FXEN closed up 9% from drilling progress reported as follows:
Form 8-K for FX ENERGY INC
--------------------------------------------------------------
22-Nov-2004
Other Events
ITEM 8.01--OTHER EVENTS
On November 22 2004, FX Energy, Inc. reported that the Sroda-4 well in western Poland has reached the base of the Zechstein formation at a depth of 3,550 meters where the well will be logged and cased prior to continuing drilling operations. The Rotliegendes sandstone, the Sroda-4 well's primary objective, is expected to be encountered within several meters of the current depth once drilling resumes in approximately ten days.
The Rusocin-1 well is drilling at a depth of 1,416 meters. Drilling plans call for the well to be logged and 9-inch casing to be set when the well reaches a depth of approximately 2,260 meters, the projected depth of the top of the Zechstein formation. The Rusocin-1 well location is approximately seven kilometers south of the Zaniemysl-3 discovery well announced by FX Energy earlier this year. The Polish Oil and Gas Company ("POGC") owns a 51% interest and operates both the Sroda-4 and Rusocin-1 wells and FX Energy owns 49%.
FX Energy holds interests in four project areas in Poland:
o The Fences I project area covers approximately 265,000 acres in western Poland's Permian Basin. FX Energy holds a 49% interest except for approximately 45,000 acres around the Zaniemysl-3 well where FX holds 24.5%, CalEnergy Gas (Holdings) Ltd. holds 24.5% and POGC holds 51%.
o The Fences II project area covers approximately 670,000 acres in western Poland's Permian Basin. FX Energy has a 49% interest in Fences II and POGC holds 51%.
o The Fences III project area covers approximately 770,000 acres in western Poland's Permian Basin. FX Energy holds a 100% interest.
o The Wilga project area covers approximately 250,000 acres in central Poland; FX Energy holds a 45% interest.
This report contains forward-looking statements. Forward-looking statements are not guarantees of future drilling or other exploration or development results, the actual presence or recoverability of estimated reserves, the ability to establish reserves equal to the potential of exploration targets, production amounts or revenues, construction costs or schedules or similar matters. Forward looking statements are subject to risks and uncertainties outside FX Energy's control. Actual events or results may differ materially from the forward-looking statements. For a discussion of additional contingencies and uncertainties to which information respecting future events is subject, see FX Energy's other SEC reports.
|
