FX Energy Inc. (Nasdaq: FXEN) has announced that drilling is underway at the Karmin-1 well in the Salt Lake City-based company's Fences license in western Poland. The well is a planned test of a Rotliegend sandstone target at an estimated depth of 2,460 meters. The prospect is located on trend with the Zaniemysl-3 and Roszkow wells, two of the company's highest-producing discoveries.
The Karmin-1 well is the first of three wells in the Fences area that are planned to begin drilling operations prior to the end of 2014. All of these wells are 51% owned and operated by PGNiG.
In addition to the Fences wells, FX Energy also plans to begin drilling two wells in the company's 100% owned Edge license in western Poland. The Edge license covers approximately 730,000 acres.
Chevron Corp., Exxon Mobil Corp. and Royal Dutch Shell Plc, among other firms in Mexico’s Association of Hydrocarbon Companies (Amexhi), say they have met output targets and investment pledges worth hundreds of millions of dollars in the initial phases of their contracts.
Amid growing calls for action to fight climate change, oil and gas companies are ramping up efforts toward environmental and community stewardship.
Research shows the company has been able to yield up to 80% more oil in the Eagle Ford from its gas injection process.