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Falcon partner fails to complete Hungarian drilling project

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The Serbian partner Naftna Industrija Srbije (NIS) of Denver-based Falcon Oil and Gas company, which has a license to operate in Hungary, has failed to complete a drilling project by its assigned deadline, international news wire Proactive Investors reported today.

According to Proactive Investors, NIS drilled and tested two of the project's three wells, but was unable to complete the project despite the fact that the original deadline had been extended from July to December of last year.

"Falcon remains focused on the potential farm-out of the Mako deep play and is currently working with industry to evaluate potential options," Proactive Investors quoted the company as saying.

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