Companies

Request More Information

Last:
Change: Change(%):
Volume: Open:
High: Low:
52Wk High: 52Wk Low:

Experts Commenting on This Company

 

Visit Company Website

View Company News


FX Energy Inc.

TICKER: FXEN:NASDAQ

FX Energy Inc. is an independent oil and gas company focused on Poland. The company believes Poland's hydrocarbon-producing areas are underexplored because the country was closed to competition from foreign exploration companies for many decades. FX Energy has accumulated a large land position in known productive areas, assembled a sophisticated technical team and generated a number of attractive gas prospects. It expects to approve projects with a cost of $60–70M.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Joe Reagor, ROTH Capital Partners (4/21/14) "FX Energy Inc. announced a successful test of the Tuchola-4k well, which exceeded our prior expectations. The announcement continues to support our view that the company is a junior natural gas producer with significant growth potential."

Joe Reagor, ROTH Capital Partners (1/3/14) "We are initiating coverage of FX Energy Inc. with a Buy rating. . .we view the company as a natural gas producer on the cusp of significant production and reserve growth. We anticipate the majority of this growth to come from the Fences concession, but FX Energy has significant potential to expand into other areas in the long run."

Kim Pacanovsky, Imperial Capital (12/20/13) "We are initiating coverage of FX Energy Inc. . .we believe Poland is underexplored for both conventional oil and gas assets, and that much opportunity exists for the company. . .FX Energy is moving in the right direction of a more active drilling schedule with more operated production, which is likely the only way it will be able to lessen the impact of delays and maintenance downtime."

Joel Musante, Euro Pacific Capital (12/12/13) "FX Energy Inc. initiated production from its Lisewo 1 well in the Fences area in Poland. The well came on at a gross production rate of 5 MMcf/d. . .production at Lisewo is a meaningful event as it indicates that production facilities are online and could be utilized for a number of other projects the company is developing in the area, including the Komorze-3 well that is scheduled to come online in Q1/14, the Lisewo 2 acceleration well that is scheduled to come online in the second half of 2014 and the Szymanowice-1 exploration well, if this turns out to be a successful discovery."

Glenn Williams, Sidoti & Company (11/8/13) "To us, FX Energy Inc.'s current valuation is supported solely by its production within the Fences region, an area drilled in conjunction with state operator Polish Oil & Gas Co. We contend, however, that investors are remiss to ignore the company's activity outside of the Fences region, where it holds a 100% working interest (versus 49% in the Fences). Investors will need to be patient, however, as drilling outside Fences requires significant evaluation of seismic data to ensure successful drilling. . .as we await additional testing results outside the Fences, we are confident that the company will maintain its current production within the Fences region, where itmaintains 70% drilling success."

more comments

Joel Musante, Euro Pacific Capital (8/8/13) "We reiterate our Buy rating and $5 price target for FX Energy Inc., which is supported by our NAV of $5.05. The company is gearing up to drill several exploration wells, which should create more excitement in the stock."

The Energy Report Interview with Jocelyn August (7/30/13) "FX Energy Inc. can have large-moving catalysts, whether positive or negative. FX had a positive catalyst in May. Good news on production tests at the Tuchola-3K well put it up almost 19%. . .we're looking for more drill-test results in the Fences area, where these are located, including those for the Lisewo-2 and Szymanowice-1 wells. We're also looking for results this quarter from a couple of its wells in Poland." More >

Joel Musante, Euro Pacific Capital (7/9/13) "While FX Energy Inc.'s Plawce 2 test was disappointing, we believe the selloff of shares is overdone; the shares are now trading at just above proved PV-10 value of ~$2.80/share after adjusting for balance sheet items at March 31, 2013. At these levels, FX Energy's shares reflect virtually no credit for exploration potential of the company's Lisewo satellite prospects or the Tuchola-3K discovery; while still exploratory in nature, the Lisewo satellite prospects are in the vicinity of the Lisewo discovery and have a good chance of becoming discoveries."

