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FX Energy Reports Szymanowice-1 Well Flows Gas In Initial Test

Stocks in this article: FXEN

SALT LAKE CITY, Dec. 19, 2013 /PRNewswire/ --  FX Energy, Inc. (NASDAQ: FXEN) announced that the Szymanowice-1 well in Poland tested gas during a drill stem test (DST) in a 28 meter section of the Rotliegend sandstone target reservoir. The well was cored to a depth of approximately 3,673 meters prior to running the initial DST.  The well does not appear to have encountered the gas water contact, so coring will continue, followed by logging and testing to determine the physical parameters and production data.

"We are very encouraged by the cores and DST at Syzmanowice-1," said David Pierce, president of FX Energy.  "We have to run logs, complete the well and carry out a production test before we can call it commercial, but this initial data is very encouraging. If this well is confirmed to be commercial, it will be our fourth commercial well in the Lisewo area. More important, it will be the third new field discovery in the Lisewo area, where we have seven more candidates identified on 3-D seismic. We plan to drill two more of these 3-D structures in 2014, and a confirmed success here at Szymanowice-1 will certainly give us a big confidence boost."

The Szymanowice-1 well is located approximately 2 kilometers southeast of the recently completed Lisewo-2 well and about 3 kilometers southeast of the Lisewo production facility where production from the Lisewo-1 well began earlier this month.   

Lisewo-2K

A production test of the Lisewo-2K well, started last week, has been interrupted to allow a light acid wash to be performed. Cores and logs of the well point to an expected production rate comparable to the Lisewo-1 well, which started production earlier this month. The light acid wash is expected to boost the production rate when testing is resumed after the holidays. Lisewo-2K is expected to start production in the second half of 2014. It will share the Lisewo production facility with the Lisewo-1 well and with the Komorze-3 well, the latter of which is expected to start production next quarter.

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