FX Energy looks forward to steady exploration schedule
The Salt Lake City-based exploration company is listed on the Nasdaq, where the small cap's share price rose from around $3 (zł.12) in the second half of last year to a high of over $12 (zł.48) in February, following a commercial gas find at Zaniemysl near Poznań. While the excitement has slumped, so to has the price of stock - at press time starting its recovery from around $8 (zł.32).
Two months ago, FX Energy signed a new agreement with CalEnergy Resources, expanding the range of joint projects in Poland. A 'Greater Zaniemysl Area' was established with CalEnergy to put February's discovery into production while investigating more local possibilities.
"On its own, the Zaniemysl field is an unquestioned commercial success," says David Pierce, president of FX Energy, in a recent statement. "Outside the GZA, FX will continue its exploration program to discover large potential reserves in the near term with the Środa and Rusocin exploration well, which are next in line on the ...drilling schedule."
Richard Hardman, director and chairman of the FX Energy technical advisory panel, also commented, "The level of drilling activity proposed for 2004 and 2005 should allow us to achieve a statistical success ration that begins to approach the high levels of success achieved in exploring the ...southern North Sea over the past ten years."
Hardman is a veteran of British North Sea gas exploration and has been awarded the title of Commander of the British Empire (CBE) for his services to the UK. "In addition, cash flow from the Zaniemyśl discovery and any other discoveries completed during 2004 should commence in late 2005," Hardman states.
FX Energy have $30 million (zł.120 million) in working capital, apparently sufficient to test more than ten exploration prospects on its own or with its partner, the Polish Oil and Gas Company (PGNiC).
"PGNiC is now preparing its budget for 2005, and it is critical for FX to have fund-raising," continues Pierce. "In addition, given the likelihood that PGNiC will be privatized during 2004, a stronger balance sheet may permit FX Energy to take advantage of any new opportunities which may arise."
Two months ago, FX Energy signed a new agreement with CalEnergy Resources, expanding the range of joint projects in Poland. A 'Greater Zaniemysl Area' was established with CalEnergy to put February's discovery into production while investigating more local possibilities.
"On its own, the Zaniemysl field is an unquestioned commercial success," says David Pierce, president of FX Energy, in a recent statement. "Outside the GZA, FX will continue its exploration program to discover large potential reserves in the near term with the Środa and Rusocin exploration well, which are next in line on the ...drilling schedule."
Richard Hardman, director and chairman of the FX Energy technical advisory panel, also commented, "The level of drilling activity proposed for 2004 and 2005 should allow us to achieve a statistical success ration that begins to approach the high levels of success achieved in exploring the ...southern North Sea over the past ten years."
Hardman is a veteran of British North Sea gas exploration and has been awarded the title of Commander of the British Empire (CBE) for his services to the UK. "In addition, cash flow from the Zaniemyśl discovery and any other discoveries completed during 2004 should commence in late 2005," Hardman states.
FX Energy have $30 million (zł.120 million) in working capital, apparently sufficient to test more than ten exploration prospects on its own or with its partner, the Polish Oil and Gas Company (PGNiC).
"PGNiC is now preparing its budget for 2005, and it is critical for FX to have fund-raising," continues Pierce. "In addition, given the likelihood that PGNiC will be privatized during 2004, a stronger balance sheet may permit FX Energy to take advantage of any new opportunities which may arise."
