FX Energy Reports Logging Results for Kormoze-3K Well

FX Energy, Inc. reported that the coring and logging of the Kormoze-3K well has been completed. Results of these operations show 118 feet or 36 meters (103 feet or 31.5 meters TVD) of gas-saturated Rotliegend sandstone with porosity of up to 22.4 percent. In the most highly gas-saturated zone the average porosity is 20 percent. PGNiG, the operator and 51 percent owner of the well, will run a full production test to determine flow rates and reserves. The test is expected to be completed before the end of August. FX Energy owns a 49 percent interest in the Kormoze-3K well.

"Given the height of the gas column and porosity, this well should be slightly better than the Lisewo-1 discovery," said Andy Pierce, VP of Operations for FX Energy. "Kormoze-3K is the first of five 3-D defined targets that surround the Lisewo-1 discovery that we plan to drill with PGNiG. The success at Kormoze-3K will help us to determine the size of the Lisewo production facility which is scheduled to be completed in 2013."

FX Energy also updated the status of the following projects in Poland.

  • Kutno-2: Currently drilling at 20,338 feet (6,199 meters) in the Zechstein; expected to reach planned total depth of 21,161 feet (6,450 meters) in 3Q 2012. The well is owned and operated by FX Energy; PGNiG will earn a 50 percent interest in the Kutno concession through its participation in the well.
  • Frankowo-1 (Block 246 concession): Site preparation complete; waiting on final approval from the Mining Authority; expected to spud in August. Rotliegend target at approximately 6,562 feet (2,000 meters). The well is 100 percent owned and operated by FX Energy.
  • Plawce-2 (Fences concession): Contractor selection for fracking and testing the well is expected in August; field work is anticipated to start before the end of 3Q 2012. PGNiG operates and owns 51 percent; FX Energy owns 49 percent.
  • Mieczewo-1 (Fences concession): Tender documents waiting on PGNiG approval; expected to spud 3Q 2012. PGNiG operates and owns 51 percent; FX Energy owns 49 percent.
  • Tuchola-3 (Edge concession): Currently preparing rig and drilling services tender documents; expected to spud 4Q 2012. Ca1 gas target at 8,366 feet (2,550 meters). Devonian oil target at 10,433 feet (3,180 meters). The well is 100 percent owned and operated by FX Energy.
  • Lisewo-2 (Fences concession): Expected to spud late 2012. PGNiG operates and owns 51 percent; FX Energy owns 49 percent.
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