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FX Energy Inc. Message Board

  • ogeneration ogeneration Nov 20, 2003 9:07 AM Flag

    Fences I Project Area - FX info

    Fences I Project Area
    Fences I is 265,000 acres (1,074 km2) in western Poland's Permian basin where we hold 49% interest. Several gas fields located in the Fences I block are excluded or "fenced off" from the exploration acreage. These fields, discovered by POGC between 1974 and 1985, produced from Rotliegendes sandstone reservoirs and contained total reserves of over 500 billion cubic feet (bcf) of gas. We signed a farmout agreement covering the Fences I block in January, 2003, with CalEnergy Gas, the upstream gas business unit of MidAmerican Energy Holdings Company, whereby CalEnergy Gas can earn a 24.5% interest (half of our 49% interest) by spending a total of $10.4 million including the cost to drill two wells plus certain cash payments to FX Energy. The first of those two wells is now underway and we are continuing the work of reprocessing and reinterpreting the available 2D and 3D data that covers the block. We believe the number and size of potential gas traps identified with modern geophysical tools has more to tell us about the ultimate value of this acreage and our interest in it than does the drilling that will take place in the near term.

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