The Energy Report Interview with Jeff Grampp (6/6/13) "On the gas side, we like FX Energy Inc., which has assets in Poland. It has several large exploratory blocks and recently announced a very solid production test on an exploration well in a 100%-owned block outside of its Fences concession. The Fences concession has been one of FX Energy's more successful blocks and news of the company's drilling success outside of the Fences concession is particularly positive. FX Energy plans to drill more wells near this most recent find after it acquires three-dimensional seismic data and there is good potential in 2013 for FX Energy to capitalize on its recent success.

Most of Poland's natural gas is supplied by Russia, with natural gas prices in Poland being quite high given its lack of domestic production. FX Energy's strategy has been to take advantage of the localized natural gas pricing dynamic. In the long term, it would not be out of the question for Polish imports of LNG to impact natural gas prices in Poland, but it seems unlikely to have a major impact over the next couple of years. For the time being, these guys are producing natural gas in the right place given that they receive nearly $7 per Mcf." More >

Joel Musante, Euro Pacific Capital (5/31/13) "We are initiating coverage of FX Energy Inc. with a Speculative Buy rating and a $5.50 price target. . .outside the Fences area, a recent positive production test of the company's Tuchola 3-K well raises the possibility of a new development area in the Edge concession in Poland. Currently, FX Energy produces about 12.4 MMcf/d in Poland from seven wells and a 2P reserve base of 79 Bcf. . .attractive natural gas price realizations of nearly $7/Mcf and low operating costs have made discoveries very profitable."

Jeff Grampp, C.K. Cooper & Co. (5/22/13) "FX Energy Inc. reported an encouraging production test from its Tuchola-3K well in its 100%-owned Edge concession. The well flowed gas at rates of 3.8–5.5 MMcfpd, with no associated water production. . .due to the impressive results from the production test, the company plans to complete the well as a commercial discovery. . .we are encouraged by the success of the Tuchola-3K well and reiterate our Buy rating and $7 price target."

Jeff Grampp, C.K. Cooper & Co. (5/10/13) "FX Energy Inc. is in discussions to obtain a new credit facility, which will likely include a larger borrowing base to provide liquidity for the company to continue its aggressive exploration program. FX Energy has plans for two Fences wells in the Lisewo area in 2013 that could be quickly connected to existing infrastructure, if successful, and also plans to acquire additional seismic data on its non-Fences concessions to better identify future exploration well locations that will likely be drilled in 2014."

Jeff Grampp, C.K. Cooper & Co. (4/29/13) "FX Energy Inc. provided an encouraging update on its Tuchola-3K well in its 100%-owned Edge concession in Poland. . .the company reported that a drill stem test from a dolomite section in the Ca1/Upper Devonian flowed gas at a rate of ~5 MMcfpd with traces of condensate. The positive results have led the company to initiate a full production test of the well. . .the news of a solid flow rate from the well is a promising development for future exploration activities in the Edge concession. . .we reiterate our Buy rating and price target of $7."

Kim Pacanovsky, MLV & Co (4/29/13) "The 5 MMcf/d drill stem test flow rate from the Upper Devonian dolomite in FX Energy Inc.'s Tuchola-3K well increases our optimism on the stock. The company is initiating a full production test, from which we hope to see steady pressure and a strong commercial rate. . .FX could have multiple additional targets next to the Tuchola-3K well. . .we are optimistic, and believe the shares will respond favorably to this news."

Jeff Grampp, C. K. Cooper & Company (4/8/13) "FX Energy Inc. provided an update on the Plawce-2 tight gas well in the Fences concession. . .recall, logs, cores and a drill stem test on the Plawce-2 well exhibited encouraging gas shows with no water. . .a number of exploration wells planned this year represent potentially catalytic events for FX Energy. . .we reiterate our Buy rating."

Kim Pacanovsky, MLV & Co (3/20/13) "We estimate that FX Energy Inc. will grow production 10.8% YOY, producing an average 14.5 MMcfe/d in 2013. We note that the company is in strong financial shape—we expect it to generate $26M in cash flow for 2013."

