned a 75% working interest in the 21,538-acre Jiu Valley\ncoalbed methane concession, while Pannonian retains a 25% working interest.\n\"We are pleased with the initial results from our first well in Romania,\"\nstated Marc A. Bruner, President, CEO and Chairman of Falcon. \"The drilling\nof this well confirms our geological model, which was derived from our\nresearch into the Romanian coal mining records. The three main coal seams\nwere encountered at the depths and thicknesses that were predicted by our\ngeologists. We also have some initial field measurements of the gas content\nof the Romanian coals that are encouraging.\n\"The next step for us is to enlarge the hole to run production casing. We\nhave engaged Schlumberger's top team of coalbed methane experts in Pittsburgh\nto design and supervise the hydraulic fracture stimulations. While the\nsubsequent completion and testing operations will ultimately determine the\npotential of this particular well, we believe we're off to a great start in\nRomania.\"\n\nHungary\nFalcon has conducted and interpreted a 3D seismic survey over a 16 square\nkilometre portion of the Tisza Licence area. In addition, it has purchased\nand reproce...