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Falcon Oil & Gas Ltd. Announces Completion of First Phase of Operations and Provides Operational and Financial Update
Falcon Oil & Gas Ltd. Announces Completion of First Phase of Operations and Provides Operational and Financial Update.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nBUDAPEST, Hungary, Aug. 29 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\n("Falcon" or the "Company") today announced the completion of its first phase\nof operations in the Mako Trough, and provided updates on the Company's\noperational activities and financial position. The Company also filed its\nsecond quarter financial information and accompanying management discussion\nand analysis (MD&A) with the Canadian Securities Administrators.\n\n\nMarc A. Bruner, Falcon President, Chairman and CEO, said, "I am pleased\nto announce that Falcon has successfully completed the first phase of\nexploration in the Mako Trough and has achieved several critical milestones in\nthe last 18 months. With six exploratory wells drilled to date, we believe we\nhave discovered a very significant basin centered gas resource. We have flowed\ngas from both the Szolnok and Basal Conglomerate formations, proving the\npresence of the basin centered gas accumulation which was confirmed when the\nHungarian Government awarded us a production license in May of this year. In\naddition to this, we have also flowed oil and gas on test from the Endrod\nFormation, where we believe we have discovered a potential basin centered,\nfracture oil play."\n\n\nMr. Bruner continued, "We also recently completed the acquisition of over\n1,100 square kilometers of 3D seismic data. As we move forward to the next\nproject phase, we will be analyzing this seismic data along with all the other\ndata we have acquired in order to optimize our planning. As announced\npreviously, we are also talking with other potential partners who have\nexpressed interest in participating in this very exciting project."\n\n\nOperational Update\n\n\nAs part of the first phase of exploration, Falcon completed the following\nactivities over the last 18 months:\n\n\n-- Successfully drilled six exploratory wells including the deepest well\n in Hungary.\n-- Secured a production license from the Hungarian government covering all\n oil and gas in the identified basin centered gas accumulation (BCGA)\n resource under the exploration license.\n-- Acquired over 1,100 square kilometers of 3D seismic data.\n-- Conducted extensive testing and evaluation of the exploration wells, as\n outlined below.\n\n\nDelineation wells\n-- Testing of Pusztaszer-1 delineated ...