FX Energy 2013 Reserve Report For Poland

CAUTIONARY NOTE TO INVESTORS
Proved, ProbableandPossibleReserves
Proved (P90) reserves are estimated quantities of oil and gas that, by analysis of geoscience and
engineering data, can be estimated with reasonable certainty to be economically producible from a given date
forward and recoverable in future years from known reservoirs and under existing economic conditions, operating
methods, and governmental regulations, prior to the expiration of the contracts providing the right to operate, unless
evidence indicates that renewal is reasonably certain. Proved developed reserves are reserves that can be expected
to be recovered through existing wells with existing equipment and operating methods, or in which the cost of the
required equipment is relatively minor compared to the cost of a new well, and through installed extraction
equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not
involving a well. Proved undeveloped reserves are reserves that are expected to be recovered from new wells on
undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. Proved
undeveloped reserves on undrilled acreage are limited to: (i) those directly offsetting development spacing areas that
are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes
reasonable certainty of economic producibility at greater distances; and (ii) other undrilled locations if a
development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the
specific circumstances justify a longer time.
Probable (P50) and possible (P10) reserves are those additional reserves that are less certain to be
recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered. When
deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum
of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50%
probability that the actual quantities recovered will equal or exceed the P50 reserves estimates, and a 10%
probability that the actual quantities recovered will equal or exceed the P10 reserves estimates. Probable and
possible reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or
interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or
productivity does not meet the reasonable certainty criterion. Probable and possible reserves may be assigned to
areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.
Probable and possible reserves estimates also include potential incremental quantities associated with a greater
percentage recovery of the hydrocarbons in place than assumed for proved reserves.
We emphasize that the volume of reserves are estimates that by their nature are subject to revision. The
estimates are made using geological and reservoir data, as well as production performance data. These estimates are
reviewed annually and revised, either upward or downward, as warranted by additional performance data. These
reserve revisions result primarily from increases or decreases in performance due to a variety of factors such as an
addition to or a reduction in recoveries below or above previously established, lowest, known hydrocarbon levels,
improvements or deteriorations in drainage from natural drive mechanisms, and increases or decreases to drainage
areas. If the estimates of proved reserves were to decline, the rate at which we record depletion expense would
increase.
The following reserve report was prepared by RPS Energy, an independent engineering firm in the United
Kingdom, and contains reserves estimates for P90, P50 and P10 reserves.

The Directors
FX Energy Inc.
3006 Highland Drive 206
Salt Lake City,
Utah 84106
United States of America

BNP Paribas (Suisse)
Place de Hollande 2
Ch-1204 Geneva
Switzerland

ING Bank N.V
Bijlmerplein 888
1102 MG
Amsterdam
The Netherlands

ECV2060

25
th
February 2014

Dear Sirs,

EVALUATION OF POLISH GAS ASSETS

RPS Energy (RPS) has completed an independent reserves evaluation of the Zaniemysl,
Roszkow, Winna Gora, Sroda-Kromolice, Kromolice South, Grabowka, Lisewo, Komorze and
Szymanowice Gas Fields in Poland ('the Properties') currently owned by FX Energy Inc. (FX). We
have estimated Proved, Proved plus Probable and Proved plus Probable plus Possible reserves as
at 1 January 2014, based on data and information available up to 31 December 2013.
This report is prepared in accordance with the definitions contained in Rule 4-10(a) of Regulation
S-X, the general disclosure requirements contained in Regulation S-K, the specific disclosure
requirements for the third party report set forth in Items 1202(a)(8)(i-x) of Regulation S-K of the
U.S. Securities and Exchange Commission (SEC) and that conforms to the FASB Accounting
Standards Codification Topic 932, Extractive Activities Oil and Gas. The report was prepared for
FX to be included as an exhibit in a filing with the SEC.
The work was undertaken by a team of professional petroleum engineers, geoscientists and
economists and is based on data supplied by FX Energy. The properties evaluated in this report
constitute 100% of FXs non-United States reserves. Our approach has been to prepare
independent estimates of developed reserves for all producing assets based on the fields
production performance. In fields where potential exists to further develop reserves through
additional capital investment, we have reviewed the available data supplied by the Operator and
estimated the likely range of incremental reserves that can be recovered.
In estimating reserves we have used standard petroleum engineering techniques, with proved
reserves being calculated using deterministic methods and probable and possible reserves
calculated using probabilistic methods. These techniques combine geological and production data
with detailed information concerning fluid characteristics and reservoir pressure as well as
pertinent production software that allows wells to be modelled as closely as possible to reality. We

have estimated the degree of uncertainty inherent in the measurements and interpretation of the
data and have calculated a range of recoverable reserves. We have taken the working interest
that FX Energy has in the Properties as presented by FX Energy and we have not investigated nor
do we make any warranty as to FX Energy's interest in the fields.
Reserves

Gas Reserves attributable to the FX Energy Interest (MMscf), as of 1 January 2014

Economic Evaluation
We have calculated the Net Present Value of the Properties based on our estimates of Reserves
and on current firm development plans, as follows:

Economic Assumptions
An economic analysis of the Polish Assets of FX Energy was undertaken based on the following
price and royalty assumptions. These data have been supplied by FX Energy in US Dollars and
are based on Polish Zloty gas prices and exchange rates, taken as the average of the 1
st
day of
the month values throughout 2013, with benchmark prices adjusted for energy content. The
benchmark prices are based on the Companys contractual percentage, by well, of the Polish low-
methane tariff as published by the Energy Regulatory Office.
Field
Proved
Proved +
Probable
Proved + Probable +
Possible
Proved
Proved +
Probable
Proved + Probable +
Possible
Grabowka 100.0% 292 1,168 2,081
Zaniemysl 24.5% 793 1,454 2,179
Roszkow 49.0% 4,789 6,539 11,272
Sroda-Kromolice 49.0% 12,099 16,878 26,325
Kromolice South 49.0% 1,551 2,629 3,982
Winna Gora 49.0% 4,075 6,869 11,208
Lisewo 49.0% 12,079 19,723 31,620
Komorze 49.0% 2,385 4,135 6,878
Szymanowice 49.0% 3,947 7,275 12,984
Total 41,219 65,216 106,350 793 1,454 2,179
FX Energy Gas Reserves (MMscf)
Undeveloped FX Energy
Interest
Developed
Gross Net Gross Net Gross Net
Zaniemysl 24.5% 7.46 1.83 14.64 3.59 20.05 4.91
Sroda-Kromolice 49.0% 99.77 48.89 107.81 52.83 128.60 63.01
Roszkow 49.0% 50.10 24.55 62.38 30.57 78.54 38.48
Winna Gora 49.0% 22.34 10.95 31.23 15.30 38.55 18.89
Kromolice South 49.0% 16.27 7.97 25.65 12.57 33.57 16.45
Grabowka 100.0% 0.41 0.41 1.30 1.30 1.87 1.87
Lisewo 49.0% 88.38 43.31 121.18 59.38 152.03 74.49
Komorze 49.0% 14.05 6.88 18.15 8.89 21.13 10.35
Szymanowice 49.0% 12.28 6.02 16.60 8.13 24.65 12.08
Total 311.06 150.80 398.94 192.56 498.99 240.55
Proved + Probable Field
FX Energy
Interest
NPV10 (Million US$)
Proved + Probable +
Possible
Proved

