FX Energy released an operational update on the company’s recent oil and gas activity in Eastern Europe, where the company is active in various conventional and unconventional resource plays in Poland.
FX Energy plans to drill two additional exploration wells in 2012 on its acreage in Poland. The drilling of the Tuchola-3 and Frankowo wells will not require additional funding sources and will be covered by the company’s existing capital budget in 2012.
The Frankowo well is located on Block 246 in Poland and is targeting natural gas that the company expects to be present in the Rotliegend formation. FX Energy said that the well will be drilled to a depth of approximately 7,200 feet and cost $6 million.
The Tuchola-3 well is located on the Edge concession in Poland and will cost $10 million to drill and complete. The well is targeting a Permian age natural gas formation at 6,900 feet and a Devonian age oil formation at 10,300 feet.
FX Energy expects to start drilling operations on both wells in the third quarter of 2012 and have test results before the end of the year. The company has five other exploration wells planned on its Poland acreage in 2012.
For more information on the company, go to www.fxenergy.com
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