By OGJ editors
HOUSTON, Apr. 11 -- An ExxonMobil Corp. affiliate signed a development agreement with a unit of Falcon Oil & Gas Ltd. regarding participation in part of a production license in southeast Hungary's Mako Trough (OGJ, Feb. 6, 2006, p. 42).
The agreement between ExxonMobil's Esso Exploration International Ltd. and Falcon's TXM Exploration & Production LLC covers a contract area of 184,300 acres, which represents 75% of TXM's total production license.
ExxonMobil will operate the contract area with 67% interest while TXM retains 33% interest in the contract area.
During an initial phase scheduled this year, ExxonMobil will test existing wellbores and, if needed, drill additional wells to evaluate commercial production.
The agreement includes options for ExxonMobil to follow with appraisal and development programs.