Kim Pacanovsky, MLV & Co (3/15/13) "FX Energy Inc. reported higher-than-expected Q4/12 production/revenues than the street anticipated. . .EPS came in at ($0.01), versus the street's $0.01; CFPS of $0.12 beat consensus by $0.05. . .the company expects production from Lisewo-1 and Komorze-3 in H2/13. . .management anticipates FY13 cash flow of $75M and will approve a budget of $60–$70M. . .we remain enthusiastic about the potential in the Fences area. We are maintaining our Buy rating."

Jeff Grampp, C. K. Cooper and Company (3/13/13) "FX Energy Inc. has a number of exploratory wells in its queue that could have a meaningful impact on the company. . .we continue to have a positive outlook on FX Energy as the company has a solid pipeline of near-term exploration targets and focuses on drilling wells in the Lisewo area near previous discoveries that could be quickly connected to infrastructure, if successful."

Chad Mabry, KLR Group (2/27/13) "FX Energy Inc. remains encouraged by the potential of the reef trend on the Edge concession and plans to continue its exploration efforts in the near-term. . .FX Energy has a number of lower-risk prospects on the near-term horizon that should yield more positive results; it also has an intriguing oil prospect with near-term results expected. . .we like the risk/reward at these levels and are maintaining our Accumulate rating."

Raymond Deacon, Brean Capital (2/27/13) "FX Energy Inc.'s Devonian oil test at Tuchola and the Mieczewo test in the Fences both are likely to have news within a month. Lisewo-2 should start drilling in the second quarter, along with the Plawce-2 frac and test. . .three or four additional Lisewo wells are planned for 2013. . .with the Tuchola Main Dolomite result, the company can now use seismic to look for porosity on seismic rather than with the drill bit—that's likely to occur very soon. . .our $8/share target price is equal to 85% of our risked NAV."

Raymond Deacon, Brean Murray Carret & Co. (2/6/13) "FX Energy Inc.'s Tuchola 3K exploratory well has reached its first objective and testing results could provide a boost to the shares given that the company owns 100% of the 880,000 acre Edge concession. Mieczewo-1K results are likely within six weeks is our sense; each of these tests could be material because the company holds 100% working interest in the Tuchola well and 49% interest in the Mieczewo well."

Kim Pacanovsky, MLV & Co (2/5/13) "FX Energy Inc.'s Winna Gora is now up and producing at 1.5 Mmcf/d gross, bringing our Q1/13 production estimate up to 12.8 Mmcf/d. . .at Mieczewo-1 (in the Fences concession), drilling is underway (and below 2,000m). . .the company has been quite successful within Fences and this well is considered to be relatively low risk."

Raymond Deacon, Brean Capital (11/13/12) "The market is likely not giving much credit to the FX Energy Inc.'s upcoming drilling catalysts which we estimate could add ~$6/share to our NAV estimate, even assuming a low probability of success. Production in Q3/12 was a record for the company at 13.2 MMcfe/d, and the Winna Gora well will begin production during Q4/12 which should enable production to reach 14 MMcfe/d, a 15% increase over Q4/11."

Chad Mabry, KLR Group (11/12/12) "While Kutno could have been a game-changing event for the stock, FX Energy Inc. still has a number of prospects in its inventory that could be quite meaningful. We think the correction has offered a nice opportunity for longer-term investors and see shares trading higher over the next ~12 months as its drilling program is carried out."

Jason Gammel, Macquarie Capital Markets (11/12/12) "We expect that the absence of news flow from FX Energy Inc.'s exploration drilling could hold the stock back in the near term; however, we do believe that the production ramp provides a near-term catalyst. Further, we see good value in the stock, which is now trading below the value of discovered resource and cash (US$5.90/share)."

Joel Musante, Euro Pacific Capital (11/12/12) "While the Kutno-2 well was disappointing, FX Energy Inc. currently has a number of exploratory prospects in its queue that could have a meaningful impact on the firm. . .the company also has 2-D and 3-D seismic surveys underway, which will help in determining future exploration targets. We reiterate our Buy rating and price target of $8."

