FX Energy
FX Energy
FX Energy (FXEN): A company profile and our Net Income & Cash Flow Forecast model for FXEN has been posted under the Watch List Tab. The company is being promoted to our Sweet 16 Growth Portfolio on July 1st.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: FX Energy
i can't help but think that this "intermediate casing" work is an indication that FX has collected some positive data on the Zechstein. FXEN has been moving for the past month. apparently, i am not the only one with this feeling.
jim
FX Energy Sets Intermediate Casing at Kutno
KSK Pipeline Completion Increases Daily Production 07/11 08:54 AM
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SALT LAKE CITY, July 11, 2012 /PRNewswire/ -- FX Energy, Inc. (FXEN:$6.32,00$0.21,003.44%) today announced it has drilled into the top of the Zechstein formation at the Kutno-2 well at 4,912 meters and successfully set and cemented the intermediate casing. The next operations in the well will be to run a cement bond log and continue drilling to penetrate the Zechstein, which is expected to be approximately 1,150 meters thick. Once the base of the Zechstein is reached, a 7" liner will be set and cemented through the section. Thereafter, drilling is planned to continue to core and test the Rotliegend target reservoir. Kutno-2 well is being drilled together with the Polish Oil and Gas Company ("PGNiG").
"This is a major milestone in drilling the Kutno well," said Andy Pierce, VP of Operations for FX Energy. "We have now reached a point where some of the most difficult drilling should be behind us."
Kutno-2 targets a massive Rotliegend structure. Unknown reservoir and gas quality, along with depth, make this a very high risk well. PGNiG will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well.
KSK Pipeline Completed
The pipeline bottleneck at KSK was eliminated on June 28th, and all three wells (Sroda, Kromolice 1 & 2) are now producing at a combined rate of approximately 13.0 MMCFD (6.4 MMCFD net to the Company's 49% interest). The Company's total net daily production rate at June 30, 2012 was approximately 14.8 MMCFD.
Other Drilling Operations
Komorze-3
The Komorze-3 well has reached a depth of 3,950 meters at the base of the Zechstein and a 7" liner will be set and cemented. Drilling into the Rotliegend is expected later next week. Komorze-3 targets a satellite structure located less than 3 kilometers from the Company's 2011 Lisewo-1 Rotliegend gas discovery. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
Frankowo-1
Tenders for all services have been completed for the Frankowo well and contractors have been selected. Land for the drill site has been leased and location preparation will commence shortly. Drilling is expected to begin by mid-August. The Frankowo well is located in FX's 100% held Block 246 concession in west central Poland. Rotliegend gas at approximately 2,200 meters is the prospective target for this well.
Tuchola-3
Tender documents for the Tuchola-3 well are nearing completion and the process should allow for spudding the well later in the third quarter. The Tuchola-3 well is in the Company's 100% held Edge concession in north central Poland. Permian gas at approximately 2,100 meters and Devonian oil at approximately 3,150 meters are the Tuchola-3 targets. Like the Frankowo well, the Tuchola-3 is also a wildcat well.
Mieczewo-1
Location preparation is underway at the Mieczewo-1 well, where drilling is expected to begin in the third quarter. Rotliegend gas at approximately 3,385 meters is the target. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
Plawce-2
Workover and fracking operations at the Plawce-2 well are expected to begin in August. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
About FX Energy (FXEN:$6.32,00$0.21,003.44%)
FX Energy (FXEN:$6.32,00$0.21,003.44%) is an independent oil and gas exploration and production company with production in the US 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.
jim
FX Energy Sets Intermediate Casing at Kutno
KSK Pipeline Completion Increases Daily Production 07/11 08:54 AM
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SALT LAKE CITY, July 11, 2012 /PRNewswire/ -- FX Energy, Inc. (FXEN:$6.32,00$0.21,003.44%) today announced it has drilled into the top of the Zechstein formation at the Kutno-2 well at 4,912 meters and successfully set and cemented the intermediate casing. The next operations in the well will be to run a cement bond log and continue drilling to penetrate the Zechstein, which is expected to be approximately 1,150 meters thick. Once the base of the Zechstein is reached, a 7" liner will be set and cemented through the section. Thereafter, drilling is planned to continue to core and test the Rotliegend target reservoir. Kutno-2 well is being drilled together with the Polish Oil and Gas Company ("PGNiG").
"This is a major milestone in drilling the Kutno well," said Andy Pierce, VP of Operations for FX Energy. "We have now reached a point where some of the most difficult drilling should be behind us."
Kutno-2 targets a massive Rotliegend structure. Unknown reservoir and gas quality, along with depth, make this a very high risk well. PGNiG will earn a 50% interest in the Kutno concession in connection with its participation in the Kutno-2 well.
KSK Pipeline Completed
The pipeline bottleneck at KSK was eliminated on June 28th, and all three wells (Sroda, Kromolice 1 & 2) are now producing at a combined rate of approximately 13.0 MMCFD (6.4 MMCFD net to the Company's 49% interest). The Company's total net daily production rate at June 30, 2012 was approximately 14.8 MMCFD.
Other Drilling Operations
Komorze-3
The Komorze-3 well has reached a depth of 3,950 meters at the base of the Zechstein and a 7" liner will be set and cemented. Drilling into the Rotliegend is expected later next week. Komorze-3 targets a satellite structure located less than 3 kilometers from the Company's 2011 Lisewo-1 Rotliegend gas discovery. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
Frankowo-1
Tenders for all services have been completed for the Frankowo well and contractors have been selected. Land for the drill site has been leased and location preparation will commence shortly. Drilling is expected to begin by mid-August. The Frankowo well is located in FX's 100% held Block 246 concession in west central Poland. Rotliegend gas at approximately 2,200 meters is the prospective target for this well.
Tuchola-3
Tender documents for the Tuchola-3 well are nearing completion and the process should allow for spudding the well later in the third quarter. The Tuchola-3 well is in the Company's 100% held Edge concession in north central Poland. Permian gas at approximately 2,100 meters and Devonian oil at approximately 3,150 meters are the Tuchola-3 targets. Like the Frankowo well, the Tuchola-3 is also a wildcat well.
Mieczewo-1
Location preparation is underway at the Mieczewo-1 well, where drilling is expected to begin in the third quarter. Rotliegend gas at approximately 3,385 meters is the target. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
Plawce-2
Workover and fracking operations at the Plawce-2 well are expected to begin in August. PGNiG is the operator of the well and holds 51% interest; the Company holds 49% interest.
About FX Energy (FXEN:$6.32,00$0.21,003.44%)
FX Energy (FXEN:$6.32,00$0.21,003.44%) is an independent oil and gas exploration and production company with production in the US 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.
Re: FX Energy
Natural gas is selling for about $7/mcf in Poland today and it should go much higher this winter.
Kutno 2 is a potential "Game Changer" and could be the most important well ever drilled in Eastern Europe.
Note that my forecast model for FXEN has zero production from any of the wells being drilled this year.
Kutno 2 is a potential "Game Changer" and could be the most important well ever drilled in Eastern Europe.
Note that my forecast model for FXEN has zero production from any of the wells being drilled this year.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group