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TheStreet Open House

FX Energy Reports Gas Shows At Komorze-3K Well

Stocks in this article: FXEN





SALT LAKE CITY, July 24, 2012 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) reported gas shows from the top level of the Rotliegend sandstones at the Company's Komorze-3K well. The gas shows were observed on the mudlogging unit during coring of the interval from 3,971 to 3,985 meters.  The planned operations for the well are to core and drill to a total depth of 4,075 meters, run electric logs to estimate reservoir properties and the gas water contact and then conduct a production test. 

"We are encouraged by the gas shows at Komorze-3K and, based upon the similarity of the mud logs to the Lisewo-1 well, the operator of the well, PGNiG, in co-operation with FX Energy, plans to forego a DST at Komorze and run a full production test once we reach total depth," remarked Andy Pierce, the Company's Vice President of Operations.

Komorze-3K targets a satellite structure located less than 4 kilometers from the Company's 2011 Lisewo-1 Rotliegend gas discovery well. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.

Other Drilling Operations

Kutno-2 Well

The Kutno-2 well is currently drilling in the Zechstein below 5,300 meters.  Total depth of the Kutno-2 well is expected to be approximately 6,450 meters.  Unknown reservoir and gas quality, along with depth, make Kutno-2 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.

Frankowo-1

Drillsite preparation for the Frankowo-1 well is underway with drilling expected to begin in mid-August.  The Frankowo well is located in FX's 100% held Block 246 concession in west central Poland.  Rotliegend gas at approximately 2,200 meters is the prospective target for the Frankowo-1 well.

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