Denver-based Falcon Oil and Gas said ExxonMobil and Hungarian oil and gas company MOL had agreed to carry out further tests at an area in Hungary they are exploring for gas.
All three parties of the production and development agreement in Hungary's Makó Trough have agreed to fracture stimulate another section in the Szolnok Formation, Falcon said.
The announcement came a week after Falcon said ExxonMobil had recommended abandoning the exploration and production program in the Makó Trough. Falcon said at the time that it believed tests to date did not represent a complete evaluation of the potential of the site.
The fracture stimulation will use the remaining balance of the initial work program budget, Falcon said. (MTI – Econews)