SALT LAKE CITY, Dec. 4, 2014 /PRNewswire/ -- FX Energy,
Inc. (NASDAQ: FXEN) today reported that the Angowice-1 well was
drilled to approximately 3,880 meters and will be plugged and
abandoned. The well did not find significant porosity in any
of its potential reservoir zones. However, the Angowice well
did encounter some organic rich shales and hydrocarbon shows,
indicating an active hydrocarbon source system. More important, the
well provides critical downhole data in an area where there was no
previous deep drilling. The Company will move forward with
its exploratory drilling program in the Edge license while it
continues to integrate data from the Angowice well. The
Angowice-1 well is located in the Edge license in northwestern
Poland where FX Energy is the
operator and owns 100% of the working interest.
"The Angowice-1 well gives us a very important data set to
calibrate our seismic data and help us develop a much better
picture of the geological setting in the Edge license area," said
David Pierce, Chief Executive
Officer. "We need to understand the geological setting in
detail in order to know more precisely where carbonates were
deposited. Of course we would have liked to see good
reservoir development and a commercial well, but the data from this
well is very important to the overall exploration effort. The
Tuchola gas field discovery told us conditions exist for
significant hydrocarbon accumulations in this area. The
Angowice data will help us improve our seismic and geological
interpretations and narrow our search for the carbonate
depositional areas. We are moving ahead with our exploratory
drilling plans in the Edge license."
The Company has acquired 240 square kilometers of 3-D seismic in
the acreage surrounding the Tuchola-3 and Tuchola-4 discoveries.
This area has been under evaluation but no drilling decision was
made pending the outcome of the Angowice-1 well. The Company
noted that it has three potential new sites in the Edge license
under review for drilling in 2015. The first location is an
offset to the Tuchola discovery wells. An offset well would
test the same reservoir that is productive in the Tuchola-3 and
Tuchola-4 wells, but in the eastern portion of the structure that
may be fault sealed from the existing wells in the western part of
the structure. The two other locations would test previously
undrilled prospects identified on the same 3-D seismic.
In addition, the Company has a 3-D seismic program underway on
300 square kilometers in three other blocks in the Edge
license. FX Energy expects to have data from those areas
available for evaluation beginning in March 2015.
About FX Energy
FX Energy is an independent oil and gas exploration and
production company with production in the U.S. and Poland.
The Company's main exploration and production 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. The Company trades on
the NASDAQ Global Select Market under the symbol FXEN.
Website www.fxenergy.com.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements.
Forward-looking statements are not guarantees. For example,
exploration, drilling, development, construction, or other projects
or operations may be subject to the successful completion of
technical work; environmental, governmental or partner approvals;
equipment availability; or other things that are or may be beyond
the control of the Company. Operations that are anticipated,
planned, or scheduled may be changed, delayed, take longer than
expected, fail to accomplish intended results, or not take place at
all.
In carrying out exploration, it is necessary to identify and
evaluate risks and potential rewards. This identification and
evaluation is informed by science but remains inherently
uncertain. Subsurface features that appear to be possible
traps may not exist at all, may be smaller than interpreted, may
not contain hydrocarbons, may not contain the quantity or quality
estimated, or may have reservoir conditions that do not allow
adequate recovery to render a discovery commercial or
profitable. Forward-looking statements about the size,
potential, or likelihood of discovery respecting exploration
targets are certainly not guarantees of discovery, the actual
presence or recoverability of hydrocarbons, or the ability to
produce in commercial or profitable quantities. Estimates of
potential typically do not take into account all the risks of
drilling and completion nor do they take into account the fact that
hydrocarbon volumes are never 100% recoverable. Such
estimates are part of the complex process of trying to measure and
evaluate risk and reward in an uncertain industry.
Forward-looking statements are subject to risks and
uncertainties outside FX Energy's control. Actual events or
results may differ materially from the forward-looking
statements. For a discussion of additional contingencies and
uncertainties to which information respecting future events is
subject, see FX Energy's SEC reports or visit FX Energy's website
at www.fxenergy.com.
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SOURCE FX Energy, Inc.