hi, this is from the sept interim results meeting held on 28th nov:
Hungary Drilling
Drilling operations on the first joint well between
NIS and Falcon, Kútvölgy1 well were completed in
July 2013, the
well having reached total depth (“
TD
”) of 3,305 metres. As anticipated, the top of the
Algyő Formation was
encountered at 2,985 metres; the well then penetrat
ing an alternating sequence of sandstones, siltston
es and shales
over a gross interval of 320 metres to TD, with gas
shows throughout. Two conventional cores were take
n and
extensive wireline logs were run. As planned the we
ll has been cased to TD and is now suspended. The o
perations
were conducted to a high standard with no accidents
occurring during drilling.
Technical evaluation of the well results has been c
oncluded and preparations are now well underway to
complete
and test this well. The process will involve conven
tional testing of up to 8 gas bearing intervals as
a first phase. A
decision on whether hydraulic fracturing of the pen
etrated tight sands is required will be made upon e
valuating the
results of conventional flow tests. We expect techn
ical operations to commence in January 2014.
Preparations for drilling the second well have comm
enced. Actual drilling operations on this well are
expected to start in q1 2014.
