SALT LAKE CITY, Oct. 9, 2012 /PRNewswire/ -- FX Energy, Inc. (NASDAQ: FXEN) issued an operations update on its activities in Poland.
The Kutno-2 well has reached a depth of 6,576 meters, 126 meters deeper than the projected total depth when the well was originally started. The well has encountered reasonably good gas shows and temperatures favorable for hydrocarbon presence throughout the Rotliegend section. However, the porosities seen in the well cores are not as good as have been encountered in the Company's successful Rotliegend wells at shallower depths in the Fences concession.
The Company currently plans to continue drilling and coring for an as yet undetermined number of meters, then run a drill stem test to gauge well bore gas entry rate and gas composition.
Andy Pierce, Vice President of Operations, cautioned, "We appreciate the high level of interest in this well from our shareholders. However, it is simply too early to speculate as to a definitive result. We will continue to provide updates as events warrant."The Kutno-2 well is being drilled together with the Polish Oil and Gas Company (PGNiG). PGNiG will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well. Frankowo-1 Well
The Company's 100% owned Frankowo-1 well has reached the base of the Zechstein formation at a depth of 2,040 meters. The well has been logged and casing is currently being run prior to drilling into the Rotliegend target horizon. While drilling through the Zechstein, a 45.5 meter (149 feet) section of Main Dolomite was encountered. Logs and samples show that the entire Main Dolomite horizon is gas saturated with good fracture and matrix porosity. Gas quality and hydrocarbon content is not currently known; regionally, however, Main Dolomite gas has shown hydrocarbon content in the 20-40% range plus associated condensate.
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