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[IN] OIL UTI
TO BUSINESS EDITORS:
FX Energy Begins Production from Komorze-3 Well; Updates Drilling
Progress on Tuchola-4K Well
SALT LAKE CITY, March 3, 2014 /PRNewswire/ -- FX Energy, Inc. (NASDAQ:
FXEN) reported that production has started at the Company's Komorze-3
well in the Fences concession in Poland. The well is currently
producing at a rate of 1.1 million cubic feet of gas per day gross.
The gas is being processed at the Lisewo gas facility, which began
operation in December 2013 with production from the Lisewo-1 well.
The next well to be connected to the Lisewo facility will be the
Lisewo-2 well. First production from Lisewo-2 is expected in the third
quarter of 2014. Production from the Szymanowice-1 well, the
Company's most recent discovery, is planned to commence through this
facility in early 2015. Both of these wells were completed for
production in December 2013.
All four of these wells are located in the Fences concession where the
Polish Oil and Gas Company (PGNiG) is the operator and owns 51% of the
working interest; FX Energy owns 49%.
"With the additional production from Komorze-3, our Company-wide net
production is now approximately 14 million cubic feet of gas
equivalent per day, with two more wells yet to come on line," said
David Pierce, president of FX Energy. "Gas prices remain strong in
Poland and with our increased production we are better able to fund a
growing exploration and development program. Following last year's
record capital spending, we expect to have another robust exploration
program this year, including up to four wells in the Fences concession
and up to three wells in our Edge and Block 246 Concessions."
Tuchola-4K Drilling Progress
The Tuchola-4K well is currently at a depth of 1073 meters, drilling
toward total depth of approximately 3,452 meters. The primary
objective of the well is the lower Zechstein Ca1 formation at a depth
of approximately 2,700 meters. The well has both shallower and deeper
secondary targets, in the middle Zechstein Ca2 and in the Upper
Devonian. Tuchola-4K is an offset location to the Company's
Tuchola-3K discovery drilled in 2013. The Company expects Tuchola-4K
drilling and testing to be completed during the first half of 2014.
The Company also is working on a 220 kilometer 3D seismic project to
identify possible additional targets in the area surrounding the
Tuchola wells. The Tuchola wells are located in the Company's Edge
concessions in northern Poland, and are 100% owned and operated by FX
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
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 contingencies and uncertainties to which information
respecting future events is subject, see FX Energy's SEC reports or
visit FX Energy's website at www.fxenergy.com.
SOURCE FX Energy, Inc.
/CONTACT: SCOTT J. DUNCAN, FX Energy, Inc., +1-801-486-5555, Fax +1-801-486-5575
/Web Site: http://www.fxenergy.com
CO: FX Energy, Inc.
ST: Utah Poland
IN: OIL UTI
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0000 03/03/2014 13:18:00 EDT http://www.prnewswire.com
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