FX Energy & POGC Agree on Joint Exploration in Poland

Source: www.gulfoilandgas.com 12/9/2010, Location: Europe

FX Energy, Inc. reported that the Company has entered into a Letter of Intent with the Polish Oil and Gas Company (POGC) to jointly explore FX Energy’s Warsaw South concession. Under terms of the Letter of Intent, POGC will earn a 49% interest in the Company’s 880,000 acre Warsaw South concession. In the first phase the Parties agreed to acquire 273 kilometers of 2D seismic and to drill one exploration well in the Warsaw South concession to the depth of approximately 3800 meters during 2011. FX Energy will be operator of the joint works.

“We are acquiring seismic over a number of leads in the Warsaw South concession,” said David Pierce, president of FX Energy. “Our expectation is that this seismic will provide at least the first two drill sites for our Warsaw South wells in 2011. We are pleased to expand our relationship with POGC to include drilling in this acreage,” said Pierce.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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