10/04/2005

FX Energy signs Poland pipeline contract

FX Energy Inc. on Tuesday said it has hired Poland-based construction company PBG SA to develop a gas well and pipeline in that country.

Under the contract, PBG will construct surface facilities for FX Energy's Wilga-2 well, a 10.6-mile pipeline and connection to a transmission system. Financial terms were not disclosed.

The Wilga-2 was drilled in 2000 and is expected to produce 4 million cubic feet of gas and 230 barrels of condensate, or liquid hydrocarbons separated from gas, per day. FX Energy operates the well and owns an 82 percent interest. The Polish Oil and Gas Co. owns the remaining stake.

FX Energy holds exploration rights to more than 1.7 million acres in western Poland's Permian Basin.

(Source: AP/Business Week)

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