FxEnergy Adds Two New Exploratory Wells for Scheduled Drilling in 2012

US-based FxEnergy has announced that it has added two new exploratory wells in the list of the wells that are scheduled for drilling in 2012. The two wells, Tuchola-3 and Frankowo are located in concessions, which are fully owned by the company in Poland.

The new wells will be accommodated within the previously planned capital budget of $60-$70million and the company expects to finance the drilling through its capital budget and liquid cash.

The Frankowo well is a Block 246 concession in West Central Poland and the target for this well is Rotliegend gas at an approximate depth of 2100m. The target for Tuchola-3 well will be Devonian Oil at an approximate depth of 3150m. Costs for the Tuchola-3 well alone are likely to amount to $10million. The company is likely to commence drilling for both wells by the third quarter of this year and test them before the completion of 2012. Other wells that are already being drilled are the Komorze-3 and Kutno-2 wells. The wells which are under the company’s list of scheduled drilling for 2012 are the Lisewo-SE, Lisewo-2 and Mieczewo. Drilling for these wells is also likely to commence by the second half of this year.

All of the company’s Poland based gas production comes from the Fences Concession in which it holds 49% stake. The company also holds 100% stake in the Block 246 concession which covers a total area of 240,000 ac.

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