SALT LAKE CITY, Oct. 13, 2014 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN), today reported that drilling, coring and
logging of the Karmin-1 well have been completed. Results of
these operations show 30 meters of gas-saturated Rotliegend
sandstone with porosity of up to 30%. The well flowed at a
rate up to 6.7 mmcfg/d on a 22/64" choke with no water. It
will now be completed for production and is expected to start
producing early in 2016.
PGNiG, the operator and 51% owner of the well, is running a full
production test to determine flow rates and reserves. The test is
expected to be completed on October
14, 2014. FX Energy owns a 49% interest in the
Karmin-1 well.
Baraniec-1 well
The Baraniec-1 well, which began drilling last month, has run
casing to a depth of 3,894 meters at the base of the
Zechstein. The well is a planned test of a Rotliegend
sandstone structure. If successful, Baraniec-1 will be
connected to the production facility at Lisewo and could be in
production by year-end 2015.
Both the Karmin-1 and Baraniec-1 wells are located in the Fences
license where the Polish Oil and Gas Company (PGNiG) is the
operator and owns 51% of the working interest; FX Energy owns
49%.
Angowice-1 well
The Company also reported that the drill rig is in position on
the Angowice-1 well location and drilling is expected to start in
the next few days. The Angowice-1 well targets a 3-D defined
Devonian reefoidal buildup at a projected depth of 3,084
meters. The target is similar to the productive horizon at
the Tuchola field approximately 12 kilometers to the
southeast. If the Angowice-1 well is successful it could
share production facilities with the Tuchola wells. The
Angowice and Tuchola wells are located in the Edge license, where
the Company is the operator 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.