November 4, 2009 10:26 PM

"Patience" is the word that has pursued me since 1998, when I first obtained the Makó licenses. Now, in November 2009 I must use Patience again: Exxon, the present operator has several months under Falcon's farm-out agreement during which to analyze their results from the 3 frac attempts in the Foldeak-1 well. Exxon also has experience from their Mindszent and their Hod-1 wells, not all good from a mechanical standpoint.
Briefly, the Foldeak-1 frac's were not what you would expect from a world-scale operator. Also mechanical problems (erosion-failed valves without back-up, possible inadequate cementing of casing, and other problems). The Exxon operator's report to be released to MOL and Falcon in a couple of months will tell more. Exxon is currently rigging up to test more of the identical Szolnok BCGA in the nearby Bekes basin on a farm-out from another party controlled by Aspect Energy. That is good for everybody, because Exxon appears to have to learn from one well or frac to the next. Perhaps ANY operator would have to do that in this very hot, very high pressure formation. We had hoped that Rocky Mountain technology (some developed by Exxon) would export easily into Central Europe, but that is apparently not so.
Therefore, my word is still "Patience". Remember, when I started this in 1998, I saw 4 (four) BIG RISKS. Is the gas there? (Now proved). Will time be available for the licensees? (Now protected by the 35-year Exploitation License). Is there a market, which will pay for the gas? (You bet!). The fourth risk is still there, namely can modern technology get the gas to the surface? That is what now is being attempted, but with many mechanical problems. Some of these problems should NOT have occurred, but that is easy for me to say. In conclusion, the gas is there, the legal protection to allow time is there, the market is there, and surely the engineers will get the gas out..... with patience.

Joe Gus aka John Gustavson

PS You can contact me regarding Makó Trough on my web site www.gus235.com which shows how I am now exploring for uranium, right in the middle of the USA

http://pergceu.blogspot.com/2008/07/europes-greatest-energy-secret-hidden_13.html