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FX Energy to abandon Ostrowiec-1 well, shares fall

FX Energy to plug and abandon Ostrowiec-1 well, shares fall 21 pct

  • On 4:51 pm EDT, Thursday August 27, 2009

SALT LAKE CITY (AP) -- FX Energy Inc. on Thursday said it stopped drilling operations at the Ostrowiec-1 wildcat well, which it plans to plug and abandon because it encountered high pressure nonflammable nitrogen gas and lost circulation while coring the target reservoir.

The Ostrowiec-1 well is owned 49 percent by the Polish Oil and Gas Company and 51 percent by FX Energy.

The company said that attempts to continue drilling would "unduly expose both companies to financial risks and possible health and safety hazards."

Shares of FX Energy fell 97 cents, or 21 percent, to close at $3.58 on Thursday.

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