FX Energy Reports Test Results on Rusocin-1 Well

FX Energy reported that testing of the Rusocin-1 well is complete. FX Energy and the Polish Oil and Gas Company have jointly determined that the well is capable of commercial production. Currently the well is suspended until further seismic and drilling has been carried out and the size of the accumulation and optimal scope of development and infrastructure have been determined.

The Rusocin-1 well is the first well engineered in Poland specifically to test the "pinch-out" play. It is also the first time seismic was successful in mapping the presence of not only the reservoir sand but also the gas saturation of the reservoir.

The Sroda-4 well is currently re-drilling in the anhydrite section at a depth of 3,350 meters. The Company expects to set casing at approximately 3,550 meters and then drill into the Rotliegendes reservoir.

FX Energy and POGC have approved drilling the Lugi well as the next test of the pinchout play. The location has been approved and verified by surveyors and formal procedures leading to contract tender will begin next week. The well is expected to spud in a June/July timeframe.

FX Energy and POGC have approved a 550 km 2-D seismic acquisition program for Fences I and II. Field work is expected to begin in mid-March.

Approximately 250 km of the seismic is planned to provide better definition of pinchout drilling targets along the Wolsztyn High where the successful Rusocin-1 well was recently completed. The remaining 300 km will cover two structural targets in Fences I and three structural targets in Fences II.

The Polish Oil and Gas Company owns a 51% interest and operates both the Sroda-4 and Rusocin-1 wells and FX Energy owns 49%.


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