FX Energy: New Data Confirm Polish Prospects

FX Energy has acquired approximately 1,500 kilometers of 2-D seismic and reprocessed approximately 5,000 kilometers of existing seismic lines in the Fences I and II project areas in Poland.

According to the company, new 2-D seismic confirms multiple prospects along three separate fault trends. The Sroda-4 and Sroda-5 wells confirm gas accumulation and the presence of good reservoir rock in the Sroda complex. Based on the new seismic and technical data gained from both Sroda wells, FX believes that the Sroda complex is ready for development.

The initial phase will be a 3-D seismic acquisition over approximately 400 square kilometers at a cost of approximately $6 million net to FX Energy's interest.

A 3-D proposal is now in technical group discussion. FX expects all acquisition and processing to conclude this year. Depthing and interpretation should be completed on at least a portion of the acreage that would allow drilling to begin in the fourth quarter of this year. FX anticipates that the 3-D, when completed, will identify 12-18 drillable targets.

FX also said that construction is underway, on time, and on budget with the Wilga and Zaniemysl projects. Production is planned to begin in the third quarter of 2006. It is expected to generate annual revenue to FX Energy of approximately $8 million.

The company also plans to drill four wells in Fences I/II beginning with the Winna Gora prospect in May 2006. Winna Gora is located on the Sroda City fault trend and is a robust structure covering approximately 2 square kilometers at a depth of 3,300 meters. The Winna Gora prospect is estimated to have 20-50 bcf potential.

The second well that is proposed for drilling beginning in July 2006 is the Roszkow prospect that is on trend with the Zaniemysl discovery. The company expects similar high porosity and permeability in this structure, which is estimated to have 30-40 bcf potential.

FX also noted that an evaluation of the newly acquired 2-D seismic will determine the location of the third and a fourth wells. The company plans to drill the wells, subject to completion of 3-D seismic, in the Sroda complex beginning in the fourth quarter.


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