FX Energy Cites Successful Workover of Grabowka-12 in Poland

FX Energy, Inc. announced the successful workover of the Company's Grabowka-12 well. It is expected to begin production early next year at approximately 1.0 to 1.2 million cubic feet of gas per day. Two more wells in the field, Grabowka-6 and Grabowka-8, are scheduled for re-entry later this year. The Grabowka field is located in western Poland in the Company's Block 287. Though FX owns a 100% working interest in and operates the field, this three-well re-entry venture is part of an unusual and creative venture with PL Energia, a gas distributor in Poland. PL Energia agreed to pay all re-entry and workover costs, all operating costs, and all processing and distribution costs. Thus, FX Energy incurs no capital or operating costs. In return for funding all of the costs, PL Energia gained the right to purchase production from... [read full story]