7 Sept 2004drilling progress report▲ GoodMajor
Drilling is underway on Sroda-4, the first FX Energy well in Fences II (POGC operates with 51%, FX Energy 49%), and the Rusocin-1 well in Fences I is projected to spud in early October. FX Energy pays 100% of the costs of both wells, after which it will have fully earned its 49% interest in about 900,000 acres. The filing also names five new prospects, plans three Nevada wells costing no more than $250,000 in total, and puts cash at about $35 million after the April 2004 European offering. The Zaniemysl-3 well is described as a successful discovery announced earlier in 2004, following the Zaniemysl prospect approved for drilling in the April 2003 filing.