FX Energy Testing Tuchola-3K and Plawce-2 Wells
SALT LAKE CITY, April 23, 2013
SALT LAKE CITY, April 23, 2013 /PRNewswire/ --FX Energy, Inc. (NASDAQ: FXEN)
today reported on testing two of its wells in Poland.
Tuchola-3K Testing Upper Devonian
The Tuchola 3-K well encountered good hydrocarbon shows in two zones in a 215
meter gross section of reefoidal Upper Devonian. Logs and sidewall cores
confirm good porosity and permeability in two separate zones. Operations are
now underway to test both intervals through open-hole drill stem tests. If
these tests are encouraging, a 7 inch liner will be set and the interval(s)
will undergo stimulation and thorough production testing.
The Tuchola-3K well is the Company's first test well in one of the Edge
concession blocks in northern Poland. Previous drilling by other companies
encountered live oil and gas in a number of horizons in the region, including
the Zechstein, Rotliegend, Devonian and Carboniferous. The Tuchola-3K well was
designed to test the Zechstein Main Dolomite, the Upper Devonian and the
Middle Devonian. FX Energy is the operator and owns 100% of the working
Plawce-2 Frack Operations Underway
Field operations are underway to frack three intervals in the Rotliegend and
carry out three separate production tests. Halliburton is expected to initiate
fracking procedures later this week and it is anticipated that the project
will take approximately three to five weeks with results available in the
latter part of May. Halliburton will carry out three separate fracks at
intervals between 3,760 and 4,098 meters. After all three fracks have been
completed, each interval will undergo a five or six day production test.
The Plawce-2 well was completed in the third quarter of 2011 and is located in
what is believed to be a several kilometer wide uplifted band of tight
Rotliegend sandstone that stretches across the northern border of the Fences
concession. The Plawce-2 well was designed to test whether a vertical
multi-frack well could yield commercial production and whether this tight sand
area merits further evaluation. The Plawce-2 well encountered 480 meters of
tight Rotliegend sandstone. Logs, cores and a drill stem test yielded gas
shows with no water. The Polish Oil and Gas Company is the Operator and owns
51% of the working interest; FX Energy owns the remaining 49% working
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 Select 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. Actual production over
time may be more or less than estimates of reserves, including proved and P50
or other reserve measures.
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., (801) 486-5555 Fax (801) 486-5575
Press spacebar to pause and continue. Press esc to stop.