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Elvis has arrived. Presentation by David Pierce. Says FXEN is 'THE' Polish company
Actually, he tells the story very well.
Looks like he is following the company posted presentation materials on the FX website. Starting with why in Poland, Europe hydrocarbon situation, iron curtain and development, changes in financial condition so FX can now drill more than one well per year, production growth at FX, really good numbers, rule of law present and taxes low (no mention of recent govt proposals), etc etc. About ready to go with drilling another well he mentions.
Two areas where we can get significant additions to reserves. Lisewo is #1 area, upside is structures - might connect structurally - have 49% interest. Should have a right profile. Should bat 0.700. Can double or triple reserves of company from this area alone.
Plawce 2 being tested now. Two wells drilled in area to give some idea of structure. Just 'getting ready to test it now'. We don't know if play will work. Lot of territory to develop if it works. Very deliberate in what he said, or did not say, with regard to potential and probabilities. No mention to testing dates or timeline here.
Moving on to other areas now. Recent discovery at Edge concession. Month or so ago tested commercial discovery called the Tuchola 3K well. Looks 'pretty interesting', cannot see eastern edge of structure. 'Only' tested at 3.8 to 5.0 million cubic feet a day - know it is commercial - well capable of more.
Audio stream cut off, not sure my computer or source, probably source. more to follow. Now jumped to another presentation, two presentations at once, guy talking about oil production of 2,000 barrels a day and is not DP, audio garbled. It is here DP is probably clarifying Plawce details
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The story is a compelling once. IMO. Thank management for presenting. Bottom line is if I did not have a boat full here already I would be a buyer today - which means the stock will probably tank on heavy selling
Management should get a refund for the technical screwup, audio is terrible, sounds like a police scanner in downtown Chicago on a hot Saturday night.
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The new June FXEN presentation link that was presented at the IPAA conference:
http://www.fxenergy.com/files/presentat ... 130604.pdf
The slides pretty well explain themselves. Note:
Page 19 discusses the Lisewo discovery and potential
Page 20 discusses the Plawce 2 tight sand frac project
Page 23 discusses the Tuchola 3K commercial discovery
Pages 7 - 10 explains why Poland is so compelling for exploration, note especially geological map on page 7