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Falcon Oil & Gas Receives Independent Resource Assessment from The Scotia Group for its Mako Trough Deep Gas Project in Hungary
Falcon Oil & Gas Receives Independent Resource Assessment from The Scotia Group for its Mako Trough Deep Gas Project in Hungary.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n\nBUDAPEST, Hungary, June 17 /CNW/ -- Falcon Oil and Gas\nLtd., (TSXV: FO) announced today that it has received a new independent\nassessment of the potential resource of the Mako Trough Pannonian Basin Gas\nAccumulation, Falcon's deep gas exploration project in southeastern Hungary.\nThe Scotia Group, Inc. of Dallas, Texas, was commissioned by Falcon to\nindependently assess and evaluate the potential resource of the Mako Trough\nPannonian Basin Gas Accumulation using all available historic data and the\nlatest new information. The Scotia Group assessment provides its estimation of\nthe possible range of hydrocarbon volume that theoretically may be produced.\n\"BCGAs [Basin Centered Gas Accumulations] are being successfully developed in\nthe United States and knowledge of these reservoir systems is a key part of\nassessing the Mako Trough resource,\" The Scotia Group reported in its letter\nto Falcon, a copy of which will be available on http://www.sedar.com and on\nFalcon's Web site. \"This analysis focused on the deep BCGA, and does not\naddress any oil or gas resources that may occur in associated conventional or\nunconventional reservoirs outside of the BCGA,\" the letter stated. The Scotia\nGroup assessment of the potential resource of the Mako Trough Pannonian Basin\nGas Accumulation describes technically recoverable resources and does not\nrepresent an estimate of reserves.\nBased on all available data, The Scotia Group has assigned the following\nprobabilistic estimation of technically recoverable resources to the Falcon\ninterests in the Mako Trough Pannonian Basin Gas Accumulation, measured in\ntrillions of cubic feet (Tcf):\n\n Probability\nProbability Greater Than P90 (90%) P50 (50%) P10 (10%)\nTechnically Recoverable Resource 18.0 Tcf 45.2 Tcf 96.3 Tcf\n\n\"The Scotia Group is a highly respected international oil and gas advisory\nservice organization that has significant expertise and experience in\nevaluating unconventional gas resources throughout the world, including recent\nstudies assessing unconventional gas resources for a major, multi-national\nexploration and production company,\" said Marc A. Bruner, Chairman and CEO of\nFalcon Oil & Gas, Ltd. \"We are pleased to have their expert assessment of the\npotential resource in the Mako Trough BCGA.\"\n\nAbout The Scotia Group\nFounded in 1981, The ...