FX Energy’s Poland well flows gas; shares up 4% in pre-market
FX Energy Inc. (Nasdaq:FXEN) said ahead of today’s opening that it had a successful drill stem test of the company’s Kromolice-1 well. The west central Poland exploratory well showed a gas flow with no water.
“We are encouraged with this initial [drill stem test], but keep in mind we've only drilled a few meters into the pay zone so far. We have more drilling, coring and testing to do before we can say for sure whether this is a producible gas deposit. But so far everything looks just like we expected,” said vice president of operations Andy Pierce in a statement.
The well has cored a total of 4.5 meters of Rotliegend sandstone, with another 50 meters to go, the Salt Lake City company said.
In today’s pre-market trading, shares are at $6.78, up $0.28 from Monday’s close. Shares have ranged from $3.94 to $8.35 during the past year.
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