SALT LAKE CITY, Aug. 26, 2014 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN), today announced that drilling has started
at the Baraniec-1 well in the Company's 49% owned Fences license in
west-central Poland. The well targets a 3-D defined Rotliegend
sandstone structure at a depth of approximately 3,885 meters.
Baraniec-1 will be the fifth well in the Lisewo area in the eastern
portion of the Fences license.
Other Fences Drilling
The Company also reported that the Karmin-1 well is drilling now
below 1,740 meters toward a target depth of approximately 2,460
meters. The target is a 3-D defined Rotliegend structure on
trend with the Roszkow-1 and Zaniemysl-3 wells, two of the
Company's highest rate producing discoveries.
Two additional wells have been approved for drilling in the
Fences license: Miloslaw-4, planned to start drilling in the fourth
quarter this year, and Przybyslaw-1, planned for the first quarter
of 2015. Miloslaw-4 will be the first well in the Miloslaw area
northwest of the Lisewo area; Przybyslaw-1 will be the sixth well
in the Lisewo area.
The Fences license covers approximately 850,000 acres. The
Polish Oil and Gas Company, PGNiG, is the operator and owns 51% of
the working interest; the Company owns 49% of the working
interest.
Edge License
The Company has selected a drilling contractor for the
Angowice-1 well in the Edge license and site preparation is in
progress. Angowice-1 targets a Devonian reefoidal buildup,
similar to the productive horizon at the Tuchola field. The
Angowice-1 is located approximately 12 kilometers west of the
Tuchola wells and is one of four similar prospects clustered
together. The well is expected to start drilling in
approximately five to six weeks.
The Edge license covers approximately 730,000 acres. The
Company operates and owns 100% of the working interest.
About FX Energy
FX Energy is an independent oil and gas exploration and
production company with production in the U.S. 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 Select 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 respecting exploration
targets are certainly not guarantees of discovery, the actual
presence or recoverability of hydrocarbons, or 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.