Qualifications
RPS is an independent consultancy specialising in petroleum reservoir evaluation and economic
analysis. The provision of professional services has been solely on a fee basis. Mr Gordon
Taylor, Director, Geoscience for RPS Energy, has supervised the evaluation. Mr. Taylor attended
the University of Birmingham and graduated with a Bachelor of Science degree in Geological
Sciences in 1978 and a Master of Science degree in Foundation Engineering in 1979. Mr. Taylor
is a Chartered Geologist and Chartered Engineer in the UK and an AAPG Certified Petroleum
Geologist (No 5932); he has in excess of 35 years experience in the hydrocarbon exploration and
production industry including the conduct of evaluation studies relating to oil and gas fields. Mr.
Taylor has not, directly or indirectly, received an interest, and he does not expect to receive an
interest, direct or indirect, in FX Energy, or any associate or affiliate of the company.
Mr Taylor is a Chartered Geologist and Chartered Engineer with over 30 years experience in
upstream oil and gas.
Other RPS employees involved in this work hold at least a Masters degree in geology, geophysics,
petroleum engineering or a related subject or have at least five years of relevant experience in the
practice of geology, geophysics or petroleum engineering
Basis of Opinion
The evaluation presented in this report reflects our informed judgement based on accepted
standards of professional investigation, but is subject to generally recognised uncertainties
associated with the interpretation of geological, geophysical and engineering data. RPS Energy
have used all methods and procedures we considered necessary in preparation of the report. The
evaluation has been conducted within our understanding of petroleum legislation, taxation and
other regulations that currently apply to these interests. RPS Energy is not aware of any
regulations that would have an effect on FXs ability to recover the estimated reserves. However,
RPS Energy is not in a position to attest to the property title, financial interest relationships or
encumbrances related to the property.
It should be understood that any evaluation may be subject to significant variations over short
periods of time as new information becomes available.

Yours faithfully,
RPS Energy

Gordon R Taylor, CEng, CGeol
Director, Geoscience
Gas Price Royalty OPEX
$/Mscf $/Mscf MM $ p.a.
Grabowka 1.61 n/a n/a
Komorze 6.37 0.043 0.140
Kromolice-1 6.93 0.043 0.350
Kromolice-South 6.93 0.043 0.350
Lisewo 6.74 0.043 0.561
Roszkow 7.61 0.043 0.808
Sroda 7.29 0.043 0.358
Szymanowice 5.95 0.043 0.140
Winna Gora 6.94 0.043 0.486
Zaniemysl 5.77 0.043 0.602
RPS Energy FX Energy, Inc. Evaluation of Polish Gas Assets

ECV2060 i February 2014

EVALUATION OF POLISH GAS ASSETS

Prepared for
FX Energy Incorporated
And
BNP Paribas (Suisse),
acting as Agent on behalf of the Finance Parties

RPS Energy
309 Reading Road, Henley-on-Thames, Oxon. RG9 1EL
T +44 (0)1491 415400 F +44 (0)1491 415415
E rpshen@rpsgroup.com
W www.rpsgroup.com

DOCUMENT REVISION RECORD
Document
Description
Date Issued by Checked by Accepted
by Client
Comment
V00 First Draft 13 -Feb-2014
L Reyes,
N Pryor,
K Kasriel
M Hayes
For Client
Comments
V01 25 -Feb-2014
L Reyes,
N Pryor,
K Kasriel
M Hayes Minor Revisions


ECV2060 ii February 2014
Table of Contents

1. EXECUTIVE SUMMARY ...........................................................................................1
2. TECHNICAL EVALUATION ......................................................................................4
2.1 Overview and Evaluation Methodology ...........................................................4
2.1.1 Geological Setting ...............................................................................4
2.1.2 GIIP and Reserves Estimation Methodology .......................................5
2.1.3 Parameter Inputs to Static GIIP Estimates ..........................................5
2.1.4 Material Balance Calculations .............................................................8
2.2 Zaniemysl Field ..............................................................................................9
2.2.1 Field Description and Static GIIP Estimate..........................................9
2.2.2 Production History ............................................................................ 10
2.2.3 Gas Reserves Estimation ................................................................. 11
2.3 Roszkow Field .............................................................................................. 12
2.3.1 Field Description and Static GIIP Estimate........................................ 12
2.4 Kromolice-Sroda Field .................................................................................. 14
2.5 Kromolice South Field .................................................................................. 18
2.5.3 Gas Reserves Estimate .................................................................... 19
2.6 Winna Gora Field ......................................................................................... 20
2.6.1 Field Description and GIIP Estimate ................................................. 20
2.7 Lisewo Field ................................................................................................. 22
2.8 Komorze Field .............................................................................................. 23
2.8.1 Field Description and GIIP Estimate ................................................. 23
2.9 Szymanowice Field ...................................................................................... 25

ECV2060 iii February 2014
2.10 Grabowka Fields .......................................................................................... 27
3. ECONOMIC ANALYSIS .......................................................................................... 32
3.1 Assumptions................................................................................................. 32
3.2 Costing ......................................................................................................... 32
3.3 Results ......................................................................................................... 33
4. RESERVES EVOLUTION 2013-2014 ...................................................................... 35
4.1 Proved Gas Reserves .................................................................................. 35
4.2 Proved plus Probable Gas Reserves ............................................................ 35
4.3 Proved plus Probable plus Possible Gas Reserves ...................................... 36
APPENDIX 1: PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR
ZANIEMYSL FIELD ............................................................................... 37
THE ROSZKOW FIELD ......................................................................... 44
SRODA-KROMOLICE FIELD ............................................................... 51
THE KROMOLICE SOUTH FIELD ......................................................... 58
THE WINNA GORA FIELD .................................................................... 65
LISEWO FIELD ...................................................................................... 72
KOMORZE-3 FIELD ............................................................................... 79
APPENDIX 8 PRODUCTION FORECASTS AND CASHFLOW ANALYSIS FOR
SZYMANOWICE FIELD ......................................................................... 86
GRABOWKA FIELD .............................................................................. 93


