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UPDATE 2-FX Energy shares rise after Polish well flows gas
Wed Jan 17, 2007 5:46am ET
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FXEN (FX Energy Inc )
Last: $7.28
Change: +0.23 (+3.26%)
Revenue (ttm): $6.6M
EPS: -0.41
Market Cap: $207.46M
Time: 1:49pm ET



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UPDATE 2-FX Energy shares rise after Polish well flows gas
UPDATE 1-FX Energy says Winna Gora well flows gas, shares up
FX Energy says Winna Gora well flows gas
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Jan 16 (Reuters) - FX Energy Inc. (FXEN.O: Quote, Profile , Research) said the Winna Gora well in Poland flowed gas during the clean-up phase in an initial test of the Rotliegendes sandstone target reservoir, driving the shares up over 17 percent.

The well flowed gas in the top 18-meter section of the reservoir at a depth of 3,518 to 3,536 meters.

Polish state-run natural gas monopoly PGNiG (PGNI.WA: Quote, Profile , Research) is the operator of the Winna Gora well and owns 51 percent, while FX Energy owns 49 percent of the well.

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About 99 percent of the Salt Lake City, Utah-based FX Energy's exploration activities are in Poland.

According to Stanford Group Co. analyst Philip Dodge, this was one of the best prospects of the company.

"Winna Gora is part of a developer program on a property called Sroda. This just provided encouragement that Sroda is going to turn out to be a large gas field," Dodge said over the telephone.

FX Energy has an interest in three producing wells in Poland, Scott Duncan, vice president of investor relations at FX Energy, said.