FX Energy contracts Geofizyka Torun to shoot 2D seismic onshore Poland

FX Energy will begin a new 2D seismic acquisition program during the fourth quarter that is intended to identify drillsites in the company's 640,000-acre Warsaw South Concession (Lublin area) onshore Poland.

FX said today that it has contracted Geofizyka Torun to carry out the 273-km seismic survey, which will be processed and interpreted with plans to begin the tender for the first well in the Warsaw South Concession during January 2011. The first well is expected to begin drilling operations in March or April 2011.

FX Energy owns 100% interest and is the operator of the Warsaw South Concession, which is a virtually unexplored area at the terminus of the Permian Basin southeast of Warsaw. The primary exploration targets in the concession are Carboniferous, Zechstein Ca-1, and Rotliegend.

"We think there could be great potential in the Warsaw South Concession," said David Pierce, CEO at FX, "and we have wanted to explore the block for some time. Now, with our growing cashflow, we have the means to carry out a sustained exploration program in Warsaw South with the hope of opening up a new core area. Our primary focus remains our producing Fences Concession, but we are pleased now to be able to devote meaningful resources to exploration on our other acreage in Poland."

FX Energy also reported today that the Lisewo well in the company's Fences Block is currently drilling at a depth of approximately 1,500 meters. FX holds 49% interest in the Lisewo well, which is operated by the Polish Oil and Gas Company with 51%.