Salt Lake City-based FX Energy Inc. (Nasdaq: FXEN) has reported results of a drill stem test (DST) on the Tuchola-3K well in north-central Poland. Gas flowed at a rate of approximately 5 million cubic feet per day with traces of condensate from a dolomite section in the Ca1/Upper Devonian. The company now will run a 7" liner to a depth of approximately 2,700 meters and conduct a full production test over the next several days to determine whether to complete the well as a commercial discovery.
"We have not yet determined if the well is commercial," noted David Pierce, CEO, "but we are cautiously optimistic and therefore will run a liner to allow more thorough testing. We are also reviewing a range of possible follow-on actions, including other potential drilling locations, to appraise the scope and potential of this Ca1/Upper Devonian zone both nearby and right across our Edge concessions. We will have plans ready for a prompt response if the production test is encouraging."
FX Energy is the operator and owns 100% of the working interest in the Tuchola well and the four Edge concession blocks, which cover 880,000 acres or 3,567 square kilometers.
Recommended Reading
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.
CF Indutries Enters CO2 Transport, Sequester Deal with Exxon
2024-07-26 - CF Industries Holdings will transport and sequester to Exxon Mobil CO2 from its carbon capture and sequestration project in Yazoo City, Mississippi.
Repsol to Implement New Share Buyback Program
2024-07-26 - Madrid-based Repsol plans to repurchase and redeem 20 million of its shares in the second half 2024, according to the company’s CEO Josu Jon Imaz.
Baytex Energy Joins Eagle Ford Shale’s Refrac Rally
2024-07-26 - Canadian operator Baytex Energy joins a growing number of E&Ps touting refrac projects in the Eagle Ford Shale.
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
2024-07-26 - Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.