ExxonMobil, MOL to quit Hungary's Mako area

By OGJ editors
HOUSTON, Feb. 22 -- ExxonMobil Corp. and MOL Hungarian Oil & Gas PLC sent written notices to Falcon Oil & Gas Ltd., Denver, that neither will proceed to the appraisal stage of the joint production and development project in Hungary’s Mako Trough.

In accordance with the production and development agreement, ExxonMobil’s and MOL’s respective participating interests in the contract lands, the Foldeak-1 well, and all other interests will revert to Falcon.

The two exiting companies obtained disappointing gas flow rates from alternating shales and sands in the Tertiary Szolnok formation in a basin centered gas accumulation (OGJ Online, Oct. 8, 2009).

Falcon, which becomes operator of the contract area, is seeking alternative strategic partners and is in active discussions with multiple parties to continue evaluation of its 247,000 acres under the long-term production license.