POLAND A Unique Play on Conventional Drilling and the Strong European Gas Market November 2014 1
Market and Financial Overview Major Institutional Shareholders as of 6/30/2014 Financial Information as of 9/30/2014 Number of Shares % Holding Balance Sheet Unaudited Audited Income BlackRock Fund Advisors 3,420,761 5.7% Data (mm)…
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…
FX Energy is Focused on Poland Why Poland Gas prices in Europe are much higher than in the U.S., in the 9 - 12 range Poland is underexplored; it still has conventional deposits (vertical wells, no stimulation; high ROI) FX knows…
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: 420 Mmcf/day; 150 Bcf/year; 4.2 Bcm/year Natural…
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…
FX Energy: Licenses in Poland Fences license core producing area; large prospect 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 License: 2014/2015 Plans Continue building production and reserves Fences License (FX 49%) 8 wells now producing Zaniemysl sidetrack could produce 1Q15 if successful Karmin-1 scheduled to start Miloslaw-4 2015 drill…
Fences License: Growth on a Solid Base Economics: Average of 10 Fences Wells (100%) Long lived, steady production and revenues Well cost (current estimate) 10 mm High return on invested capital Facilities cost (current estimate) 4…
Edge License: Geological Setting Source, Reservoir, and Seal in the Edge License Edge - Tuchola Discovery Source: Carboniferous, Devonian and Silurian source rock underlie the Edge license most existing wells had oil and/or gas…
Edge License: A New Hydrocarbon Play Tuchola discovery encourages a Edge license stepped up exploration effort 240 sq. km. of new 3D seismic cover the Angowice Prospects Tuchola field and the Angowice prospect cluster Tuchola-3K,…
Edge License: Angowice 4 Prospects Angowice-1 drilling now FXs third well in the Edge license; drilling started in October results expected around year end Angowice-1 well to test stacked pay potential on one of four prospects in the…
Tuchola Field: A Model for Exploration Tuchola field: high value production stream Methane plus helium plus NGLs and condensate value approx. Tuchola-4K Tuchola-3K 7.00 to 7.50 per gross produced mcf at current prices (x 12 Bcf = 84…
Tuchola Field: Production Tuchola production facility and pipeline: design and permitting underway Initial production estimated at 10 mmcf/d gross to yield an estimated 20 million per year initially Estimated 80 million of future…
Recap Edge license: Tuchola discovery signals a potentially significant new exploration area Tuchola field (2 wells) initial gross production estimated at +10 mmcf/d; est. 80 million future gross revenues over 5 years from 12 Bcf…
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