FX Energy Reports First Gas from W. Poland Well
FX Energy, Inc. announced Wednesday that the facilities and pipeline are complete and gas production has started on the Company's Roszkow well in western Poland. The well is currently in the start-up phase.
Over the next several days the well is expected to reach its planned daily production rate of 15 million cubic feet of gas per day (mmcf/d) gross, 7.35 mmcf/d net to FX Energy. The well produces from a Rotliegend sandstone reservoir at a depth of 3,000 meters. Rotliegend wells in Poland and throughout Europe typically maintain plateau production for several years before declining. The Polish Oil and Gas Company (POGC) owns 51% and operates the Roszkow well. FX Energy owns 49%.
"Roszkow will more than double our daily production. With a strong price environment in Europe, this increased production should provide the discretionary cash flow we need to expand operations in our core Fences area in Poland over the next several years," said David Pierce, president of FX Energy. "We are working with our partner now on preparations for the next several 3-D defined wells. We expect to see the start of drilling in the next 3 to 4 months," said Pierce.
Four additional wells in the Fences area have been completed for production and are waiting for pipeline connection. Three of those wells, Kromolice-1 and 2 and Sroda-4, are scheduled to begin production later in 2010 and are estimated to add another 7 mmcf/d of gas production net to FX.
FX Energy is an independent oil and gas exploration and production company with production in the US and Poland. The Company's main exploration activity is focused on Poland's Permian Basin where the gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England.