FX Energy Shares Remain Near Day's Low After Poor Test Results From Polish Gas Well
FX Energy ( FXEN ) shares are down 6% to $2.89, close to their low of the day, after the company said results from its Mieczewo-1K well in Poland revealed that the gas column was not big enough to be commercially viable.
The company said the well will be plugged and abandoned. The company has a 49% interest in the well, with the Polish Oil and Gas Company owning the remainder.
FX CEO David Pierce said that while the company is disappointed with the results, its primary focus in the Fences concession is on larger targets such as the Lisewo area, where the company will begin production and drill two to three more wells later this year.
The stock is trading near the bottom of its 52-week range of $2.71 - $8.78.
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