Tuesday, October 9, 2012

FX Energy 9-Oct-2012 Operations Update

"Kutno-2 has encountered reasonably good gas shows...However, the porosities seen in the well cores are not as good as have been encountered in the Company's successful Rotliegend wells at shallower depths....it is simply too early to speculate as to a definitive result."


This update is not so good as to cause me to add to my #1 position, but not so bad as to cause me to sell.
Note: The P50 number for Kutno, 4.75 net Tcf, is based on 10% porosity which is less than the Company's Rotliegend wells at shallower depths anyways.

The Company's Rotliegend wells, all of which are at much shallower depths than Kutno, have the following porosities:

Komorze-3K - up to 22.4%
Lisewo-1K - upper zone averages 18% and ranges from 2% to 25%
                   - lower zone averages 17% and ranges from 10% to 24%
Kromolice-2 - averages 15.1% and ranges up to 28%
Kromolice-1 - porosity from 11% to 22%
Roszkow - porosity from 14% to 24%
Sroda-4 - average porosity in excess of 20%
Winna Gora - average porosity 15%-16%

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