FX Energy Reports Successful Production Test at Tuchola-4K Well
FX Energy, Inc. (NASDAQ: FXEN) reported today that it has completed a successful production test of the Tuchola-4K well. With 70 meters of the well open, gas was allowed to flow on three different chokes for several hours each, concluding with a twelve-hour flow. The three chokes were selected to limit production rates to approximately 5 million, 7.5 million and 10 million cubic feet of gas per day, respectively. At the conclusion of the final flow period the well was producing more than 11 million cubic feet of gas per day from a 28/64ths inch choke.
The Company’s technical team is analyzing the flow and pressure data from the test to estimate potential production rates and recoverable reserves. These internal estimates, along with gas composition details and a drilling update, are expected to be released when available.
“We are anxious to see the final test report so we can begin putting some numbers to this new discovery,” said Andy Pierce, VP of Operations. “Certainly it appears that the Tuchola-4K well, like the Tuchola-3K discovery well, support our exploration concept for the Edge License. This is very important because we hope to open up a significant new exploration play where we hold 100% interest and can control the pace of exploration and development. Meanwhile, our operational attention right now is on drilling the next couple of hundred meters into the next potential pay zone.”
The production test was conducted over a 70 meter open interval in the lower Zechstein Ca1 formation from 2,740 to 2,810 meters. The Company now plans to drill and core below 2,810 meters to examine a secondary target in the Upper Devonian.
The Tuchola-4K is an appraisal of the Tuchola-3K discovery announced eleven months ago. Both wells serve as “proof of concept” of exploration ideas generated by the Company’s technical team. The Company’s exploration plans for the Edge License now will focus on 240 square kilometers of new 3D seismic acquired since last year’s Tuchola discovery. This seismic data covers the area surrounding the Tuchola wells and currently is being processed and interpreted to identify other targets and select the next drill sites. The Company expects to start drilling another well in the area later this year.
The Tuchola wells are located in the Company’s 730,000 acre Edge License in north central Poland.
FX Energy operates and holds a 100% working interest.