SALT LAKE CITY, July 11, 2012 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) today announced it has drilled into the top of the Zechstein formation at the Kutno-2 well at 4,912 meters and successfully set and cemented the intermediate casing. The next operations in the well will be to run a cement bond log and continue drilling to penetrate the Zechstein, which is expected to be approximately 1,150 meters thick. Once the base of the Zechstein is reached, a 7" liner will be set and cemented through the section. Thereafter, drilling is planned to continue to core and test the Rotliegend target reservoir. Kutno-2 well is being drilled together with the Polish Oil and Gas Company ("PGNiG").
"This is a major milestone in drilling the Kutno well," said Andy Pierce, VP of Operations for FX Energy. "We have now reached a point where some of the most difficult drilling should be behind us."
Kutno-2 targets a massive Rotliegend structure. Unknown reservoir and gas quality, along with depth, make this a very high risk well. PGNiG will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well.
KSK Pipeline CompletedThe pipeline bottleneck at KSK was eliminated on June 28th, and all three wells (Sroda, Kromolice 1 & 2) are now producing at a combined rate of approximately 13.0 MMCFD (6.4 MMCFD net to the Company's 49% interest). The Company's total net daily production rate at June 30, 2012 was approximately 14.8 MMCFD. Other Drilling Operations Komorze-3 The Komorze-3 well has reached a depth of 3,950 meters at the base of the Zechstein and a 7" liner will be set and cemented. Drilling into the Rotliegend is expected later next week. Komorze-3 targets a satellite structure located less than 3 kilometers from the Company's 2011 Lisewo-1 Rotliegend gas discovery. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV