FX Energy, Inc. reported that the Kromolice-1 well has been completed as a commercial discovery. The well underwent extensive production testing prior to completion. Test and reservoir data are currently being analyzed by the production division of the Polish Oil and Gas Company (POGC) to determine the daily allowable production rate. POGC owns 51% and operates the well; FX Energy owns 49%.
The Kromolice-1 well tested gas in the Rotliegend sandstone, the same productive horizon found in the Company's two 2007 discoveries: Roszkow-1 and Winna Gora-1. Kromolice-1 is located some 5 kilometers northeast and on the same fault trend as the Company's 2005 Sroda-4 discovery well. This is the third consecutive Rotliegend discovery for FX and POGC on the Fences concession during the last two years.
Zbigniew Tatys, the Company's Country Manager, remarked, "Though we are still analyzing the full implications of the log data, production tests and seismic data, our initial conclusions are certainly encouraging. On a broad basis, the Kromolice-1 discovery seems to support the geologic idea of a multi-kilometer Rotliegend gas zone trending northwest to southeast underlying this portion of the Fences concession. However, only additional wells along this trend in the future can determine the actual extent and full potential of the reservoir."
The Kromolice-1 well is the first well to be drilled on recently acquired 3-D seismic data in the Company's Fences concession. It is also the first of FX Energy's four well, multi-prospect drilling program in Poland for 2008. This program includes three Rotliegend wells in the western part of the Fences concession and the Grundy well in the northeast of the concession.
An open hole drill stem test (DST) of the Grundy-2 well has been completed, testing the Rotliegend interval from a depth of 4,240 meters to 5,001 meters. During the test, gas shows were recorded without any produced water, but the gas-bearing zone appears to be "tight". The well will be shut-in temporarily to allow detailed analysis of drilling, logging and DST data, which may take several months. Following this analysis the well is expected to be re-entered with a workover rig to conduct high-pressure "fracturing" of the Rotliegend intervals with the best reservoir properties.
The Drilling Program in Poland Continues
The Sroda-6 well, the Company's second Rotliegend test well this year in the Fences concession, is currently drilling at a depth of approximately 2,884 meters toward a total depth estimated at 3,740 meters. Sroda-6 will test the Sroda City structure mapped on 3-D seismic approximately 4 kilometers northeast from the Company's 2005 Sroda-4 Rotliegend discovery.
Drilling is expected to begin in October on yet another Rotliegend 3-D structure, Kromolice South, located approximately 1 kilometer southwest of the Company's latest Rotliegend discovery, Kromolice-1. This will be the third Rotliegend test this year in the Fences concession.
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