POLAND A Unique Play on Conventional Drilling and the Strong European Gas Market May 2015 1
FXEN Market and Financial Overview Major Institutional Shareholders as of 12/31/2015 Financial Information 3/31/2015 Number of Shares % Holding Balance Sheet Unaudited Audited Income BlackRock Institutional Trust Company 3,524,284 5.7%…
Poland Overview Size: 312,000 sq. km. (120,000 sq. mi.); comparable to Germany or New Mexico Population: 38 million people; well- educated, multi-lingual, culturally homogeneous (Germany has 80 million; France and UK have 60…
Untapped Resources in Poland Poland has significant undiscovered conventional hydrocarbon potential Permian Basin extends across Europe: Permian (Rotliegend) gas fields in Poland are direct analogs to those found in the UK and Dutch…
Polish Gas Prices Are Higher Than U.S. Europe imports 1/2 of its gas supply, mostly from Russia Poland imports 2/3 of its gas supply, mostly from Russia/Gazprom Domestic production: 0.4 Bcf/day; 150 Bcf/year; 4.2 Bcm/year Natural Gas…
FX Energy is Focused on Poland Why Poland Poland is underexplored; it has conventional deposits (vertical wells, no stimulation; high ROI) Gas prices in Europe at about 7-8 are significantly higher than U.S. gas at 3 FX knows Poland…
FX Energy: Licenses in Poland Fences license core producing area; large 3D seismic inventory Edge - Tuchola Discovery FX holds 49% interest; PGNiG holds 51% and Edge operates 100% Edge license Fences - Producing Area FX new…
Fences License: Core Producing Area Rotliegend gas potential Rotliegend gas fields from the 1980s showed area potential PGNiG had given up on the Rotliegend play - too deep for porosity below 2,500 meters Fences FX saw high…
Fences Reserves and Production FX reserves include only wells already drilled no undrilled PUDs 2P reserves of 60 Bcfe valued at pre-tax 188 million (3.43/share) as of 12/31/2014 Current production rate is 12.5 mmcfe/d, up from 12.4…
Edge License: High Potential Source, Reservoir, and Seal in the Edge License Source: Carboniferous, Devonian and Silurian black shales underlie the Edge license most old wells had oil/gas shows Reservoir: Devonian carbonate buildups…
Edge License: Seeking Farmout Partner Tuchola discovery encourages a Edge License 3D Seismic strong exploration effort Angowice-1 3 wells drilled to date: 2 Tuchola wells (commercial) and 1 Angowice well (dry) Tuchola-3K, -4K 240…
Tuchola Field Tuchola: high delivery rate gas and condensate Est. 18 Bcf of 55% methane gas (10 Bcf high methane sales gas) plus condensate Porous dolomites give high production rates: up to 20 mmcf/d Only the western segment has…
Summary Fences license: reserves and production base established, successful track record 7 Fences wells now producing; Company-wide production 12.5 Mmcfe daily average 1Q2015 2.5 Mmcf/day of new production coming 1Q2016 from Karmin…
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