SALT LAKE CITY
Feb. 19, 2014
FX Energy, Inc.
(NASDAQ: FXEN) announced today that drilling is underway on the Company's Tuchola-4K well. The well is located approximately 800 meters west of the Company's Tuchola-3K discovery that was completed in 2013. That well tested at a rate of approximately 5 million cubic feet per day with traces of condensate from a dolomite section in the Ca1 Zechstein formation at a depth of approximately 2,700 meters.
The primary objective of Tuchola-4K is the Ca1 Zechstein formation, the same Permian age formation found in the Tuchola-3K well. The well is also planned to test a deeper secondary target in the Upper Devonian. Total depth of the well is planned at 3,452 meters. Drilling time for the well is estimated at approximately three months, but this could vary significantly due to coring and testing decisions, weather and other factors.
The Tuchola-4K well is one of two wells planned for 2014 in the Edge concession. The Company is also conducting a 220 km 3D seismic acquisition program to identify more targets in its acreage surrounding the Tuchola-3K discovery. Costs of the two wells along with the seismic program are included in the Company's 2014 capital budget; existing working capital and credit lines are more than sufficient to fund these costs.
"Data from the Tuchola-3K well, supported by the admittedly sparse regional data, suggest the possibility of a significant new exploration play," said
, President of FX Energy. "A successful test of the Tuchola-4K, or of the next well planned for this year, would support this play concept and could sufficiently de-risk this area to warrant a major exploration effort here."
The Edge concessions, which cover 730,000 gross and net acres in northern
where the Tuchola wells are located, are 100% owned and operated by FX Energy.
About FX Energy
FX Energy is an independent oil and gas exploration and production company with production in the US and
. The Company's main exploration and production activity is focused on
Permian Basin where the gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore
. The Company trades on the NASDAQ Global Market under the symbol FXEN. Website