ECV2060 iv February 2014
List of Figures

Figure 2.1: FX Energy Licence Areas ...............................................................................4
Figure 2.2: Fences Concession: Rotliegend Gas Accumulations ......................................5
Figure 2.3: Lisewo-1: Sw-Height Function ........................................................................7
Figure 2.4: Zaniemysl Field: Top Rotliegend Depth Structure ........................................ 10
Figure 2.5: Zaniemysl Production History and Forecast ................................................. 11
Figure 2.6: Zaniemysl Pressure Match ........................................................................... 12
Figure 2.7: Roszkow Field - Top Rotliegend Depth Structure ......................................... 13
Figure 2.8: Roszkow Production History and Forecast ................................................... 13
Figure 2.9: Roszkow Pressure Match ............................................................................. 14
Figure 2.10: Kromolice-Sroda Field - Top Rotliegend Depth Structure ............................. 15
Figure 2.11: Sroda-4 Production History and Forecast ..................................................... 16
Figure 2.12: Kromolice-1 Production History and Forecast ............................................... 16
Figure 2.13: Sroda - 4 Pressure Match............................................................................. 17
Figure 2.14: Kromolice 1 Pressure Match ..................................................................... 17
Figure 2.15: Kromolice South Field: Original & Current Maps .......................................... 18
Figure 2.16: Kromolice South Production History and Forecast ....................................... 19
Figure 2.17: Kromolice South Pressure Match ................................................................. 20
Figure 2.18: Winna Gora: Top Rotliegend Depth Structure .............................................. 21
Figure 2.19: Winna Gora Production History and Forecast. .............................................. 21
Figure 2.20: Lisewo - Top Rotliegend Depth Structure ..................................................... 22
Figure 2.21: Lisewo Production History and Forecast. ..................................................... 23
Figure 2.22: Komorze-3: Top Rotliegend Depth Structure (RPS) ..................................... 24
Figure 2.23: Komorze Production Forecast ...................................................................... 25
Figure 2.24: Szymanowice Post-Drill Top Rotliegend Structure ..................................... 26
Figure 2.25: Szymanowice Production Forecast .............................................................. 27
Figure 2.26: Grabowka Fields: Zechstein Ca1 Depth Structure ........................................ 28
Figure 2.27: Grabowka Fields - Production Data .............................................................. 29
Figure 2.28: Grabowka Fields - Production Data and Forecast ........................................ 29
Figure 2.29: Grabowka Fields Flowing Material Balance ............................................... 30
Figure 2.30: Grabowka Fields Flowing Material Balance ............................................... 31
Figure 3.1: Gas Price Sensitivity on NPV10 (Net to FX Energy) for the 2P Case ........... 34


ECV2060 v February 2014
List of Tables

Table 1.1: Gas Reserves attributable to the FX Energy interest (MMscf), as of 31st
December 2013 ..............................................................................................1
Table 1.2: Reserves Changes from 1/1/2013 to 1/1/2014, 100% Basis ...........................2
Table 1.3: Reserves Changes from 1/1/2013 to 1/1/2014, Net interest ...........................3
Table 2.1: REP Input Parameters ...................................................................................6
Table 2.2: Comparison of Log and volumetric Average Sw .............................................7
Table 2.3: Gas Reserves (MMscf) for the Zaniemysl Field at 31st December 2013,
100% Basis .................................................................................................. 12
Table 2.4: Reserves (MMscf) for the Roszkow Field at 31st December 2013, 100%
Basis ............................................................................................................ 14
Table 2.5: Gas Reserves (MMscf) for the Kromolice - Sroda Field at 31st December
2013 100% Basis ......................................................................................... 18
Table 2.6: Gas Reserves (MMscf) for the Kromolice South Field at 31
st
December
2013, (100% basis) ...................................................................................... 20
Table 2.7: Reserves (MMscf) for the Winna Gora Field at 31st December 2013
100% Basis .................................................................................................. 22
Table 2.8: Gas Reserves (MMscf) for the Lisewo Field at 31st December 2013 100%
Basis ............................................................................................................ 23
Table 2.9: Gas Reserves (MMscf) for Komorze Field at 31st December 2013 100%
Basis ............................................................................................................ 25
Table 2.10: Gas Reserves (MMscf) for the Szymanowice Field at 31st December
2013 100% Basis ......................................................................................... 27
Table 2.11: Gas Reserves (MMscf) for the Grabowka Field at 31st December 2013
100% ............................................................................................................ 31
Table 3.1: Gas Price, Royalty and OPEX Assumptions ................................................. 32
Table 3.2: Total NPV10 and NPV10, attributable to FX Energy ..................................... 33
Table 3.3: Effect of Gas Price Sensitivities on FX Net Reserves (MMscf) ..................... 34
Table 3.4: Effect of Gas Price Sensitivities on NPV10 (Net to FX Energy) in Million
USD ............................................................................................................. 34
Table 4.1: Gas Proved Reserves (MMscf) 100% Basis ................................................. 35
Table 4.2: Gas Proved plus Probable Reserves (MMscf) 100% Basis .......................... 35
Table 4.3: Gas Proved plus Probable plus Possible Reserves (MMscf) 100% Basis ..... 36


ECV2060 1 February 2014
1. EXECUTIVE SUMMARY
RPS Energy has performed a technical and economic evaluation of FX Energys assets in
Poland. This is an update of a similar evaluation performed by RPS Energy at the end of
2012 but accommodating changes that have occurred during 2013. Principally these include
additional production from the Zaniemysl, Roszkow, Kromolice-Sroda, Kromolice South,
Winna Gora, Lisewo and Grabowka fields, and the new discovery Szymanowice. 2013
pressure surveys in Zaniemysl, Roszkow, and Kromolice-Sroda provide further data for
evaluating GIIP estimates for these fields.
All producing fields and new discoveries were evaluated, including Komorze-3 and
Szymanowice. Revised product prices and operating and development costs have been
included in determining asset values as of 31st December 2013.
Our evaluation of Remaining Reserves at 31
st
December 2013 is given in Table 1.1.

Table 1.1: Gas Reserves attributable to the FX Energy interest (MMscf), as of 31st
December 2013
A summary of reserve changes during the past year, taking account of production, reserve
additions and revisions is given in Table 1.2 (Gross Volumes) and Table 1.3 (FX Net
volumes). Note that these contain developed and undeveloped fields.
The end year 2013 economic values are summarised in the report in Table 3.2. Note that the
economic values were based on firm development plans.

Field
Proved
Proved +
Probable
Proved + Probable +
Possible
Proved
Proved +
Probable
Proved + Probable +
Possible
Grabowka 100.0% 292 1,168 2,081
Zaniemysl 24.5% 793 1,454 2,179
Roszkow 49.0% 4,789 6,539 11,272
Sroda-Kromolice 49.0% 12,099 16,878 26,325
Kromolice South 49.0% 1,551 2,629 3,982
Winna Gora 49.0% 4,075 6,869 11,208
Lisewo 49.0% 12,079 19,723 31,620
Komorze 49.0% 2,385 4,135 6,878
Szymanowice 49.0% 3,947 7,275 12,984
Total 41,219 65,216 106,350 793 1,454 2,179
FX Energy Gas Reserves (MMscf)
Undeveloped FX Energy
Interest
Developed

