SALT LAKE CITY, Sept. 15, 2014 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN) reported that the Lisewo-2 well has started
production at an initial gross rate of over 3 million cubic feet of
gas per day (Mmcf/d). The Company's 49% share of this new
production represents a 12% increase over the Company's average
daily rate of 12.9 Mmcf/d equivalent during the first half of 2014.
The Lisewo-2 well was completed in December
2013 and started delivering gas to the Lisewo facility just
nine months later, the shortest time for any of the Fences wells to
date.
"Our team in Poland has worked
hard and creatively in cooperation with the PGNiG team to
shorten the time from well completion to first production," said
Zbigniew Tatys, Country Manager for FX Energy. "Achieving
cash flow rapidly allows us to increase our rate of reinvestment in
Poland. We are proud of this accomplishment and continue to
push for improvements in all our activities in Poland."
Karmin-1 well
The Company also reported that the Karmin-1 well, which started
drilling July 29 this year, is
currently drilling in the Zechstein at a depth of 2,307
meters. The well is a planned test of a 3-D defined
Rotliegend structure at a projected depth of 2,460 meters.
Karmin-1 is located on trend with two earlier discoveries at
Zaniemysl and Roszkow, both of which were completed with much
higher than average reserves and production rates.
Baraniec-1 well
The Baraniec-1 well, which began drilling last month, is
currently at a depth of approximately 2,304 meters. The well
is a planned test of a Rotliegend sandstone structure at a
projected depth of 3,885 meters. If successful, Baraniec-1
will be connected to the production facility at Lisewo and could be
in production in 2015.
The Lisewo-2, Karmin-1, Baraniec-1 wells all 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 site preparation is nearly
complete and the rig will begin moving on to the Angowice-1 well
location next week. Drilling is expected to start in mid
October 2014. 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.