Irish exploration firm Falcon says it has found gas in its first exploration well at Hungary’s Algyo formation.
The well, the first of a three-well programme being carried out by the company in Hungary, is now being evaluated ahead of testing later this year.
NIS, which is funding the costs of the drilling programme as part of its partnership with Falcon in the well, now expects to start work on the scond well later this year.
“We are pleased to confirm that our well successfully reached its target Algyo formation and encountered hydrocarbons, and thanks to the close collaboration with NIS, drilling was completed without any operational difficulties,” said Falcon chief executive Philip O’Quigley.
“I am looking forward to the technical evaluation of the well results and then the testing programme that will take place during Q4 2013.”