ECV 2060 2 February 2014

Table 1.2: Reserves Changes from 1/1/2013 to 1/1/2014, 100% Basis
Reserves at 1/1/2013 Production Additions Revisions Reserves at 1/1/2014
Zaniemysl Proved 4,512 370 (904) 3,238
Proved + Probable 9,161 370 (2,858) 5,933
Proved + Probable + Possible 14,545 370 (5,281) 8,895
Sroda-Kromolice Proved 26,152 2,838 1,379 24,693
Proved + Probable 45,440 2,838 (8,157) 34,445
Proved + Probable + Possible 55,255 2,838 1,309 53,725
Winna Gora Proved 10,324 643 (1,363) 8,317
Proved + Probable 17,009 643 (2,347) 14,018
Roszkow Proved 13,420 3,262 384 - 9,773
Proved + Probable 16,984 3,262 (378) 13,345
Proved + Probable + Possible 31,761 3,262 (5,495) 23,004
Grabowka Proved 1,413 99 (1,022) 292
Proved + Probable 7,569 99 (6,302) 1,168
Kromolice South Proved 3,775 1,245 636 3,166
Proved + Probable 5,015 1,245 1,594 5,365
Proved + Probable + Possible 9,421 1,245 (48) 8,128
Lisewo Proved 26,512 88 (1,772) 24,652
Proved + Probable 43,158 88 (2,818) 40,252
Komorze Proved 4,721 - 147 4,868
Proved + Probable 7,153 - 1,286 8,439
Proved + Probable + Possible 11,146 - 2,891 14,037
Szymanowice Proved - - 8,055 - 8,055
Proved + Probable - - 14,847 - 14,847
Proved + Probable + Possible - - 26,497 - 26,497
Totals Proved 90,828 8,545 8,055 (3,285) 87,054
Proved + Probable 151,489 8,545 14,847 (19,980) 137,812
Proved + Probable + Possible 238,548 8,545 26,497 (32,730) 223,770
FX -ENERGY: POLISH INTEREST
RESERVE CHANGES FROM 1/1/2013 TO 1/1/2014
100 % INTEREST
GAS (MMSCF)


Table 1.3: Reserves Changes from 1/1/2013 to 1/1/2014, Net interest
Reserves Production Additions Revisions Reserves
at 1/1/2013 at 1/1/2014
Zaniemysl Proved 1,105 91 (221) 793
Probable 1,139 - - (479) 660
Proved + Probable 2,244 91 (700) 1,454
Sroda-Kromolice Proved 12,815 1,391 676 12,099
Probable 9,451 - - (4,673) 4,778
Proved + Probable 22,266 1,391 (3,997) 16,878
Proved + Probable + Possible 27,075 1,391 641 26,325
Winna Gora Proved 5,059 315 (668) 4,075
Probable 3,276 - - (482) 2,794
Proved + Probable 8,334 315 (1,150) 6,869
Roszkow Proved 6,576 1,598 188 - 4,789
Probable 1,747 - - 3 1,750
Proved + Probable 8,322 1,598 (185) 6,539
Proved + Probable + Possible 15,563 1,598 (2,693) 11,272
Grabowka Proved 1,413 99 (1,022) 292
Probable 6,156 - - (5,280) 876
Proved + Probable 7,569 99 (6,302) 1,168
Kromolice South Proved 1,850 610 311 1,551
Probable 608 - - 470 1,077
Proved + Probable 2,458 610 781 2,629
Proved + Probable + Possible 4,616 610 (24) 3,982
Lisewo Proved 12,991 43 (868) 12,079
Probable 8,157 - - (513) 7,644
Proved + Probable 21,148 43 (1,381) 19,723
Komorze Proved 2,313 - 72 2,385
Probable 1,192 - 558 1,750
Proved + Probable 3,505 - 630 4,135
Proved + Probable + Possible 5,462 - 1,417 6,878
Szymanowice Proved - - 3,947 - 3,947
Probable - - 3,328 - 3,328
Proved + Probable - - 7,275 - 7,275
Proved + Probable + Possible - - 12,984 - 12,984
Totals Proved 44,121 4,147 3,947 (1,909) 42,012
Probable 31,724 - 3,328 (10,395) 24,658
Proved + Probable 75,845 4,147 7,275 (12,304) 66,670
Proved + Probable + Possible 123,384 4,147 12,984 (23,692) 108,529
FX -ENERGY: POLISH INTEREST
RESERVE CHANGES FROM 1/1/2013 TO 1/1/2014
NET INTEREST
GAS (MMSCF)

2. TECHNICAL EVALUATION
2.1 Overview and Evaluation Methodology
2.1.1 Geological Setting
The Zaniemysl, Roszkow, Winna Gora, Kromolice-Sroda, Kromolice South, Lisewo, Komorze
and Szymanowice gas accumulations are located in the Fences concession area (Figure
2.1) where the Rotliegend sandstone is the reservoir unit; the Grabowka fields are located
25km to the southwest in Block 287, in Zechstein dolomites and limestones.

Figure 2.1: FX Energy Licence Areas
The Fences concession area is located within the gas-bearing Rotliegend fairway of the NW
Europe Permian Basin. In this part of the fairway, the Rotliegend is encountered at depths of
between 2500m and 4000m. Reservoir facies are predominantly Aeolian and fluvial deposits,
and although reservoir quality deteriorates with depth, porosities are generally in the range of
14 to 20%. Permeabilities are more variable, depending primarily on grain size, and range
from 10 to 100mD.
The Rotliegend traps are fault-controlled anticlines (Figure 2.2). Reservoir thickness
generally exceeds vertical closure, and the traps appear to be full to spill, with interpreted
GWCs generally matching the spill points of the bounding faults. The main controlling faults
have a regional NW-SE orientation, but in some fields offsetting faults are critical for trap
formation. The structures are of moderate vertical relief and are volumetrically sensitive to
the choice of velocity model used for depth conversion.
The Grabowka East and West fields are similarly low relief, fault-controlled anticlines. GWCs
and structural spill points are less well defined in these accumulations.



Figure 2.2: Fences Concession: Rotliegend Gas Accumulations
2.1.2 GIIP and Reserves Estimation Methodology
RPS has reviewed all aspects of the geology, geophysics, petrophysics and structural
mapping of each accumulation in order to define a range of input parameters for a
probabilistic (static) calculation of GIIP.
Where pressure data is available, an independent (dynamic) estimate of GIIP has been
made using material balance calculations for reconciliation with the static estimate.
Where reserves are obtained by material balance calculations, recovery factors are
calculated (not assumed). For non-producing fields, a range of recovery factors is used
consistent with those estimated for the producing fields.
2.1.3 Parameter Inputs to Static GIIP Estimates
RPS uses the Monte Carlo probabilistic REP software package for probabilistic GIIP
estimates. Table 2.1 contains a summary of the input parameter distributions for each field,
with corresponding GIIP outputs. There are no changes to the geological volumetric
evaluation performed in the prior year report other than for the new 2013 discovery
Szymanowice.


