Salt Lake City-based FX Energy Inc. (Nasdaq: FXEN) today reported that drilling has commenced on the Mieczewo-1K exploration well. The well is a planned test of a Rotliegend structure at a projected depth of 3,360 meters. The Mieczewo-1K well is located in the western part of the 850,000 acre Fences concession, where the Polish Oil and Gas Co. (PGNiG) is the owner of concession and operator and holds a 51% interest; the company holds a 49% interest.
FX Energy also reported that the Tuchola-3K well which began drilling in late December of 2012 is currently at a depth of 2,053 meters. The Tuchola-3K well is planned to test a Main Dolomite target at approximately 2,550 meters and an independent Devonian oil target at a depth of 3,180-3,820 meters. The Tuchola-3K well is located on one of four blocks that comprise the 880,000 acre Edge concession area in northern Poland. FX Energy holds a 100% interest and operates the Tuchola-3K well and the Edge concession area.
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.
Recommended Reading
Kissler: Mideast Tension Elevates Crude Prices—But for How Long?
2024-05-09 - Producers should be aggressive in locking in desirable crude oil prices on an abnormal market strength.
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
Paisie: OPEC+ Will Be Able to Manage Prices
2024-07-11 - Disappointing economic news has contributed to a drop in oil prices.
Paisie: Oil Demand to Rise 1.2 MMbbl/d in Second Half
2024-07-26 - WTI’s price is expected to stay in the low $80s/bbl.
What's Affecting Oil Prices This Week? (June 10, 2024)
2024-06-10 - Stratas Advisors says the latest EIA report illustrates that U.S. production growth has stagnated with U.S. oil production remaining at 13.1 MMbbl/d, which is unchanged from the previous 12 weeks.