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Falcon Oil & Gas Ltd. Receives an Updated Independent Resource Assessment From RPS Scotia for Its Mako Trough Deep Gas Project in Hungary
DENVER, May 5 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) announced that it has received a new, upd...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nDENVER, May 5 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) announced that it\nhas received a new, updated, independent report from RPS Scotia disclosing an\nupdated resource estimate of the Mako Trough Pannonian Basin Gas Accumulation\n(the "Mako Trough") within the production license area of Falcon's deep gas\nexploration project in southeastern Hungary (the "RPS Scotia Report").\n\n\nThe RPS Scotia Report is compliant with National Instrument 51-101\n"Standards of Disclosure for Oil and Gas Activities" ("NI 51-101").\n\n\nThe RPS Scotia Report on the resource of the Mako Trough describes a\nprobabilistic distribution of the potentially recoverable portion of\n"Contingent Resources" as defined by the Canadian Oil and Gas Evaluation\nHandbook and does not represent an estimate of reserves.\n\n\nBased on all available data, RPS Scotia has assigned the following\nprobabilistic estimation of potentially recoverable contingent resources in\nthe Szolnok formation, the Lower Endrod, the Basal Conglomerate and the\nSynrift Sequence. The RPS Scotia Report measures the Mako Trough in trillions\nof cubic feet (Tcf) and millions of barrel oil (mmbo):\n\n\n Probability Greater Than\n P90 (90%) P50 (50%) P10 (10%)\nProbabilistic estimation\n of potentially recoverable 25.8 Tcf 43.9 Tcf 68 Tcf\n contingent resources (1) (2) 42.6 mmbo 97.8 mmbo 202.7 mmbo\n\n\nNotes:\n\n\n(1) The resource estimate has been conducted using the definitions\n specified by the Canadian Oil and Gas Evaluation Handbook. The Mako\n Trough resource falls under the "Discovered Resources" classification.\n\n\n The values refer to the probabilistically estimated recoverable\n fraction of "Contingent Resources" within that classification.\n Contingent resources are those quantities of oil and gas estimated on\n a given date to be potentially recoverable from known accumulations\n but are not currently economic. The economic nature of this resource\n has not yet been assessed due to the early stage of data gathering for\n\n\n the Mako Trough resource. The recoverable portion of this "Contingent\n Resource" is contingent upon the demonstration of productive\n capability of the various zones of interest through well testing and\n longer term production testing which has not occurred as o...