SALT LAKE CITY, Aug. 4, 2014 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN), today announced it has selected a drill
site for its third well in the Edge license. The Company's
two previous wells in the license, Tuchola-3K and Tuchola-4K, both
are commercial and in development for production. The new
well, 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 Angowice-1 well will be drilled to a depth of approximately
4,000 meters into the middle Devonian. Drilling is expected
to commence at the end of September, subject to required permits
and contractor agreements. If the well is commercial it will
likely be tied into the production facility to be built for the
Tuchola wells, approximately 12 kilometers to the east.
"The Angowice-1 well is based on the same Devonian reefoidal
buildup model that we used to identify the Tuchola field," said
Jerzy Maciolek, Vice President of
International Exploration. "We think this model holds a lot
of potential for the Edge license. But we need to remember
this is only our third well in the license and we are at the very
beginning of the learning curve."
The Angowice-1 well will test one of four prospects identified
on a 3D seismic grid covering 240 square kilometers. Several
additional leads on this grid are still undergoing geophysical
interpretation, which is expected to be complete early fourth
quarter. The Company plans to select one more location to
begin drilling late this year.
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.
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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.