Feb. 2 /PRNewswire-FirstCall/ -- FX Energy, Inc. (Nasdaq: FXEN - News) reported today that the Company is working with the Polish Oil and Gas Company to bring the Wilga well into production. The well is expected to produce at a rate of 5-6 mmcf of gas and 230 barrels of condensate per day when it begins production in approximately twelve months. The Wilga well was drilled in 2000 and has proved reserves of 6.3 bcf and 250,000 barrels of condensate. FX Energy is the operator of the Wilga project area and owns an 82% interest. POGC owns an 18% interest. Prior to January 2005 Apache Corp., was the operator and a 45% interest owner in the Wilga area. FX Energy also announced that a drillsite has been selected for the Lugi prospect in the Company's Fences II project area. Lugi is the next well to be drilled on a pinchout target following the Rusocin-1 well that has been completed for production and will be tested to determine the extent of the reservoir.
Operations on the Sroda-4 well are continuing. Casing has been removed from the well above the incomplete cement job and the well will be sidetracked around the problem area beginning later this week.
Is this group of partners profit motivated or not? "when it begins production in approximately twelve months."
Don't hurt yourself guys!! How much can change with this in 12 months? Frustrating to see how much of a glacial pace this is proceeding. No wonder the productivity of the American economy relative to old Europe. They're barly out of the stone ages over there. Jeeze.
I noticed that too. Here's the whole sentence: "Lugi is the next well to be drilled on a pinchout target following the Rusocin-1 well that has been completed for production and will be tested to determine the extent of the reservoir."
Guess I shoulda bought those Sept. calls yesterday...