Jerzy Maciolek, vice president-exploration, remarked, "Though a DST alone cannot determine the commercial viability of a well, this certainly is a positive preliminary result. We will continue with additional drilling and testing to determine the parameters and producibility of the gas deposit. We are encouraged with this initial result."
The New Well, Roszkow
The Roszkow well intercepted the Rotliegend sandstone target formation at a depth of 2916 meters and was cored to 2931 meters. During the DST, only the top fourteen meter section of the target reservoir was tested. The well will be drilled another 50 meters or so, additional cores will be taken and logs run to determine net pay and other reservoir parameters. At least one additional DST will be run following completion of drilling. The Polish Oil and Gas Co. is the operator and owns 51%; FX Energy owns 49% of the working interest.
The Roszkow well, a structural trap, is located in FX's "Fences" concession. Over the last three years the company has drilled four other structural traps in the Fences area and three of the four have achieved commercial rates of production. Each of the previous wells, and the Roszkow well, have been wildcat wells located on separate prospects. The Fences area covers some 850,000 acres.
New 3D Seismic and Future Fences Wells
FX expects to continue drilling in the Fences area with additional wells. The Roszkow prospect was identified using only "2D" seismic information. However, the company recently finished a 33,000 acre "3D" seismic survey in the "Sroda" portion of the Fences area. Processing and interpretation of this new data will now begin.
"The new data should help identify additional drillable prospects in the Sroda area," said Maciolek. "This more sophisticated form of data acquisition can show subtleties of subsurface structure that cannot be determined using 2D techniques. Processing and interpretation of the new seismic data will require several months of intense scientific effort. Hopefully, the new data will provide additional prospects for our drilling efforts in 2008 and will be available early enough for us to begin that effort in late 2007."
FX Energy is an independent oil and gas exploration and production company. Through 2006, most of the company's production operations have been in the United States, primarily in Montana. However, the most significant exploration activity has been, and will continue to be, in Poland. The company has focused on Poland because it has provided attractive conventional oil and gas exploration and production opportunities. The company holds a land position of 250,000 acres around its Wilga discovery and over 2.8 million acres 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 potentially significant gas resource.
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