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Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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Message: Re: Todays news - testing the Foldeak -1
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Jul 13, 2009 04:57PM
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Jul 13, 2009 05:22PM
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Jul 13, 2009 08:09PM
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Jul 13, 2009 08:17PM

Jul 13, 2009 09:56PM
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Jul 13, 2009 10:41PM
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Jul 13, 2009 10:57PM
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Jul 13, 2009 11:12PM
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Jul 13, 2009 11:29PM
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Jul 14, 2009 12:05AM
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ph2
Jul 14, 2009 10:13AM
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Jul 14, 2009 10:48AM

The section of the news release where Bruner discusses how they are waiting on testing of the Foldeak-1 well to add value to any discussions with new third parties was very encouraging. I was initially concerned with Exxon's statement that they were getting ready to test only "two" wells and whether the Foldeak-1 well was one of two. However, it certainly seems like our well is still part of the test program and that Bruner intends to use those results to lever up the value in any third party discussions (or he is using the whole process to add pressure to any unification process - which will add value if the test results are strong). Regards Paul

"Mr. Bruner commented, “ExxonMobil is now evaluating the Foldeak-1 well for testing, and we’re looking forward to seeing those results. We’re pleased with our relationship with ExxonMobil and MOL and the status of the joint development project.” Mr. Bruner continued, “However, when you consider the areas to the east and north of the Falcon, ExxonMobil, MOL acreage, there is significant Szolnok potential for further exploration and development. As we approach the point in time when we will begin to see test results from the Foldeak, we will apply that information to our 100% owned acreage, together with the extensive data that we have separately developed throughout this area, including the well data from our 2006-07 drilling program and our seismic information."

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Jul 15, 2009 07:14PM
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ph2
Jul 15, 2009 08:34PM
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