Mixed FX Energy’s Results Cast Doubts on Polish Production Potentials

Despite the expectations, FX Energy’s gas production in Poland decreased over the last 12 months.

‘Total net oil and gas production of 2,332 Mmcfe during the first six months of 2014 was essentially unchanged compared to 2,372 Mmcfe during the same period last year. Natural gas production in Poland was 2,188 Mmcf during the first six months of 2014, compared to 2,228 Mmcf during the first half of 2013. But for the unexpected production curtailment at Kromolice-1, the Company would have posted record production during the first half of 2014,’ reads a note released on Monday.

The production patterns were not the game changer the company expected.

However, the company reported an year-on-year 24% increase in second quarter revenues. For the first six months, revenues reached record levels that positively impacted also on the bottom line. 

‘The company reported a second quarter net loss of $4.5 million, or $(0.08) per share. This compares to a net loss of $10.6 million, or $(0.20) per share, for the second quarter of 2013.’ 

FX Energy expects production at its Lisewo-2 well to start in the third quarter.