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Falcon Oil & Gas Ltd. Announces Improved Well Completion Strategy
Falcon Oil & Gas Ltd. Announces Improved Well Completion Strategy.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nBUDAPEST, Hungary, Feb. 26 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\nannounces its revised and improved well completion strategy for its Hungarian\nbasin centered gas operations that is designed to achieve more timely and\nefficient testing and completions for the wells it has drilled in the Mako\nTrough. Falcon estimates that the improvements to its completion strategy will\nnot increase the costs of Falcon's operations.\n\n\nSince the commencement of Falcon's exploration strategy and drilling\nprogram under its Mako Trough Licenses (the "Drilling Program") in December,\n2005, up to today, Falcon has reached total depth in five wells and is\ndrilling a sixth well. Falcon's Drilling Program involved conducting a\ncontinuous drilling program followed closely by a comprehensive testing\nprogram using work-over rigs and/or other testing units available on the open\nmarket. However, as a result of the continuing strong demand for such\nequipment and materials in Europe and globally, and the resulting difficulty\nin obtaining commitments from service companies for appropriate work-over\nequipment and materials, Falcon has had to evaluate the impact of such\nshortages on the Drilling Program and testing operations.\n\n\nIn order to minimize further delays, Falcon will immediately begin to\nutilize, for both drilling and testing purposes, the two Crosco rigs which\nFalcon has under long term contracts. The Crosco 403 rig is currently\ndrilling the Mako-4 well. Rather than case and suspend the Mako-4 well,\nFalcon will use the Crosco 403 rig to test the Mako-4 well before moving the\nCrosco 403 rig to the Foldeak-1 location, where Falcon will conduct\ndrill-test-complete programs.\n\n\nSimilarly, the Crosco 801 rig will remain on the Mako-7 well, where to\ndate it has been used for drilling, to commence testing and completion of the\nMako-7 well. At completion of the testing operations, or when the CUDD unit\ncan be released from the Mako-6 well and mobilized to the Mako-7 well, Falcon\nwill move the Crosco 801 rig to the Mako-8 location where Falcon will conduct\ndrill-test-complete programs.\n\n\nFalcon will also conduct testing operations on the Mako-6 well, using a\nCUDD unit which is under a long term contract to Falcon. This CUDD unit will\nalso be available to Falcon for future testing programs as and when ...