ExxonMobil to Assess Hydrocarbon Potential on Falcon Oil and Gas Lease in Mako Trough, Hungary
11 Avril 2008 - 3:44AM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) announced today that its
affiliate Esso Exploration International Limited signed a
production and development agreement with Falcon Oil and Gas Ltd.
and its subsidiary, TXM Exploration and Production LLC, to begin a
phased work program on a production license in the Mako Trough of
southeast Hungary. The agreement covers a Contract Area of
approximately 184,300 acres representing 75 percent of the license.
ExxonMobil will have a 67 percent interest in the Contract Area and
is the operator. TXM retains 33 percent of the Contract Area and
100 percent of the remaining license outside the Contract Area.
Under the terms of the agreement, ExxonMobil will conduct an
initial work program to test existing wellbores and/or drill
additional wells if needed to evaluate commercial production of
unconventional gas and liquid hydrocarbons. ExxonMobil will invest
$75 million in this initial phase, scheduled to begin this year.
After the initial work program, the agreement includes options for
ExxonMobil to elect to follow with appraisal and development
programs. �ExxonMobil is pleased to add the Mako Trough in Hungary
to our global portfolio of resource opportunities,� said Elwyn
Griffiths, vice president, business development, ExxonMobil
Exploration Company. �Effective pursuit and capture of a wide
variety of opportunity types underpins ExxonMobil�s ability to
deliver reliable, affordable energy to satisfy the world�s
long-term and growing energy demand.� CAUTIONARY STATEMENT:
Estimates, expectations, and business plans in this release are
forward-looking statements. Actual future results, including
resource recoveries and project plans and schedules could differ
materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; the outcome
of exploration programs; political or regulatory developments; the
outcome of commercial negotiations; and other factors discussed
under the heading "Factors Affecting Future Results" in the
Investor Information section of our website (www.exxonmobil.com)
and in Item 1A of our most recent Form 10-K.
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