Re: Todays news - testing the Foldeak -1
in response to
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posted on
Jul 14, 2009 11:17AM
Developing large acreage positions of unconventional and conventional oil and gas resources
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."