FX Energy to Begin Polish Drilling Soon
FX Energy reported today that the Ostrowiec well in western Poland is scheduled to begin drilling in about two weeks. The well will be drilled by Pila Drilling, a wholly owned subsidiary of the Polish Oil and Gas Company (POGC). The well is operated and owned 51% by FX Energy. POGC owns 49%. Under terms of the farmout agreement, POGC will pay 100% of the drilling costs of the well.
The Ostrowiec well will test a Ca2 build-up at a depth of 4,100 meters. It will also test sub-Zechstein rocks with potential for Rotliegend sands. The nearest fields are located approximately 25 kilometers south of the Ostrowiec location.
"This is potentially the largest target we have drilled in the Permian Basin in Poland," said Richard Hardman, Senior Technical Advisor for FX Energy. "While this is still a high risk well, we are very excited about the potential at Ostrowiec. A successful well could be transformational for FX Energy and its shareholders."
The Company reported that the production facility at Roszkow is expected to be completed in June. However, due to permitting delays the pipeline will not be operational until later this year. "We are disappointed about this delay," said David Pierce president of FX Energy. "We intend to match our big capital expenditures to the timing of our production and revenue. However, we are optimistic that drilling at Ostrowiec and other potential farmout activity will supplement our own operational activity over the next few months."
Sroda-4, Kromolice-1 and 2 Wells
FX Energy reported that the Company has been designated operator for the permitting and construction of the pipeline and facilities to connect the Sroda-4, Kromolice-1 and Kromolice-2 wells. Planning and permitting work is underway. First gas deliveries are expected in the fourth quarter of 2010. "We are pleased that POGC has placed the Company in charge of bringing these wells online. They will add significantly to our production base and we are very focused on meeting our forecast timeline," said Zbigniew Tatys, Head of FX Energy's Warsaw office.
- FX Energy is Reading Szymanowice-1 Well for Production (Dec 31)
- FX Energy Tests Poland Tuchola-3K Well (Apr 29)
- FX Energy 'Disappointed' over Polish Mieczewo Well (Apr 08)