FXEN looking good>>> FX Energy Seismic Acquisition Targets Warsaw South Drill Sites
2010-10-12 10:14 ET - News Release
SALT LAKE CITY, Oct. 12 /PRNewswire-FirstCall/ -- FX Energy, Inc. (Nasdaq: FXEN) today reported that the Company will begin a new 2D seismic acquisition program during the fourth quarter 2010. The program is planned to identify drill sites in the Company's 640,000 acre Warsaw South concession. A total of 273 kilometers of seismic will be acquired under a recently signed contract with Geofizyka Torun.
The seismic will be processed and interpreted with plans to begin the tender for the first well in the Warsaw South concession during January 2011. The first well is expected to begin drilling operations in March or April 2011. FX Energy owns 100% interest and is the operator of the Warsaw South concession block.
The Warsaw South concession is a virtually unexplored area at the terminus of the Permian Basin southeast of Warsaw. The primary exploration targets in the concession are Carboniferous, Zechstein Ca-1 and Rotliegend.
"We think there could be great potential in the Warsaw South concession," said David Pierce, CEO of FX Energy, "and we have wanted to explore the block for some time. Now, with our growing cash flow, we have the means to carry out a sustained exploration program in Warsaw South with the hope of opening up a new core area. Our primary focus remains our producing Fences concession, but we are pleased now to be able to devote meaningful resources to exploration on our other acreage in Poland."
FX Energy also reported that the Lisewo well in the Company's Fences concession block is currently drilling at a depth of approximately 1,500 meters. FX Energy owns 49% of the Lisewo well; the Polish Oil and Gas Company operates and owns 51%.
