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Falcon Oil says Mako Trough well plugged, abandoned

Tue Nov 3, 2009 4:59am EST

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BUDAPEST, Nov 3 (Reuters) - Canada's Falcon Oil (FO.V) said that tests on the Foldeak-1 natural gas well in the Mako Trough in southern Hungary had been completed and the well has been temporarily plugged and abandoned.

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Falcon's announcement comes less than a month after it announced that Exxon Mobil's (XOM.N) Hungarian unit recommended ceasing operation at the Foldeak-1 well due to poor results.

"This third fracture test completes Production Ventures East Hungary Kft (Exxon Mobil), and Hungarian oil and gas firm, MOL's, $50 million financial obligation under the Initial Work Program, and completes the Initial Work Program itself," Falcon said in a statement late on Monday.

Exxon Mobil and Hungarian oil and gas firm MOL (MOLB.BU) each control 40.44 percent of the Mako Trough while Falcon Oil holds 19.12 percent.

MOL could not immediately comment on Falcon's announcement. In early October, MOL said it was premature to call the tests a failure and more time was needed to evaluate the results.

MOL earlier said that the Mako Trough is believed to contain more than 340 billion cubic meters of unconventional natural gas, which is too hot and too deep for extraction using conventional technology.

(Reporting by Balazs Koranyi; editing by Simon Jessop)

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