POLAND A Unique Play on the Strong European Gas Market June 2014 1
Market and Financial Overview Major Institutional Shareholders as of 3/31/2014 Financial Information as of 3/31/2014 Number of Shares % Holding Balance Sheet Unaudited Audited Income unaudited BlackRock Fund Advisors 3,595,229 6.4%…
Briefly: FX in Poland FX Energy is an oil and gas company focused on Poland Poland still has conventional gas deposits (vertical wells, no stimultation); our commercial wells average 17 Bcfe (P50 pre-tax reserves) and 4.9 Mmcf/d with…
Untapped Resources in Poland Poland likely has significant undiscovered hydrocarbon potential Permian Basin extends across Europe: Permian (Rotliegend) gas fields in Poland are direct analogs to those found in the UK and Dutch sectors…
Polish Gas Prices Are Higher Than U.S. Polish Gas Price vs U.S. Henry Hub (/mcf) 16 Polish gas approximately 12/mmbtu 14 12 Poland FX 1Q2014 average wellhead price: 10 US 9.28/mmbtu 8 6 7.42/mcf (80% methane gas) 4 2 0…
Poland: A Brief 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…
FX Energy Licenses in Poland Fences license: core producing area Edge license: Tuchola discovery; potential to Edge - Tuchola Discovery scale up significantly Edge 100% Other licenses: plans to be clarified later Continuously…
Fences License Core Producing Area Rotliegend gas potential PGNiGs Paproc field 267 Bcf disc. 1982 Rotliegend gas fields from the 1980s showed area potential PGNiG had given up on the Rotliegend play - too deep for porosity beyond…
FXs Production Base in Poland FX started building reserves in 2003 FX farmed into a prospective acreage block in 2000 (49% non-operated interest in the Fences license) 67% successful on structural traps, but only averaged 1 well per…
Steady Production Good Economics Production Profile - Average of 10 Fences Wells Estimated Future Net Revenues from Producing 6.0 180 Properties P50 (000,000's) 160 50 5.0 140 40 Mmcfe/day Mcme/day 4.0 120 100 30 3.0 P50…
2014 Plans for Fences License Fences License (FX 49%) Miloslaw E. 2014 drill Lisewo-1 started production 4Q2013; K-3=1Q2014; L-2=3Q2014 Baraniec 2014 drill Zaniemysl-3 sidetrack 2H14 Ciemierow 2014 drill Fences…
Backlog of 20 Undrilled Prospects Miloslaw Area Lisewo Area FX invested 40 million in 3D seismic 2011-2013 Long lead time to acquire, process and interpret Payoff a backlog of drill ready prospects on 3D with gross unrisked…
Growth in the Fences License Production is ramping up 7 wells are producing now: 13.6 Mmcfe/d net company-wide average for 1Q2014 Another well awaiting hook-up 3Q2014 Working on permits to tie 2014 new wells into production…
Edge License A Significant New Play Tuchola new field discovery is a model for exploration efforts Very high production rates from Carbonates mean high present value reserves; production stream includes rich gas, condensate and…
Edge License Exploration Edge license source rocks Edge license gravity map Ongoing Exploration in the Edge License Underlying source rock in Carboniferous and Devonian Edge license 2D map Potential reservoirs in Carbonate…
Tuchola Gas Field Edge license Tuchola-3K, -4K Tuchola-4K Tuchola-3K Tuchola Results Signal a Potentially Significant New Exploration Play Production is from Zechstein/Upper Devonian; Middle Devonian not tested Edge Gas in…
Tuchola Field Development Tuchola Field Tuchola Revenues Comfortably Exceed Development Costs Tuchola-4K Tuchola-3K Facilities and pipeline design and permitting underway; minimum 18 months followed by about one year of…
Recap FXEN has many 3D targets, a robust drilling schedule and the funds to carry out its 2014 plan 2013: capex approx. 50 million; 5 wells drilled plus extra seismic 2014: capex planned at 55 million; 7 wells planned plus some…
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