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Falcon Oil & Gas Ltd. Announces Initial Test Results at Magyarcsanad-1 Well
Falcon Oil & Gas Ltd. Announces Initial Test Results at Magyarcsanad-1 Well.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nMako Trough Well Tests Positive for Oil and Gas within the Endrod\nformation\n\n\nBUDAPEST, Hungary, May 23 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\n("Falcon" or the "Company") is pleased to announce that the Company has\nencountered a productive oil and gas interval in the Magyarcsanad-1\nexploration well. The productive interval was encountered within the Endrod\nformation at a depth of 4,057 meters.\n\n\nIn an initial rate test in a seven meter gross interval, which the\nCompany has not yet fracture stimulated, the Magyarcsanad-1 well flowed 377\nbarrels of oil per day of light crude oil (48 degree API gravity) and 745,000\ncubic feet of gas per day. The total thickness of the Endrod formation behind\ncasing is 362 meters.\n\n\nThe initial rate test had an estimated flowing bottom hole temperature of\n182 degrees Celsius (360 degrees Fahrenheit) and a 3,843 pounds per square\ninch (psi) flowing tubing pressure. Down hole pressure measurements, surface\nfluid and gas samples were continuously monitored through the initial test\nperiod to aid the Company's plans for possible appraisal drilling. The liquid\nhydrocarbons from the well were sold to a third-party under an oil sales\ncontract. Gas was flared. Falcon will move forward with the Magyarcsanad-1\nwell testing program, and will fracture stimulate the entire 362 meters of the\nEndrod formation that is behind casing.\n\n\nFalcon CEO and President, Marc A. Bruner, said, "The naturally flowing\nEndrod oil zone encountered at the Magyarcsanad-1 adds a new dimension to our\nproject, as the scope of our exploration program in Hungary expands to include\noil."\n\n\nThe Magyarcsanad-1 well is located in the southern area of Falcon's Mako\nLicense and is approximately 16.5 kilometers south of Falcon's Mako-6 well and\napproximately nine kilometers east of the Mako-1, Mako-2 and Mako-3 wells,\nwhich were drilled several years prior to Falcon's acquisition of the Mako\nLicense. The Mako-1, Mako-2 and Mako-3 wells encountered gas and oil shows\nwithin the Endrod formation. The Magyarcsanad-1 well was drilled by Falcon as\na southern delineation well to assist in defining the boundaries of a Basin\nCentered Gas Accumulation (BCGA) within the Mako Trough.\n\n\nThe recent and newly completed 3-D seismic acquisition program is being\nprocessed a...