"Our new concession has the size and hydrocarbon potential to be a very important asset for us, even when compared to our Fences properties," said David Pierce, president of FX Energy. "In addition, we hold 100% interest and will operate and control the pace of events. We intend to move as quickly as possible to collect, absorb, reprocess and add to the existing data on this concession and see what prospects we can develop in the coming year. We already have some geophysical support for Ca2/reef potential and hope to develop Rotliegend targets as well. Our new concession is a wonderful addition at just the right time."
The new concession is in the same Permian basin as the Company's Fences I and II project areas. It is owned 100% and operated by FX Energy.
FX Energy, Inc. holds a land position of 250,000 acres around its Wilga discovery and over 3.2 million acres in a known hydrocarbon region in western Poland's Permian Basin. The Permian Basin's gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England, and represents a largely untapped source of potentially significant gas reserves.
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