FX Energy with Apache in Polish Lublin concession

Apr 18, 1997 02:00 AM

FX Energy, Inc. has announced the signing of an agreement with Apache Corporation whereby Apache will earn a 50 % interest in FX Energy's Lublin concession in eastern Poland which covers approximately 2 million acres. The oil and gas exploration rights to the concession area were acquired by FX Energy from the Ministry of Environmental Protection, Natural Resources and Forestry on December 20, 1996.
Terms of the agreement call for Apache to become the operator of the concession, shoot 300 miles of 2-D seismic and drill at least one well. Apache must drill a second well prior to the third quarter of 1998 in order to earn its 50 % interest. Anticipated cost of Apache's exploration commitment over the next year is approximately $ 5 million. FX and Apache have created an area of mutual interest covering approximately 4 million additional acres on adjacent blocks.

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