SALT LAKE CITY, Aug. 9, 2011 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN) today provided an update regarding ongoing
exploration activity in Poland and
the US.
FENCES CONCESSION
Plawce-2 Tight Gas Well
The Plawce-2 tight gas well has reached total depth of 4,200
meters. Gas shows were encountered as expected in the
Rotliegend sandstone. The well now will be logged and tested.
Based on those results a decision will be made about completion
options, including an unstimulated vertical completion, a vertical
frac or an unstimulated horizontal leg.
Komorze-3 and Mieczewo Wells
The Company currently anticipates spudding two more wells yet
this year in the Fences concession: Komorze-3 and Mieczewo.
Komorze-3 is planned to test a 3-D defined satellite structure
approximately 4 kilometers north of the Lisewo-1 Rotliegend
discovery made earlier this year. The Company anticipates drilling
additional satellite structures near the Lisewo-1 discovery in
2012.
The Mieczewo well is planned to test a 3-D defined Rotliegend
structure approximately 5 kilometers from the Kromolice production
facility, which commenced operations mid-year.
Lisewo SE prospect
Field work on an approximately 270 square kilometer 3-D
acquisition program is more than 50% complete. The 3-D seismic is
focused on a large, 2-D defined Rotliegend structure, Lisewo SE,
located on strike southeast of this year's Lisewo-1 discovery. The
Company currently anticipates that the seismic will be available to
remap the structure and select a drillsite about year end. Subject
to the 3-D mapping, the Company anticipates drilling a well in the
Lisewo SE structure in the first half of 2012.
PGNiG owns 51% and operates in the Fences concession; FX Energy
owns 49%.
WARSAW SOUTH CONCESSION
Machnatka Well
The Machnatka well is the first of a planned four well program
in 2011 and 2012 to test for oil and gas in Zechstein and
Carboniferous horizons in the Company's 880,000 acre Warsaw South
concession. Machnatka was drilled to a total depth of 4,500 meters,
approximately 900 meters deeper than originally planned. The
shallower Zechstein reef objective in the well was not as thick as
expected. The Carboniferous sands were deeper than expected
and lacked robust porosity development. However, the well did
encounter gas shows (methane, ethane, propane) in Carboniferous
sands and did encounter the K and I sand intervals in the
Carboniferous, which are known productive in the eastern part of
the concession. The Machnatka well was cored in the prospective
horizons, logged and will be plugged and abandoned as a dry
hole.
"We are encouraged by the presence of Carboniferous sands
including the K and I sands that produced gas and oil in the Wilga
well located in block 255 east of Machnatka. The fact that
these two sands are present deeper in the Machnatka well, and had
good background gas and decent gas shows, confirms that we are in
the right neighborhood for hydrocarbon accumulation," said
Andy Pierce, VP of Operations for FX
Energy. "We are currently evaluating our seismic data to determine
a possible updip location where better reservoir characteristics
are expected."
Additional work in the Warsaw South concession is planned for
the remainder of 2011 and 2012, including additional seismic
acquisition and up to three more wells.
FX Energy owns 51% and operates in the Warsaw South concession;
PGNiG owns 49%.
KUTNO CONCESSION
Kutno-2 well
The Kutno-2 location has been completed and a rig is currently
moving onto the well location. The well is expected to spud on
August 25th. The current rig
will be used to drill the first sections of the well prior to
moving Nafta Pila's larger IDM 2000 rig onto location for the
bottom sections of the well. The Kutno-2 well is planned to test a
large (approximately 35,000 acres or 140 square kilometers) 2-D
defined Rotliegend structure at a depth of approximately 6,500
meters (21,000 feet). FX Energy is the operator and will be 50%
owner of the Kutno concession; PGNiG will earn 50%.
NORTHWEST CONCESSION
Plonsko prospect
Mapping is being completed on a large (approximately 20 square
kilometers or 5,000 acres) Rotliegend target in the Company's
Northwest Concession. The Company recently completed 2-D
seismic acquisition and a drillsite is expected to be selected
within the next few months. The Company plans to drill this
prospect this year or next. FX Energy is the owner and operator of
the 620,000 acre Northwest concession.
MONTANA
Alberta Bakken
In Montana, the Company is in
the early stages of appraising the Bakken oil potential in
approximately 75,000 net acres. The Company plans to commence
fracturing operations later this week on its first two vertical
wells in this Alberta Bakken play.
Over the next several weeks we will flow back, test and
monitor productivity in these wells.
If the wells perform as planned, the Company intends to drill a
horizontal leg in one of these wells, the Anderson 14-29 in early
September. Immediately thereafter we plan to spud the third
vertical well in the program. Depending upon results the
Company expects to drill one or two horizontal Bakken wells before
year end.
FX Energy is operator and holds a one-third working interest in
approximately 75,000 net acres; American Eagle Energy, Inc., and
Big Sky Operating, LLC, each own a one-third working interest.
About FX Energy
FX Energy is an independent oil and gas exploration and
production company with production in the US and Poland. The Company's main exploration and
production activity is focused on Poland's Permian Basin where the gas-bearing
Rotliegend sandstone is a direct analog to the Southern Gas Basin
offshore England. The Company
trades on the NASDAQ Global Market under the symbol FXEN. Website
www.fxenergy.com
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements. Forward-looking
statements are not guarantees. For example, exploration, drilling,
development, construction or other projects or operations may be
subject to the successful completion of technical work;
environmental, governmental or partner approvals; equipment
availability, or other things that are or may be beyond the control
of the Company. Operations that are anticipated, planned or
scheduled may be changed, delayed, take longer than expected, fail
to accomplish intended results, or not take place at all.
In carrying out exploration it is necessary to identify and
evaluate risks and potential rewards. This identification and
evaluation is informed by science but remains inherently uncertain.
Subsurface features that appear to be possible traps may not exist
at all, may be smaller than interpreted, may not contain
hydrocarbons, may not contain the quantity or quality estimated, or
may have reservoir conditions that do not allow adequate recovery
to render a discovery commercial or profitable. Forward-looking
statements about the size, potential or likelihood of discovery
with respect to exploration targets are certainly not guarantees of
discovery or of the actual presence or recoverability of
hydrocarbons, or of the ability to produce in commercial or
profitable quantities. Estimates of potential typically do not take
into account all the risks of drilling and completion nor do they
take into account the fact that hydrocarbon volumes are never 100%
recoverable. Such estimates are part of the complex process of
trying to measure and evaluate risk and reward in an uncertain
industry.
Forward-looking statements are subject to risks and
uncertainties outside FX Energy's control. Actual events or results
may differ materially from the forward-looking statements. For a
discussion of additional reports or visit FX Energy's website at
www.fxenergy.com.
SOURCE FX Energy, Inc.