FIELD DIMENSIONS REP INPUT PARAMETERS REP OUTPUT
Name Reservoir
Segmen
t
Area
(km
2
)
Vert.
Relief
(m)
Area Uncertainty (%) Gas-Water-Contact (mTVDSS) Net-to-gross (%) Porosity (%) Sw (%) FVF (1/Bg) GIIP (bcf)
Distr. P90 P50 P10 Distr. P90 P50 P10 Distr. P90 P50 P10 Distr. P90 P50 P10 Distr. P90 P50 P10
Sw
Vol Av
Distr. P90 P50 P10 P90 P50 P10 Mean P10:P90
Grabowka
Zechstein West 3.9 50 N 85 100 115 Single 1565 1565 1565 Single 100.0 100.0 100.0 TR 1.0 4.3 7.0 TR 20.0 43.3 70.0 48.3 TR 150 152 154 3.6 12.6 25.2 13.6 7.00
Zechstein East 1.9 45 N 85 100 115 Single 1550 1550 1550 Single 100.0 100.0 100.0 TR 3.0 5.0 7.0 TR 20.0 43.3 70.0 47.8 TR 141 143 145 1.0 2.2 3.9 2.4 3.90
4.6 14.8 29.1 16.0 6.33
Zaniemysl Rotliegend 2.8 54 LN 70 102 150 Single 2889 2889 2889 Single 1000 1000 1000 N 19.0 21.0 23.0 Single 41.0 41.0 41.0 41.0 N 259 262 265 29.8 44.9 68.1 30.3 2.29
Roszkow Rotliegend 2.4 47 LN 70 102 150 N 2826 2829 2832 Single 100.0 100.0 100.0 N 17.0 20.0 23.0 Sw-Height Function 52.3 N 259 262 265 30.2 46.6 71.9 49.2 2.38
Kromolice
Sroda
Rotliegend Kr-1 4.3 55 LN 80 110 150 N 3518 3521 3525 N 80.0 84.0 88.0 N 12.0 15.0 18.0 Sw-Height Function 54.6 N 252 257 262 30.5 46.1 69.4 48.4 2.28
Rotliegend
Central
Horst
1.1 43 LN 80 110 150 N 3518 3521 3525 N 80.0 90.0 100.0 N 12.0 17.0 22.0 Sw-Height Function 57.4 N 252 257 262 7.4 12.3 19.7 13.1 2.65
Rotliegend Sr-4 1.4 53 LN 80 110 150 N 3518 3521 3525 N 95.0 97.3 99.6 N 15.0 18.5 22.0 Sw-Height Function 59.9 N 252 257 262 19.9 29.4 43.6 30.8 2.19
Rotliegend
Sr-4
North
0.7 13 LN 80 110 150 N 3518 3521 3525 N 95.0 97.3 99.6 N 15.0 18.5 22.0 Sw-Height Function 65.8 N 252 257 262 2.5 4.2 7.0 4.5 2.87
60.3 92.0 139.7 96.8 2.32
Kromolice
South
Rotliegend 1.0 41 LN 80 110 150 Single 3496 3496 3496 N 88.0 93.7 99.4 N 11.0 14.0 16.9 Sw-Height Function 57.2 N 252 257 262 5.1 7.6 11.3 8.0 2.22
Winna
Gora
Rotliegend 1.1 64 LN 80 110 150 Single 3486 3486 3486 Single 100.0 100.0 100.0 N 14.0 16.0 18.0 Sw-Height Function 44.6 N 259 262 265 16.1 22.7 32.1 23.5 1.99
Lisewo Rotliegend 2.3 87 LN 80 110 150 Single 3637 3637 3637 N 94.0 97.0 100.0 N 13.0 14.5 16.0 Sw-Height Function 42.0 Single 252 252 252 44.1 61.5 86.3 63.6 1.96
Komorze Rotliegend 1.5 75 LN 80 110 150 Single 3760 3760 3760 N 78.0 83.0 88.0 N 13.0 15.0 17.0 Sw-Height Function 61.4 N 252 257 262 10.7 15.3 21.8 15.9 2.04
Szymanowice
Rotliegend
(low
porosity
later)
1.8 87 LN 55.3 78 110 N 3604 3607 3610 N 24.0 52.0 80.0 N 7.0 11.0 15.0 Sw-Height Function 53.2 N 225 230 235
17.8 26.9 40.9 21.6 2.42
Rotliegend
(high
porosity
layer)
1.8 87 LN 55.3 78 110 N 3604 3607 3610 N 95.0 97.0 99.0 N 14.0 16.0 18.0 Sw-Height Function 63.3 N 225 230 235
Table 2.1: REP Input Parameters

Sw Parameters
A review of log data suggests that the previous use of a range of Sw values centred on the
average well Sw from the pay interval is not a true reflection of the volumetric average value
of Sw. The reservoir interval in most of the fields has a distinctive Sw-Height profile due to
low structural relief and moderate permeability. In such cases, a Sw-Height function should
be used in REP to ensure that the varying Sw is correctly weighted in a volumetric sense.
RPS has undertaken a review of the log data from Kromolice-1, Lisewo-1, and Komorze-3. A
Sw-Height function has been derived from Lisewo-1 (Figure 2.3) which closely matches the
Sw log profiles in Kromolice-1 and Komorze-3 when using the deepest GWC in each well.
These generic Sw-Height functions are also considered to be representative of the Sw log
profiles in Sroda-4, Roszkow-1, Winna Gora-1 and Kromolice South. Another height function
has been derived from the Szymanowice-1 well, and provides a volumetrically representative
Sw profile for the Szymanowice field. Sw-Height functions have been used in REP in
preference to Sw distributions on all fields, with the exception of Zaniemysl (see Section
2.3.1 below).The volume averaged Sw values associated with Sw-Height function and the
corresponding log calculated Sws are shown in Table 2.2.
FIELD/WELL Sw COMPARISON
Vol Av. Sw-Height Fn. Log Calculation
Roszkow 52.3 39.9
Kr-1 54.6 42.0
Sr-4 59.9 51.3
Kr-2 57.2 41.0
Winna Gora 44.6 47.5
Lisewo 42.0 45.0
Komorze 61.4 47.0
Szymanowice 59.4 54.3
Table 2.2: Comparison of Log and volumetric Average Sw

Figure 2.3: Lisewo-1: Sw-Height Function

GRV Parameters
The use of a Sw-Height function in REP requires GRV input in the form of area-depth pairs,
rather than the previous three parameter GRV distributions. As noted above, volumetric
estimates are sensitive to the velocity model used for depth conversion, and GRV uncertainty
in REP can be captured by inputting an area uncertainty distribution.
Previous RPS work has evaluated the volumetric uncertainty resulting from different velocity
models, particularly over the Kromolice-Sroda field. A review of this work demonstrates that
GRV uncertainty can be modelled by a log-normal area distribution (P90 80% P10 150%,
see Table 2.1). This distribution has been used for all fields mapped on 3D seismic data,
where the volumetric uncertainty is primarily velocity-related; for fields mapped on 2D
seismic data (Zaniemysl and Roszkow) the P90 value is reduced to account for additional
mapping uncertainty.
2.1.4 Material Balance Calculations
Based on the available data by field (PVT, well test and production history data) we have
used a material balance program (Mbal) to get the producing estimation of Gas in place
(GIIP) and compare it with the volumetric GIIP results using traditional p/z analysis
techniques. The Mbal program was also used to predict the future reservoir performance and
well production forecast for a given production schedule and matched well inflow and lift
performance where available. FX Energy has also specified some reservoir management
rate constraints, as advised by Operator, for the forecast by field.
RPS has created various cases based on either single or multiple tanks with transmissibility
connections between the tanks to reflect potential compartmentalization or later contribution
from tight pay. These models were used to establish a range of scenarios which are
summarized below for the producing fields:
P90 minimum case - generally based on the P90 volumetric GIIP or less where the p/z
data demonstrated smaller connected GIIPs. In some cases aquifer influx was modelled
to allow a good match to the p/z data where the p/z GIIP was greater than the P90
volumetric GIIP. The aquifers can be justified as the onset of water production at the
Zaniemysl field has demonstrated the potential for active aquifers in the area although all
other fields remain dry to date apart from Grabowka G-12.
P50 expected case - generally based on, or close to, the P50 volumetric GIIP. In some
cases a second compartment, potentially poorly connected to the well compartment, was
included to allow the P50 volumetric GIIP to be included in the model whilst allowing a
match to any measured pressures.
P10 maximum case - generally based on the P10 volumetric GIIP. In all cases a second
or third compartment, potentially poorly connected to the well compartment, was included
to allow the full P10 volumetric GIIP to be included in the model and allowing a match to
any measured pressures. At the end of field life in some of these cases the depletion
level in the tank furthest from the well can be relatively low, resulting in relatively low
apparent recovery factors for the whole system.
For fields where there was no production history the full volumetric GIIP was combined with a
deterministic range of recovery factors to generate P90 P50 P10 reserves. MBAL was then
used with typical or actual well inflow parameters to forecast the production rates.
For each scenario a production history simulation based on the tanks and aquifer models
that have been tuned with the p/z plot data were generate to check the match with the
measured reservoir pressures.
Once the pressure and production data were adequately matched a production forecast was
created. To carry out the prediction a well inflow definition was prepared using PROSPER
software which can reproduce the well inflow (IPR) and tubing performance (VLP) for a set of
conditions. The completion strings run in PROSPER model were 2 7/8 tbg for each well.
The models were all run to a final minimum flowing well head pressure of 100 psia, which will

