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  • FX Energy, Inc. (FXEN) Polish Permian Production Picking Up As Gas Flows During Drill Stem Test On Latest Lisewo Area Well 0 comments
    Dec 19, 2013 1:27 PM | about stocks: FXEN

    FX Energy, an independent oil and gas E&P headquartered in Salt Lake City, with an operational HQ in Warsaw from which they coordinate activity in some of the hottest gas land in Poland, announced some very positive initial data today on their latest well targeting the Rotliegend sandstone reservoir (Northwest European Permian Basin) as the Szymanowice-1 well tested gas in a 92-foot section during the recent drill stem test.

    This latest well in the Lisewo area of the Fences concession, where state-controlled Polish Petroleum and Gas Mining (PGNiG) is operator and 51% WI owner (FXEN holds the other 49%), represents the third new field discovery for this incredibly abundant area and, if logging data, completion, and production validates the well as being commercial, it will be the fourth commercial well in the area. Cored to a depth of just over 12k feet, Szymanowice-1 doesn't look like it hit the gas water contact either and thus coring can simply continue ahead of logging and production tests.

    Just 1.24 miles southeast of the recently completed Lisewo-2, this Szymanowice-1 well already looks like a strong candidate and, at just 1.86 miles from the main area production facility where the Lisewo-1 well production began earlier this month (initial rate of some 5 MMcf/day gross), this latest well's initial test data and location signals very positive upside for the remaining seven targets in the area which have been identified via 3D seismic. Plans are in the offing for two more of these seven targets to be drilled in 2014 and, should the best case prove true when FXEN knows more about the physical parameters and real production potential on the Szymanowice-1, confidence will be running at peak efficiency for their 2014 work calendar in the Lisewo area.

    President of FXEN, David Pierce, noted that, while it is still too early to call the new well commercial, the results are a clear indicator for potential given known regional production capabilities. The production testing started on the Lisewo-2 well last week (Dec 12) was reported as having been interrupted to do a light acid wash here after the holidays aimed at improving output during testing and core/log data indicates similar performance to the aforementioned Lisewo-1, with production expected in the second half of next year. Lisewo-1 and Lisewo-2 are set to be tied to the primary Lisewo production facility alongside the other well in this area, the Komorze-3, which is expected to start production as earlier as next quarter.

    The gas-rich Rotliegend is a direct analog to England's offshore Southern Gas Basin and with 5 Tcf of gas discovered by PGNiG here since the 60′s and little or no activity subsequent to the next two decades, which saw the discovery of another 0.5 Tcf, the 582k gross-acre Fences concession truly stands posied to become a jewel of the western Poland Permian. Target depths from around 8k to 13k feet, pretty much all in the structural trap-laden Rotliegend sandstone have seen an estimated ultimate recovery of 133 Bcf over the life of all wells thus far for FXEN in the Fences area and total production for the first nine-months of 2013 has been 3.4 Bcfe, slightly off from 2012 figures, but expected to increase as the new infrastructures comes on stream.

    More info on FX Energy, Inc. is available at FXenergy.com

    MissionIR provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.missionir.com

    Stocks: FXEN
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