FX Energy Highlights Lisewo Discovery Details

FX Energy reported details from the Lisewo-1 discovery well, a Rotliegend structural trap in the Fences concession in west central Poland. The well flowed at an initial rate of 7.7 million cubic feet per day (mmcf/d) and a calculated maximum open flow of 13.4 mmcf/d. The initial plateau production rate is forecast to be set at approximately 4.5 to 5.0 mmcf/d once production facilities and pipeline are completed. Fraccing could increase the initial plateau production rate two to four times, and is under consideration. The Company's independent reservoir engineers have assigned the Lisewo-1 well proved reserves of 26 Bcf and most likely (2P or P50) reserves of 36 Bcf, with present values, discounted at 10% annually, of $43 million and $52 million, respectively. The Polish Oil and Gas Company (PGNiG) is the operator and owns 51%. FX Energy holds a 49% non-operating interest.

The exploration team has mapped the area around the Lisewo-1 discovery based on well logs and 3-D seismic. These data show five undrilled satellite structures. Another structure, much larger and on strike southeast from the Lisewo-1 discovery, is interpreted on 2-D seismic and will be the focus of 3-D seismic acquisition in the second half of this year.

David Pierce, chief executive officer, remarked, "Lisewo-1 is an important discovery for us. On its own merits the well has very good reserves and production rates. It is projected to hold its initial production rate for about 10 years in the proved case and about 15 years in the most likely (2P) case. More importantly, the Lisewo-1 discovery confirms good porosity in the deeper Rotliegend sandstone in the eastern portion of the Fences concession. This is a key driver for plans to drill a number of targets in this area over the next two years."


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