require the inclusion of compression at some stage in a number of the fields to gain entry to
the main export pipeline operating at c.900 psi. The tubing curves should allow the impact of
any future water production to be modelled. A number of the forecast profiles terminate
relatively rapidly as a result of water loading in the tubing.
For those models with aquifers, the gas leg pore volume water influx was modelled using the
assumption of vertical equilibrium, where the gas-water contact will rise uniformly across the
field and water production would commence when it is at the bottom perforation. This
attempts to model the encroachment of potential aquifer water to the gas leg and allows Mbal
to reflect the impact of water production on the lift curves. It is anticipated this will provide a
useful history matching tool in the event of more of the fields starting to produce water in the
future.
Well performances were forecast including the production and downtime constraints
specified by FX Energy. The models will allow for better integration of the future flowing well
performance data and any WGR trends. Individual well target rates are as follows:
Zaniemysl 3: Well on production 1/1/2015 after sidetrack at initial rate of 2.2
MMscf/d.
Sroda 4: 2.5 MMscf/d.
Kromolice 1: 5.4 MMscf/d.
Kromolice 2: 3.2 MMscf/d.
Roszkow: 7.6 MMscf/d.
Winna Gora: 2.1 MMscf/d.
Lisewo 1: 5.4 MMscf/d.
Lisewo 2: 3.5 MMscf/d from 1/10/2014 when placed on production.
Grabowka: The well G-8, in Grabowka West, is scheduled to come on stream
in 1Q 2014. Offtake assumed to be 0.3 MMscf/d in 2014.
Komorze: Well on production 1/2/2014. 1.3 MMscf/d from start.
Szymanowice: Well on production 1/2/2015. 1.3 MMscf/d.
As advised by FX Energy fifteen days of downtime has been included in the profiles for all
Fences fields to account for annual well shut-ins for downhole static pressure
measurements.
2.2 Zaniemysl Field
2.2.1 Field Description and Static GIIP Estimate
The Zaniemysl field is a fault and dip closed Rotliegend structure mapped on 2D seismic
data, with dip closure to the north, and fault closures to the SW and SE. The current Top
Rotliegend depth structure map is shown in Figure 2.4.


Figure 2.4: Zaniemysl Field: Top Rotliegend Depth Structure
Zaniemysl-3 was drilled in a near-crestal location and encountered a 38m gas column with a
clear GWC at -2888.8m TVDSS. Zaniemysl is the only Rotliegend field where the generic
Sw-Height function does not reasonably model the log Sw profile, and so for volumetric
estimates a single value Sw of 41% (from the Operators field report) was used. The current
Volumetric GIIP estimates are given in Table 2.1.
2.2.2 Production History
In 2013, the well Z-3 commenced the year producing at a rate of 2.7 MMscf/d and a water
cut of 30 Bbls/MMscf. By mid-June the gas rate had declined 0.9 MMscf/d and the water cut
had reached a limiting value of 150 Bbls/MMscf and the well was shut-in. The wells
cumulative production at 31
st
December 2013 was 20.8 Bscf. FX Energy net working interest
in this field is 24.5%.


Figure 2.5: Zaniemysl Production History and Forecast
2.2.3 Gas Reserves Estimation
A static pressure survey was carried out in the single producing well Z-3 in mid-September
2013 after the shut-in due to high water cut. The pressure shows an increase in reservoir
pressure confirming the strong aquifer drive in this field. For the P50 case a two tank model
was built to allow a match of the volumetric P50 GIIP to the pressure data. A sidetrack to the
existing wellbore Z3ST has been agreed by partners and the well will be spudded in 2014
and expected to be on stream in January 2015 at a rate of 2.2 Mnscf/d. Figure 2.6 shows the
Pressure Match. Figure 2.5 shows the production forecast for P90-P50 and P10 cases for
the sidetrack which is based on the results from the Operator POGCs Eclipse simulation
model. RPS has also prepared a simulation model which gives similar reserves for the
sidetrack. The Zaniemysl reserves result in a recovery factor of 60% for the P50 case.
0
40
80
120
160
200
0
4
8
12
16
20
O
c
t
-
0
6
F
e
b
-
0
7
J
u
n
-
0
7
O
c
t
-
0
7
F
e
b
-
0
8
J
u
n
-
0
8
O
c
t
-
0
8
F
e
b
-
0
9
J
u
n
-
0
9
O
c
t
-
0
9
F
e
b
-
1
0
J
u
n
-
1
0
O
c
t
-
1
0
F
e
b
-
1
1
J
u
n
-
1
1
O
c
t
-
1
1
F
e
b
-
1
2
J
u
n
-
1
2
O
c
t
-
1
2
F
e
b
-
1
3
J
u
n
-
1
3
O
c
t
-
1
3
W
G
R

(
b
b
l
/
M
M
s
c
f
)
G
a
s

r
a
t
e

(
M
M
s
c
f
d
)

Zaniemysl Production data
Daily prod. WGR
0
500
1000
1500
2000
2500
3000
3500
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
D
e
c
-
1
5
D
e
c
-
1
8
D
e
c
-
2
1
D
e
c
-
2
4
D
e
c
-
2
7
D
e
c
-
3
0
D
e
c
-
3
3
D
e
c
-
3
6
D
e
c
-
3
9
G
a
s

r
a
t
e

(
M
M
s
c
f
d
)

Z3ST Production data
P90 Prediction P50 Prediction P10 Prediction P50 Prediction FWHP


Figure 2.6: Zaniemysl Pressure Match
Current remaining reserves of gas, at end of year for this field, based on the planned
sidetrack are summarized in Table 2.3. The gas production forecasts are shown in Figure 2.5
and in Appendix 1.

