SALT LAKE CITY, Nov. 10, 2014 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN) today reported that the Baraniec-1 well was
drilled to approximately 4,000 meters. At approximately 3,900
meters the well encountered a 48 meter (154 feet) gas saturated
section of tight Rotliegend sandstone with 10-12% porosity. Two
separate drill stem tests were performed with sub-commercial
results and the well was plugged and abandoned. At the same
time, logs, cores and test data are being analyzed to determine
whether there is a technical solution for achieving commercial
results from this tight gas reservoir. The Baraniec-1 well is
located in the Fences license in western Poland where the Polish Oil and Gas Company is
the operator and owns 51% of the working interest; FX Energy owns
49% of the working interest.
"We are disappointed with the reservoir performance on our very
deepest wells in the Lisewo area," said Andy Pierce, Vice President of
Operations. "We have encountered good gas accumulations but
poor deliverability as we get deeper into the basin in this
area. We plan to investigate the technologies available to
deal with this problem, because we have substantial gas
accumulations at these depths. In the meantime we plan to
focus on the next shallower tier of prospects that are on trend
with Lisewo, including Miloslaw-4, Przybyslaw-1 and
Paruchow-1. In addition, we are developing new targets along
the trend from Zaniemysl through Roszkow to the recent Karmin-1
discovery, where we have encountered the highest production rates
in the whole license area."
Angowice-1 well
The Company also reported that the Angowice-1 well is currently
drilling at a depth of 2,276 meters. The main target is a
Devonian carbonate buildup similar on seismic expression to the
productive horizon at the Company's Tuchola field. The Angowice-1
is planned to drill to a total depth of approximately 3,500 meters
with multiple targets in the middle and lower Zechstein and the
upper and middle Devonian. The well is testing one of four
structural features clustered in an area approximately 12
kilometers northwest of the Company's Tuchola field. The
Angowice-1 well is located in the Edge license in northwestern
Poland where the Company is the
operator and owns 100% of the working interest.
About FX Energy
FX Energy is an independent oil and gas exploration and
production company with production in the U.S. and Poland. The
Company's main exploration and production activity is focused on
Poland's Permian Basin where the
gas-bearing Rotliegend sandstone is a direct analog to the Southern
Gas Basin offshore England. The Company trades on the NASDAQ
Global Select Market under the symbol FXEN. Website
www.fxenergy.com.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking
statements. Forward-looking statements are not
guarantees. For example, exploration, drilling, development,
construction, or other projects or operations may be subject to the
successful completion of technical work; environmental,
governmental or partner approvals; equipment availability; or other
things that are or may be beyond the control of the
Company. Operations that are anticipated, planned, or
scheduled may be changed, delayed, take longer than expected, fail
to accomplish intended results, or not take place at all.
In carrying out exploration, it is necessary to identify and
evaluate risks and potential rewards. This identification and
evaluation is informed by science but remains inherently
uncertain. Subsurface features that appear to be possible
traps may not exist at all, may be smaller than interpreted, may
not contain hydrocarbons, may not contain the quantity or quality
estimated, or may have reservoir conditions that do not allow
adequate recovery to render a discovery commercial or
profitable. Forward-looking statements about the size,
potential, or likelihood of discovery respecting exploration
targets are certainly not guarantees of discovery, the actual
presence or recoverability of hydrocarbons, or the ability to
produce in commercial or profitable quantities. Estimates of
potential typically do not take into account all the risks of
drilling and completion nor do they take into account the fact that
hydrocarbon volumes are never 100% recoverable. Such estimates
are part of the complex process of trying to measure and evaluate
risk and reward in an uncertain industry.
Forward-looking statements are subject to risks and
uncertainties outside FX Energy's control. Actual events or
results may differ materially from the forward-looking
statements. For a discussion of additional contingencies and
uncertainties to which information respecting future events is
subject, see FX Energy's SEC reports or visit FX Energy's website
at www.fxenergy.com.
SOURCE FX Energy, Inc.