FX Hedges Bets at Kutno-1

FX Energy has said that it is continuing to drill past the initial planned depth of the Kutno-1 well in Poland with no set depth planned at which to complete the well.

In an operational update released on FX Energy's website, the company said that while it was currently at a depth 126 metres greater than the original target depth of 6,400 metres. While gas shows had been "reasonably good", the company said, the porosities seen in the well cores were not as good as though seen in previous wells in the Fences concession. Because of this, the company will continue to drill and core for an undetermined number of metres yet. 

The company urged its shareholders to stay patient in light of the delay, saying it would provide more updates on the project in the future.

"We appreciate the high level of interest in this well from our shareholders," Vice President of Operations, Andy Pierce, said. "However, it is simply too early to speculate as to a definitive result. We will continue to provide updates as events warrant.”

Elsewhere, the company has seen more definitive results, with drilling plans currently underway to core and test the Rotliegend sands of the Frankowo-1 well.

The company also says that it is currently in the process of re-completing the Komorze-3 well, after mechanical difficulties put a halt to the original drilling operations. The company remains positive on this well despite the setback, saying that the well compares favourably to the gas columns and porosity of the Lisewo-1K well, a well which has been successfully production tested and which is due to go into production in the second half of 2013. The Lisewo-1 well was production tested at an initial plateau rate of 4.5 to 5.0 million cubic feet of gas a day.

FX says that both the Lisewo-1K and the Komorze-3 wells will go into production at the same time 

PGNIG is the operator of the Fences concession with a 51 per cent stake. FX Energy holds the remaining 49 per cent.