Joel Musante, C.K. Cooper & Co. (11/6/12) "FX Energy Inc. announced results of a drill-stem test at the Frankowo-1 well in the Block 246 concession. . .the well was tested from the upper 5m of a 45m pay section in the Main Dolomite at ~1,550m and flowed at a rate of 2 MMcfg/day. . .it is quite likely that the well is capable of producing at a higher rate, given the favorable porosity of the rock. . .the company may achieve commercial development of the Main Dolomite if it were to tie a number of discoveries into one centralized production facility. . .we reiterate our Buy rating and maintain our price target of $8."

Jason Gammel, Macquarie Capital Markets (10/31/12) "We retain our Outperform recommendation on FX Energy Inc. . .we are expecting further drilling updates before year-end from the Frankowo-1 well, where the company is flow testing the secondary gas zone (shallower dolomite), and from the Plawce-2 well, where fracing operations are ongoing. Additionally, we expect the company to spud the Tuchola-1 and the Mieczewo-1K well in Q4/12. . .we still see upside from the ongoing exploration drilling and, with the stock trading at a 40% discount to our revised $9/share target price, we think that weakness in the stock today will offer potential for an entry point ahead of further news flow before year-end."

Kim Pacanovsky, MLV & Co (10/31/12) "FX Energy Inc. has a host of strong prospects, with several new production additions in 2013. . .this is an exploration company, and one with a strong record. . .the company is still able to fund a strong program next year, with $20M in cash flow, $45M in cash on the June 30 balance sheet and ample bank-line liquidity."

Andrzej Kubacki, ING Securities (10/22/12) "FX Energy Inc.'s Komorze discovery has a good chance of being commercial, with potential reserves beating our initial expectations (24Bcf) by 44%; in addition, the good porosity levels observed at Komorze improve the chances of greater-than-expected discoveries at the remaining four Lisewo satellite structures. . .we expect the company to test three more wells over the next six months: Tuchola, Mieczewo-1K and Plawce 2, with potential recoverable reserves of up to 247 Bcf of gas. Given the company's past track record, we expect additional value to be uncovered as a result. . .we upgrade our target price to US$7.60 and change our recommendation to Buy (from Hold)."

Joel Musante, Euro Pacific Capital (10/10/12) "FX Energy Inc. provided an operational update on several exploratory wells in Poland, most notably the high-impact Kutno-2 well and the Komorze-3 well; the company reported that the Kutno well encountered gas shows in the target Rotliegend formation, but the reservoir appears to have lower porosity when compared with other wells drilled in this formation. The company will continue to drill the well to perform a drill stem production test, which should be a more conclusive measure of commerciality."

Kim Pacanovsky, Imperial Capital (10/10/12) "FX Energy Inc. announced that it encountered good gas shows throughout the Rotliegend in the Kutno (9 tcf predrill prospect) with porosities lower than the shallow Rotliegend in Fences, which is what one would expect due to depth; while the well is further tested, the waiting game continues. . .the good news, and the impetus behind the release, was early results on Frankowo; gas saturation and good porosity has been found in the Main Dolomite—encountered while drilling through the Zechstein on the way to the Rotliegend in the Frankowo (100% WI)."

The Energy Report Interview with Kim Pacanovsky (10/9/12) "My favorite company is FX Energy Inc., which operates almost exclusively in Poland. . .the advantages [to operating in Poland] include a very high realized natural gas price. . .that takes out a lot of the commodity risk you have here in the U.S. Poland has low taxation and royalties because it wants to encourage natural gas investment. . .because Poland was behind the Iron Curtain for so long, the actual number of wells drilled was so much lower than in the non-Eastern Bloc countries that host the same formation, called the Rotliegend sandstone, which is the primary target of FX Energy in Poland. So, this gave FX an opportunity to bring in the best science and drilling practices, resulting in drilling 8 out of 11 wells successfully.

