FX Energy Reports Lisewo-2 Well to be Completed for Production
Dec 2 13
FX Energy Inc. reported that the Lisewo-2 well will be completed for production prior to further testing. The well was drilled to a depth of 3,779 meters and cased to the top of the Rotliegend target reservoir. A total of 27 meters were cored at the top of the reservoir which showed excellent reservoir quality and gas saturation similar to the Lisewo-1 well. Planned operations call for completing the well for production. At that time a full scale production test will be done to determine the production parameters. The Lisewo-2 well was drilled to accelerate production from the Lisewo structure originally discovered by the Lisewo-1 well. The Lisewo production facility, scheduled to begin producing before the end of the year, is designed to serve both Lisewo-1 and Lisewo-2, in addition to the Komorze-3 well. All three of these wells are located in the Fences concession where the Polish Oil and Gas Company (PGNiG) is the operator and owns 51% of the working interest; FX Energy owns 49%. Szymanowice-1 well. The Szymanowice-1 well has reached the base of the Zechstein at a depth of 3,595 meters. The next operations will include setting and cementing casing through the Zechstein before drilling into the Rotliegend target horizon. The Rotliegend target depth is approximately 3,615 meters, where the objective of the well is a Rotliegend structure identified on 3D seismic, located approximately 2 kilometers southeast of the Lisewo field. The Szymanowice-1 well is located in the Fences concession where PGNiG is the operator and owns 51% of the working interest; FX Energy owns 49%. Tuchola-4K Appraisal well. The company has selected a drillsite and is permitting the Tuchola-4K well. Tuchola-4K is an offset location to the Tuchola-3K discovery, drilled earlier this year. The company plans to drill and test the Tuchola-4K well during the first half of 2014. Approximately 110 square kilometers of high definition 3D seismic has been acquired and interpreted in this area. This is part of a total 220 square kilometer seismic program to identify additional targets in the Edge concessions. The Edge concessions, where the Tuchola wells are located, are 100% owned and operated by FX Energy.
FX Energy Inc. Presents at Wood & Co Emerging Europe Investors Conference, Dec-03-2013
Nov 17 13
FX Energy Inc. Presents at Wood & Co Emerging Europe Investors Conference, Dec-03-2013 . Venue: Radisson Blu Alcron Hotel, Stepanska 40, 110 00 Prague, Czech Republic.
FX Energy Inc. Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Production and CapEx Guidance for 2013
Nov 7 13
FX Energy Inc. announced unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2013. The company announced net income of $6.5 million, or $0.12 per diluted share, for the quarter ended September 30, 2013 compared to net income of $2.0 million, or $0.04 per diluted share for the same period last year. Total revenues were $8.2 million for the 2013 third quarter, compared to $9.6 million for the same quarter in 2012. Oil and gas revenues were $8.0 million during the third quarter of 2013, compared to $9.0 million during the same quarter of 2012. Operating loss was $3.7 million against $8 million reported last year.
The company reported a net loss of $15.6 million or $0.30 per diluted share, for the first nine months of 2013 compared to a net income of $4.55 million or $0.09 per diluted share reported in the first nine months of 2012. Oil and gas revenues were $25.7 million for the first nine months of 2013, compared to $24.8 million for the same period of 2012. Total revenues for the first nine months of 2013 were $25.9 million, compared to $26.7 million in the first nine months of 2012. Operating loss was $12.3 million against $5.8 million reported last year. Net cash provided by operating activities of $2.9 million during the first nine months of 2013, compared to net cash provided by operating activities of $5.8 million during the same period of 2012. The primary driver of the year-to-year decrease was the higher exploration costs in 2013 associated with the Company's Poland operations, along with reductions in current liabilities. Additions to oil and gas properties were $16.7 million against $11.8 million and additions to other property and equipment were $0.9 million against $0.5 million reported last year.
For the quarter, normal production declines and a temporary shut-in led to the lower revenues. Total net oil and gas production decreased 13% to 1,062 million cubic feet equivalent (Mmcfe) during the third quarter of 2013, compared to 1,217 Mmcfe during the 2012 quarter. Production declines at the Company's Zaniemysl and Roszkow wells in Poland were a significant cause for the reduction.
Total production for the first nine months of 2013 was 3.4 billion cubic feet equivalent (Bcfe), compared to 3.5 Bcfe during the first nine months of 2012. Daily production for the first nine months of 2013 was approximately 12.6 Mmcfe/d, compared to approximately 12.8 Mmcfe/d during the first nine months of 2012, a decrease of 2%. Gas prices during the first nine months of 2013 averaged $7.06 per Mcf, compared to $6.64 per Mcf during the same period of 2012, an increase of 6%.
Looking forward to the fourth quarter production numbers, the production rate will be improved by 2 factors. First, the annual scheduled 2-week maintenance period on its KSK wells was completed during the last quarter. So, those wells are back on production. Second, Lisewo-1 well should begin production by the end of this month. The company expects production to be at a rate of about 5.4 million cubic feet a day gross, with its net production from that well equal to 2.6 million cubic feet per day. As a result of these 2 events, the company expects its production rate to be about 14.0 million cubic feet equivalent per day as it exit 2013. At the beginning of 2013, the company announced that it expected to make $60 million to $70 million of capital commitments this year. The company expects its total capital spending to come in somewhere between $45 million and $50 million this year significantly higher than the $36 million spent during all of last year.