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Falcon Oil and Gas completes joint exploration program in Hungary

Denver-based Falcon Oil and Gas completed a joint gas exploration program in Hungary's Makó trough with ExxonMobil and Hungarian oil and gas company MOL.

Falcon completed the initial work program, which involved a $50 million commitment by ExxonMobil and MOL, after finishing a third fracture at a well in the Szolnok Formation of the trough.

ExxonMobil recommended earlier in the autumn that the exploration and production program be abandoned after two fracture stimulation tests. But Falcon said both of its partners in the program later agreed to fracture stimulate another section in the formation. (MTI-Econews)