FX Energy Signs Northwest Concession Farmout With POGC

The Ostrowiec well targets potential leads in Main Dolomite (Ca2) and Rotliegend rocks identified by reprocessing and reinterpreting old seismic, magnetic and gravity data combined with newly acquired 2-D seismic. The Ostrowiec prospect is located about 20 kilometers north of the Grotow carbonate platform and appears on seismic to be analogous to POGC’s MLG oil and gas field, which is currently under development.

The Ostrowiec-1 well is planned to spud in approximately 60 days and is anticipated to drill to a total depth of 4,150 meters. The well is intended to test reservoir properties and hydrocarbon saturation of Ca2 and Rotliegend rocks. The area of the Ca2 platform at the Ostrowiec location is estimated to be approximately 30 sq. kilometers. The secondary target of the Ostrowiec-1 well is Rotliegend Aeolian sandstones in a structural area of approximately 12 sq. kilometers.


This report contains forward-looking statements. Forward-looking statements are not guarantees. For example, exploration, drilling, development, construction or other projects or operations may be subject to the successful completion of technical work; environmental, governmental or partner approvals; equipment availability, or other things that are or may be beyond the control of the Company. Operations that are anticipated, planned or scheduled may be changed, delayed, take longer than expected, fail to accomplish intended results, or not take place at all.

In carrying out exploration it is necessary to identify and evaluate risks and potential rewards. This identification and evaluation is informed by science but remains inherently uncertain. Subsurface features that appear to be possible traps may not exist at all, may be smaller than interpreted, may not contain hydrocarbons, may not contain the quantity or quality estimated, or may have reservoir conditions that do not allow adequate recovery to render a discovery commercial or profitable. Forward-looking statements about the size, potential or likelihood of discovery with respect to exploration targets are certainly not guarantees of discovery or of the actual presence or recoverability of hydrocarbons, or of the ability to produce in commercial or profitable quantities. Estimates of potential typically do not take into account all the risks of drilling and completion nor do they take into account the fact that hydrocarbon volumes are never 100% recoverable. Such estimates are part of the complex process of trying to measure and evaluate risk and reward in an uncertain industry.

SOURCE FX Energy, Inc.

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