FX Energy has reached total depth and plugged back to 1830 meters in the Zakowo-1 well in Poland. The Company plans this week to re-perforate, acidize and commence several days of production testing. Results should be available in one to two weeks.
"The biggest risk we faced in this well was mechanical," said Andy Pierce, Vice President of Operations. "This is a 40-year old well and the unknowns were daunting. However, we found the casing in better shape than we hoped and we successfully cleaned the wellbore to total depth. Now that we have established the integrity of the wellbore, it is a matter of re-perforating, acidizing and testing to confirm the original production test data."
Based on the Company's evaluation of the original production test data from the Zakowo-1, 2, and 6 wells, the three wells are projected to generate approximately $10 million of annual net revenue given today's commodity pricing. FX Energy's Zakowo project consists of re-entering each of the three wells, confirming the original production test data, and constructing the necessary production facility and pipeline. The Company anticipates first production in 2012 assuming the success of the project. FX Energy owns 100% of the Zakowo project and is the operator.
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