Table 2.3: Gas Reserves (MMscf) for the Zaniemysl Field at 31st December 2013, 100%
Basis
2.3 Roszkow Field
The Roszkow field is mapped as an elongate NW-SE fault- controlled anticline, with fault
closure to the SW, where an additional downthrown fault block is also mapped. The current
Top Rotliegend depth structure map is shown in Figure 2.7.
Remaining Reserves (MMscf) Evaluation Production Remaining Economic Limit Evaluation
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2014
Proven 4,512 369.6 4,142 2019 3,238
Proven+Probable 9,161 369.6 8,792 2022 5,933
Proven+Probable+Possible 14,545 369.6 14,176 2026 8,895
2013 2014


Figure 2.7: Roszkow Field - Top Rotliegend Depth Structure
Roszkow-1 is located down flank from the crest of the structure and encountered a 29.5m
gas column to a depth of -2825.8m TVDSS, with a possible deeper contact (WUT) at -
2831.9m TVDSS. A range of possible GWCs has been used in the volumetric assessment.
The current Volumetric GIIP estimates are given in Table 2.1.
The field commenced production in September 2009. A plot showing the production data to
the 31
st
of December 2013 is shown in Figure 2.8. The well commenced the year producing
at a rate of 11.6 MMscf/d. The rate was cut back to 9.3 MMscf/d in early April due to
declining wellhead pressure and to 8.5 MMscf/d in early July, the year-end rate. Water
production has remained at condensed water levels (less than 2 Bbls/MMscf) Cumulative
production at end December 2013 was 18.87 Bscf.

Figure 2.8: Roszkow Production History and Forecast
0
1000
2000
3000
4000
0
10
20
30
40
S
e
p
-
0
9
S
e
p
-
1
0
S
e
p
-
1
1
S
e
p
-
1
2
S
e
p
-
1
3
S
e
p
-
1
4
S
e
p
-
1
5
S
e
p
-
1
6
S
e
p
-
1
7
S
e
p
-
1
8
S
e
p
-
1
9
S
e
p
-
2
0
S
e
p
-
2
1
S
e
p
-
2
2
S
e
p
-
2
3
S
e
p
-
2
4
S
e
p
-
2
5
S
e
p
-
2
6
S
e
p
-
2
7
W
H
P

(
P
s
i
a
)
G
a
s

r
a
t
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(
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M
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c
f
d
)

Roszkow Production data
Daily prod. P90 prediction P50 prediction P10 prediction FWHP P50 Prediction FWHP

A new static pressure measurement was carried out in the Roszkow-1 in June 2013; it was
included in the Mbal model to establish the dynamic GIIP derived from p/z plot. No aquifer
has been included in the Mbal model as the p/z analysis for this field is very well defined and
does not suggest any aquifer influx. Figure 2.9 shows the Pressure Match.
The Roszkow forecast estimated a recovery factor with 72% for the P50 case.

Figure 2.9: Roszkow Pressure Match
The remaining gas reserves as of 31st December 2013 for this field, based on the existing
well are summarised in Table 2.4. The gas production forecasts are shown in Figure 2.8 and
in Appendix 2.

Table 2.4: Reserves (MMscf) for the Roszkow Field at 31st December 2013, 100% Basis
2.4 Kromolice-Sroda Field
Current mapping of the Kromolice-Sroda field (Figure 2.10) shows that the field is composed
of potentially four fault-bounded anticlinal segments, two of which have been tested
(Kromolice-1 and Sroda-4).
Due to the similar GWCs encountered in Kromolice-1 and Sroda-4 (-3518.6m TVDSS),
previous GIIP estimates have assumed a single closed structure with a common GWC
(though with reservoir parameters varying across the field). Given the mapping and depth
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2014
Proven 13,420 3,262 10,158 2024 9,773
Proven+Probable 16,984 3,262 13,723 2031 13,345
Proven+Probable+Possible 31,761 3,262 28,499 2060 23,004
2013 2014

conversion uncertainties, this is still feasible, though the possibility of separate and hence
disconnected closures cannot be dismissed.
As a result of RPS investigation of the Sw-Height issue, a potentially deeper GWC has been
recognized in Kromolice-1 (-3540.1m TVDSS). It is difficult to reconcile this with the spill
points on the current mapping, or on earlier versions of the Top Rotliegend depth map.
However, a potentially deeper spill to -3525m TVDSS could be accommodated on the
current mapping and this has been used to provide a depth range for GWC uncertainty.
For this exercise, GIIP has been estimated for each anticlinal segment, and the P90 P50 and
P10 values summed arithmetically (see Table 2.1) to give a total GIIP range for the entire
field. Table 2.1 shows the GIIP by individual segments.

Figure 2.10: Kromolice-Sroda Field - Top Rotliegend Depth Structure
Sroda-4
Sroda-4 began production at the end of 2010, see Figure 2.11. In 2013 the well produced at
2.6 MMscf/d till mid July 2013 when the rate was reduced to 2.5 MMscf/d. Water production
has remained at condensed water levels, < 2Bbls/MMscf, throughout. Cumulative production
at 31st December 2013 was 2.2 Bscf.



Figure 2.11: Sroda-4 Production History and Forecast
Kromolice-1
Production started in June 2011, produced intermittently until October 2011, and has been
on continuous production since that time; see Figure 2.12.
In 2013 the well commenced producing at a rate of 6.7MMscf/d to mid-August when the rate
was reduced to 5.4MMscf/d in response to an increase in produced water salinity. However,
water production has remained at condensed water levels, < 2Bbls/MMscf, through to end of
the year.
The well has a total gas cumulative production of 4.82 Bscf at 31st December 2013.

Figure 2.12: Kromolice-1 Production History and Forecast
Static pressure measurements were made in S-4 and K-1 in Sept 2013. These pressures
have been included in the Mbal model to determine the dynamic GIIP derived from p/z plot.
0
1000
2000
3000
4000
5000
0
1
2
3
4
5
D
e
c
-
1
0
D
e
c
-
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3
D
e
c
-
1
6
D
e
c
-
1
9
D
e
c
-
2
2
D
e
c
-
2
5
D
e
c
-
2
8
D
e
c
-
3
1
D
e
c
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3
4
D
e
c
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3
7
D
e
c
-
4
0
D
e
c
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4
3
D
e
c
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4
6
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e
c
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9
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2
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e
c
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5
D
e
c
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5
8
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(
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Sroda 4 Production data
Daily prod. P90 Prediction P50 Prediction P10 Prediction FWHP P50 Prediction FWHP
0
2000
4000
6000
8000
10000
0
2
4
6
8
10
J
u
n
-
1
1
F
e
b
-
1
2
O
c
t
-
1
2
J
u
n
-
1
3
F
e
b
-
1
4
O
c
t
-
1
4
J
u
n
-
1
5
F
e
b
-
1
6
O
c
t
-
1
6
J
u
n
-
1
7
F
e
b
-
1
8
O
c
t
-
1
8
J
u
n
-
1
9
F
e
b
-
2
0
O
c
t
-
2
0
J
u
n
-
2
1
F
e
b
-
2
2
O
c
t
-
2
2
J
u
n
-
2
3
F
e
b
-
2
4
O
c
t
-
2
4
J
u
n
-
2
5
F
e
b
-
2
6
O
c
t
-
2
6
J
u
n
-
2
7
F
e
b
-
2
8
O
c
t
-
2
8
J
u
n
-
2
9
W
H
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(
P
s
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a
)
G
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K-1 Production data


Figure 2.13: Sroda - 4 Pressure Match

Figure 2.14: Kromolice 1 Pressure Match

The recovery factor derived from the P50 Mbal model is 48% of volumetric GIIP. Figure 2.13
and Figure 2.14 show the Pressure Match for the Mbal analysis. The remaining gas reserves
as of 31st December 2013 for this field, based on the existing wells are summarized in Table
2.5. The gas production forecasts are shown in Figure 2.11 and Figure 2.12 and in Appendix
3.

