FX Energy, Inc. announced that the Company's Sroda-6 well began drilling in western Poland. The well is the third of four wells the Company expects to drill this year in Poland.
The Sroda-6 well is intended to test an interpreted Rotliegend sandstone structure, the Sroda City prospect, at an estimated target depth of 3,740 meters. It is located approximately 15 kilometers along trend to the northwest from the Company's 2007 Winna Gora discovery well and approximately four kilometers northeast from the Company's 2005 Sroda-4 discovery. Sroda-6 is the second of three wells expected to be drilled this year to test interpreted Rotliegend sandstone structures identified on 3-D seismic in the Sroda area. The Sroda-6 well is in the Company's Fences concession. FX Energy owns a 49% interest in the well; the Polish Oil and Gas Company is the operator and owns 51%.
Andy Pierce, Vice President of Operations, stated, "We are very pleased to have three rigs drilling for us right now in Poland. It underlines the importance we and our partner place on drilling in the Sroda area, particularly in these days of tight rig availability. It also demonstrates our commitment to accomplish the tasks set out in our 2008 capital budget. One element of our two-pronged strategy is to focus on increasing reserves, production and revenue in our lowest risk area. The Sroda-6 well and its target, the Sroda City prospect, are central to that strategy."
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