For 2012, we're looking at production of about a little more than 13 MMcf/d growing to 15 MMcf/d in 2013. But there's a significant well that's coming on-line at the end of 2013. So the production in the fourth quarter of 2013 should be closer to 19 MMcf/d at over $8 per Mcf. . .for next year we're expecting around $43 million ($43M) in revenue and $0.08 in earnings and $0.40 in cash flow. . .the biggest prospect is called Kutno, which is a 9-Tcf prospect. . .it's very high risk. . .but if it's not dry, it's going to be big for the company. . .up until last year, FX was drilling one or two wells per year and didn't have the funding and the prospects to drill at its current pace. We predict it could have six or seven well results per year starting in 2013, which is very exciting." More >

Kim Pacanovsky, MLV & Co (9/13/12) "We continue to believe several potentially high-impact catalysts are on the horizon. . .if Kutno is successful, FXEN Energy Inc. could see an oil and gas major come in and further evaluate/develop the well as the cost of development is beyond the means of FX. If this were to occur, we expect a special dividend could be paid out, the company would continue to test other high impact prospects, and then the ultimate exit strategy down the road is the sale of the company."

Kim Pacanovsky, MLV & Co (8/13/12) "FX Energy Inc. reported Q2/12 earnings per share of $0.02 and cash flow per share of $0.09, in line with our expectations. . .with a record active exploration schedule, strong cash position and cash flow, Kutno drilling and perhaps three wells coming online at year-end 2013, we continue to like the company's risk/reward profile."

Joel Musante, C.K. Cooper & Co. (8/10/12) "FX Energy Inc.'s exploratory well program in Poland appears on track to drill or test six wells in H2/12; production results from its Komorze-3 well are expected towards the end of August, following a three-week production test. Initial test results from the high-impact Kutno-2 well and Plawce-2 tight sand well are expected in September. . .we reiterate our Buy rating and $9 price target for the company."

Jason Gammel, Macquarie Capital Markets (8/10/12) "FX Energy Inc.'s adjusted EPS of US$0.02 beat the consensus of US$0.01. . .we expect production of 14 MMcfde in both Q3/12 and Q4/12. . .the net result is that FX should generate production growth of about 10% in 2012. . .we expect production to be up about 15% in 2013. . .the high risk/reward Kutno is making good progress and could reach its objective during the quarter. . .we also expect the company to spud exploration wells at Frankowo and Mieczewo-1 in Q3/12 and at Tuchola-3 and Lisewo-2 in Q4/12. . .we believe the stock offers a compelling risk/reward tradeoff and retains our Outperform rating."

Joel Musante, C.K. Cooper & Co. (8/6/12) "A coring test confirms a Kormoze-3K discovery. . .based on the metrics, the Kormoze-3K well should be slightly better than the Lisewo-1 discovery located about 4 km away. FX Energy Inc. is moving forward with a production test, which should be completed before the end of August. . .we reiterate our Buy rating and $9 price target."

Raymond Deacon, Brean Murray Carret & Co. (8/3/12) "We are reiterating our Buy rating for FX Energy Inc. and raising our target price to $10/share, equal to 85% of our risked NAV at mid-cycle benchmark prices of $85/Bbl oil and $4/Mcf natural gas. The Polish National Oil company said yesterday that its Komorze-3 well was a 1 Bcm discovery (35 Bcf), implying a 17 Bcfe net reserve addition for FX Energy, given its 49% working interest in the well, which is located on the company's Fences concession. . .FX Energy remains our favorite small-cap name and, in our view, offers the best risk/reward profile in the group."

The Energy Report Interview with Jocelyn August (8/2/12) "Speaking of gas in other areas besides the U.S., we are also looking at FX Energy Inc. It is doing a lot of gas drilling in Poland. . .it's definitely interesting, and it's one that we highlighted in our Outlook report. Poland is an attractive market because it has significant hydrocarbon potential, which is very largely unexplored, and right now current domestic production in Poland is not enough to meet demand in that area. So, if these projects are economically viable, FX Energy would be in a very favorable position. It is drilling multiple wells in that area that are targeting the Rotliegend formation. We are looking at a lot of different catalysts that are approaching this quarter, particularly in the Fences area where FX has been drilling multiple wells. It has made several announcements recently regarding these wells, including the conclusion of casing at the Kutno well in July when it also announced results from one of its Komorze wells. It is expecting results from multiple wells this quarter. These could mean some very positive moves for the company." More >

Joel Musante, C.K. Cooper & Co. (7/25/12) "FX Energy Inc. reported that at its Fences concession it Poland, it observed gas shows in the Komorze-3K well while coring the target Rotliegend sandstone at 3,971–3,985m. This is encouraging news as the Komorze-3K well is drilling in a satellite structure that is located about 4km from the Lisewo-1 discovery; management indicated that mud logs from the two wells look very similar. . .there are strong indications that Komorze-3K will be a discovery, but we cannot confirm the success or its size without production data, which we expect will be reported in two weeks to a month."

