FX Energy provided the following update on the Company's current operations in Poland.
The Lisewo well has been drilled to total depth and logged, indicating a substantial pay zone with excellent porosity. The operator has elected to run a drill stem test at the gas water contact/transition zone this week. This will be followed next week by a full production test to determine the maximum open flow rate and the production rate. Additional information from the tests will be available following completion of these tests.
Lisewo is a 3-D defined Rotliegend structural target located in the Polish Oil and Gas Company's (PGNiG) 880,000 acre Fences concession in western Poland. PGNiG is the operator of the Lisewo well and owns 51%. FX Energy owns 49%.
The tender to select the drilling rig for the Plawce tight gas well is complete. Nafta Pila has been selected as drilling contractor. The Plawce well is planned to test a tight Rotliegend sandstone target, and is designed to include a horizontal leg in the target reservoir. The spud date for the Plawce well is scheduled for the 2nd quarter of 2011. PGNiG is operator of the Plawce well and owns 51%. FX Energy owns 49%.
A tender to select the rig to drill the Machnatka well on the Company's Warsaw South concession will be issued later this month. The Company plans to spud the Machnatka well in the second quarter of 2011. Machnatka is the Company's first well in the Warsaw South concession and is planned to test a 2-D defined Permian and/or Carboniferous target. FX Energy is operator and owns 100%. Under the terms of a previously announced Letter of Intent, PGNiG may earn 49% interest.
The Company is issuing a tender to select the drilling contractor for the first well in the Kutno concession. The Company expects to spud the well in the third quarter of 2011. Kutno is a deep Rotliegend structure covering approximately 35,000 acres. FX Energy is operator and owns 100%. Subject to the terms of previously announced Letters of Intent, PGNiG and Kulczyk Investments may earn 50% and 25% interests respectively.
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