Falcon moves on

Falcon: No commercial flows

London-listed Falcon Oil & Gas has failed to find commercial gas volumes at the first well at its Hungarian project.

The Kutvolgy-1 had good recovery from certain intervals but production failed to meet commercial rates.

The company only recently finished testing the well, with the well now to be plugged and abandoned.

Falcon has now spudded the second well in its three-well programme in Hungary.

The Beda-D-1 well is being drilled with its partner Nafta Industrija Srbije (NIS) to test the gas potential of the Algyo formation in the Mako trough.

As well as drilling the well, the company is continuing to study the entire Mako trough for hydrocarbon potential.

Falcon is fully carried on all costs associated with the drilling programme, which is being funded by NIS.

Any potential sales from the programme will be split evenly between the companies.

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