Andrzej Kubacki, ING Securities (7/25/12) "FX Energy Inc. reported gas shows at an interval from 3,971–3,985m; a full production test will be done once the total depth of 4,075m is reached. . .developments in Komorze-3K look positive. . .to the best of our knowledge, the potential of the discovery is in the range of 15 Bcf gross (with FX Energy holding 49% interest in the concession), and in our model, we have assigned a 70% probability of success to this particular well. Progress on the other concessions is in line with our expectations."

Kim Pacanovsky, MLV & Co (6/18/12) "ExxonMobil Corp. is abandoning its shale gas activity in Poland. . .the move may slow the push for higher tax rates. FX Energy Inc. currently enjoys a 19% tax rate on gas production. . .we reiterate that the company is a conventional gas producer and is affected by shale activity only in terms of how that changes regulatory/tax structure and demand for services; thus, in the near term, we believe ExxonMobil's move is a positive for FX Energy."

The Energy Report Interview with Joel Musante (6/14/12) "FX Energy Inc. is unique because it operates almost exclusively in Poland. It targets high-risk, high-potential-return exploration prospects in contrast with most oil and gas companies in the U.S. that focus more on lower-risk resource plays. For investors who can tolerate the risk of an exploration-oriented company, FX may be attractive. Some of the drilling prospects the company is testing have the potential to double or triple its reserves, if successful. Some discoveries it has made are quite large and some not so large, but when it does hit a prospect, it's usually very economically attractive. . .through the accumulation of its past discoveries, it has brought on a lot of production recently. Now, it's using its cash flow and reserves as a funding source and drilling quite a few exploration wells. . .the only way that you can get ahead of this is if you buy it before it makes a discovery. If you don't, as soon as it makes one and announces it, the stock is going to appreciate, and you're going to miss out." More >

Jason Gammel, Macquarie Capital Markets (6/1/12) "FX Energy Inc. hosted a tour of its producing and exploration assets in Poland on May 24–25; the company is at an inflection point in its operations, with production ramping, a high risk/reward exploration well (Kutno) nearing its objective, and six further exploration/appraisal wells either drilling or spudding by 2H/12. . .the Kutno-2 well is the potential game changer for FX Energy, with potential for 9.5 Tcf of recoverable resource. The well is now below 4,700m, with the objective at 6,450m and we expect initial results in 3Q/12. . .we believe the stock offers a compelling risk/reward trade-off and retain our Outperform rating."

Raymond Deacon, Brean Murray Carret & Co. (5/16/12) "We remain supporters of the FX Energy Inc. story after yesterday's New York analyst meeting, which unveiled exploration plans for block 246 and its NW concession in Poland. We especially like the shares at their current valuation, given upcoming drilling catalysts in Poland and a positive macro backdrop for Polish gas. . .The company is 8/9 in its exploration program when using 3-D to define exploration prospects on its Fences concession and we expect the prospect inventory to grow significantly with the interpretation of new 3-D expected this summer in the Fences area."

Joel Musante, Euro Pacific Capital (5/4/12) "FX Energy Inc. reported Q1/12 EPS of breakeven, after adjusting for a foreign exchange gain of $14.5M; this beat our forecast of -$0.03, mainly due to lower exploration expense. . .the company will likely test five more exploration targets in Poland, including the Lisewo SE prospect. Lisewo SE may be the most promising prospect in the company's inventory, as it is believed to be an extension of the Lisewo discovery made in 2011 and it could be quite large."

fewer comments
Due to permission requirements, not all quotes are shown.

FX Energy Inc. Content





Back to Top

Would you like additional information on Oil & Gas companies?
YES
disable