Falcon Tests Kútvölgy-1 Well in Hungary

Ireland-based Falcon Oil & Gas announced the beginning of the well testing operations on the Kútvölgy-1 well in Hungary. 

“We are pleased to confirm that well testing operations on our Kútvölgy-1 well have commenced. Technical evaluation of the well results obtained so far indicate possible gas pay zones in the Algyő formation that will be tested in the coming weeks,” Philip O’Quigley, CEO of Falcon, commented in a note released on Monday.

The well is the first of three to evaluate the gas potential of the Algyő Formation in Falcon’s Mako trough permit. The drilling and testing programme is funded by Naftna Industrija Srbije (NIS).

The two companies aim at determining reservoir quality and gas from the target Algyő formation encountered in Kutvolgy -1. Testing operations are anticipated to take 3 months.

An independent study by RPS Energy published in January 2013 included for the first time Prospective Resource recoverable volumes attributable to the shallow Algyő Play. According to the RPS report, eight of the ten prospects identified by Falcon contain 568 BCF of prospective recoverable gas resources, each with a 10% Geological Probability of Success.