FX Energy Targets Additionals Wells in Poland
FX Energy plans to add two new exploratory wells to those already scheduled for drilling in 2012.
The new wells, Tuchola-3 and Frankowo, will test prospects in two of FX Energy's 100%-owned concessions in Poland.
The Frankowo well is located in FX's 100% held Block 246 concession in west central Poland immediately southwest of the 49% owned Fences concession and targets gas potential in Rotliegend sands in Block 246 at the relatively shallow depth of 2200 meters. Though an exploratory or "wildcat" well, the Company has a history of successfully pursuing Rotliegend production in Poland as all of the FX Energy's current Polish gas production comes from prolific Rotliegend sands. The immediate target has potential for up to approximately 50 Bcf of recoverable gas on full development (unrisked). Moreover, a successful test could be indicative of gas charged Rotliegend potential over a larger area in Block 246.
The Tuchola-3 well is in the 100% held Edge concession in north central Poland. Tuchola-3 targets Permian gas at approximately 2100 meters and Devonian oil at possibly 3150 meters will be the Tuchola-3 targets. Like the Frankowo well, the Tuchola-3 is also a wildcat well.
Both wells are expected to start drilling in the third quarter and test before year-end 2012.
Drilling Updates
In updating present activies, FX Energy reported that the Kutno-2 well is now drilling below 4700 meters toward a total depth of approximately 6450 meters. The next casing string is planned to be set at the top Zechstein at approximately 5250 meters..
Kutno-2 targets a massive Rotliegend structure. Unknown reservoir and gas quality, along with depth, make this a very high risk well. Total costs to FX Energy for this well are expected to be approximately $10 million. The Polish Oil and Gas Company ("PGNiG") will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well.
The Komorze-3 well is drilling below 2800 meters toward a total depth of approximately 4075 meters and a true vertical depth of 3878 meters. Komorze-3 targets a small satellite structure located less than 3 kilometers from the Lisewo-1 Rotliegend gas discovery well. PGNiG is the operator of the well and holds 51% interest; FX Energy holds 49% interest.
Drillsite construction tenders are in process for the Mieczewo well, and contractor selection is expected by the end of May. The Mieczewo well is expected to start drilling in the third quarter. PGNiG is the operator of the well and holds 51% interest; FX Energy holds 49% interest.
Tenders have been opened for fracture stimulation and workover services on the Plawce-2 well. The final contract should be signed in early June. PGNiG is the operator of the well and holds 51% interest; FX Energy holds 49% interest.
"A successful test at Kutno, Tuchola-3 or Frankowo when fully developed could add materially to our oil and gas reserves and production potential in Poland," said Zbigniew Tatys, the head of operations for FX Energy in Poland. "Perhaps equally important, success in any of these new areas would support our belief that Poland has considerable undiscovered hydrocarbon potential and can reward serious exploration effort."