FX Energy Begins Drilling Machnatka-2 Well

FX Energy, Inc. today announced that drilling has commenced on the Machnatka-2 well. Machnatka-2 is located in the southwestern portion of the Company’s 880,000 acre Warsaw South concession in eastern Poland.

The well is expected to test both the Zechstin and Carboniferous horizons before reaching total depth of 4,070 meters. NAFTA Pila is the drilling contractor. The location for the well was selected on recently acquired 2-D seismic data. FX Energy is the operator of the Machnatka well and owns 51%. Polish Oil and Gas Company (PGNiG) may earn up to 49% interest.

The company also updated the status of the Plawce-2 tight gas well in the Fences concession in western Poland, which is currently drilling at 2,673 meters. Plawce-2 is targeting Rotliegend sands at an estimated depth of approximately 3,729 meters.

Plans call for drilling to a vertical depth of approximately 4,000 meters. Following evaluation of cores, logs and flow tests, the parties may consider fraccing the vertical well and/or drilling a long reach multi frac horizontal section. PGNiG operates the Fences concession and the Plawce-2 well and owns 51% interest; the Company owns 49%.

FX Energy also reported that the drilling contractor for the Kutno-2 well is expected to be selected later this month. FX Energy is the operator of Kutno, a 35,000 acre Rotliegend structure located in central Poland at a depth of 6,500 meters. The Company has signed a joint operating agreement under which PGNiG may earn 50% interest, and a letter of intent under which Kulczyk Investments LLC may earn up to 25% interest.

Source: FX Energy