FX Energy enters new partnership with POGC

Sep 11, 1997 02:00 AM

FX Energy has announced that three target areas, encompassing approximately a quarter million acres in the aggregate, have been selected for exploration in the Carpathian region of southern Poland. FX Energy and the Polish Oil and Gas Company (POGC) have been reviewing data in this area under a Joint Study Agreement and have now agreed to proceed with a joint exploration program on these three initial areas. Two of the targeted locations, known as Wola and Godowa, lie within an area where exploration concessions are currently held by POGC. FX Energy will contract for seismic acquisition over each target area to begin as soon as a crew can be mobilised.
The third area, known as Jordanow, is in the western Carpathians. FX has applied for oil and gas exploration rights on this acreage and will contract for seismic acquisition as soon as the exploration rights have been granted. POGC will have the right to join in the project. FX plans to drill a first exploratory well in at least two of these three target areas in 1998.

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