Wednesday, April 23, 2014

Drew EGC Report

Poland: PGNiG, FX Energy Begins Drilling at Fences Concession

The Fences Concession (Source: FX Energy)
The Fences Concession (Source: FX Energy)

Polish-focused FX Energy has announced that drilling has begun on the Komorze-3K well in central Poland, with production expected to begin there by 2013.

The well will target one of five satellite structures near FX's successful Lisewo-1 discovery, which last year showed an initial positive well flow for gas at approximately 7.7 million cubic feet a day.

"We are currently in the design phase of the facilities to bring the Lisewo-1 well, and if successful, the satellite wells into production in 2013," VP of Operations for FX Energy Andy Pierce said.

"In addition, we are processing and interpreting the 3-D seismic data on the structural extension southeast of the Lisewo-1 discovery. We plan to drill two more wells in this area this year."

FX estimates that the five satellite structures located near the Lisewo-1 gas discovery have an estimated potential reserve figure of 60 billion cubic feet. The drilling of the Komorze-3K well is just one of four drillings the company expects to be commenced this year.

FX Energy is a 49 per cent stakeholder in the Fences Concession in Poland. PGNiG, which is the operator of the concession, holds the other 51 per cent stake.

FX also announced yesterday that drilling on its Kutno-2 well in Poland, which the company holds a 100 per cent stake in, is proceeding well with drilling below 4,300 metres with a projected total depth of 6,450 metres.

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