Table 2.5: Gas Reserves (MMscf) for the Kromolice - Sroda Field at 31st December 2013
100% Basis
2.5 Kromolice South Field
The Kromolice South structure was tested by the Kromolice-2 well. The well was located in a
near-crestal location and encountered a 35m gas column with a clear GWC identified at -
3496m TVDSS.
RPS evaluation of Kromolice South is based on the current Top Rotliegend depth map
(Figure 2.15). The current Volumetric GIIP estimates are given Table 2.1.

Figure 2.15: Kromolice South Field: Original & Current Maps
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2013
Proven 26,152 2,838 23,314 2031 24,693
Proven+Probable 45,440 2,838 42,602 2090 34,445
2013 2014

The Kromolice South field was brought on production on July 6th 2011 (Figure 2.16). In 2013
the well commenced production at 3.5 MMscf/d to early Sept when the rate was reduced to
3.2 MMscf/d in response to an increase in produced water salinity. Observation of
tubing/casing annulus pressure indicated a leak to tubing of high salinity annulus fluid. A
workover is scheduled to repair the tubing leak in 2014. However, water production has
remained at condensed water levels, < 2Bbls/MMscf, through to end December. The well has
a total gas cumulative production of 2.38 Bscf at 31
st
December 2013.

Figure 2.16: Kromolice South Production History and Forecast
2.5.3 Gas Reserves Estimate
No bottomhole pressure measured was carried out in 2013. The previous Mbal model was
updated with the production in 2013, considering the same assumption required to get a very
well defined P/z match (the influence of a very small aquifer and some connection with the
second compartment tank). A recovery factor of 93% was indicated for the P50 case by the
Mbal model suggesting the connected GIIP is higher than the P50 Volumetric GIIP. Figure
2.17 shows the Pressure Match.
The remaining gas reserves as of 31st December 2013 for this field are summarized in Table
2.6. Forecasts for this field are included in Figure 2.16 and in Appendix 4.
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Kromolice South Production data


Figure 2.17: Kromolice South Pressure Match

Table 2.6: Gas Reserves (MMscf) for the Kromolice South Field at 31
st
December 2013,
(100% basis)
2.6 Winna Gora Field
2.6.1 Field Description and GIIP Estimate
Winna Gora-1 was drilled as a vertical well to test a footwall closure at Top Rotliegend
against a NW-SE trending fault (Figure 2.18). The well encountered the Top Rotliegend
sands at -3448m TVDSS, and TDd within the Rotliegend at -3580m TVDSS. A clear GWC
was identified at -3485.8m TVDSS from petrophysical analysis, giving a penetrated gas
column of 38m.
2013 2014
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2013
Proven 3,775 1,245 2,530 2016 3,166
Proven+Probable 5,015 1,245 3,771 2020 5,365


Figure 2.18: Winna Gora: Top Rotliegend Depth Structure
The current Volumetric GIIP estimates are given in Table 2.1.
Winna Gora came on stream on 28th Jan 2013 at an initial rate of 1.6 MMscf/d with the rate
increased to 2.1 MMscf/d in mid-March. Water production has remained at condensed water
levels, < 2Bbls/MMscf, throughout. The well has a total gas cumulative production of 0.64
Bscf at 31
st
December 2013. Figure 2.17 shows the Production History and Forecast.

Figure 2.19: Winna Gora Production History and Forecast.
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Winna Gora Production data

The first static pressure measurement was carried out in Winna Gora in June 2013; it was
included in the Mbal model to establish the dynamic GIIP. However, it is too early to establish
the trend from p/z plot. No aquifer has been included in the Mbal model analysis for this field.
The Winna Gora forecast estimated a recovery factor of 71% of the volumetric GIIP for the
P50 case.
The remaining gas Reserves, at 31st December 2013 for this field are summarized in Table
2.7. The gas production forecasts are shown in Figure 2.19 and in Appendix 5.

Table 2.7: Reserves (MMscf) for the Winna Gora Field at 31st December 2013 100% Basis
2.7 Lisewo Field
Lisewo-1 was drilled as a deviated well to a TD of 3946m MD in late January 2011 to test a
fault and dip controlled anticlinal structure mapped at Top Rotliegend. The well encountered
the Top Rotliegend sands at 3814m MD, and a gross, gas-bearing Rotliegend interval of
69m. The current depth map is shown in Figure 2.20.
A second well Lisewo-2 was drilled last year which was tested. No pressure gauges were run
but a final gradient survey was made at end of clean up. Preliminary results from the Lisewo-
2 well were close to the pre drill prognosis.

Figure 2.20: Lisewo - Top Rotliegend Depth Structure
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2014
Proven 10,324 643.4 9,680 2043 8,317
Proven+Probable 17,009 643.4 16,365 2062 14,018
2013 2014

Log analysis indicates possible GWCs at either -3617.5m TVDSS or -3636.7m TVDSS.
Previous evaluations have favoured the deeper contact, as it coincides with the spill point on
one of the main controlling faults (Fault A), and in the absence of additional data, the deeper
contact has been retained in this years GIIP estimate. The current Volumetric GIIP estimates
are given in Table 2.1.
Lisewo 1 commenced production in Dec 2013. The average rate for the month was 4.2
MMscf/d. Water production has remained at condensed water levels, < 2Bbls/MMscf, at end
year. The well has a total gas cumulative production of 88.1 MMscf at 31
st
December 2013.
Figure 2.17 shows the Production Forecast.

Figure 2.21: Lisewo Production History and Forecast.
No bottomhole pressure measured was carried out in 2013. The previous Mbal model was
updated with the production in 2013. All the models considered the inclusion of a second well
(Lisewo 2) which is expected to be on production 01/10/2014 at 3.5 MMscf/d. A recovery
factor of 66% of the volumetric GIIP was indicated for the P50 case model.
The total Lisewo Gas Reserves are summarised in Table 2.8. The gas production forecasts
are shown in Figure 2.21 and in Appendix 6.

Table 2.8: Gas Reserves (MMscf) for the Lisewo Field at 31st December 2013 100% Basis
2.8 Komorze Field
2.8.1 Field Description and GIIP Estimate
The Komorze-3 well was drilled during 2012 to test a 3-way dip and fault closed structure at
Top Rotliegend. The reservoir was encountered 24.4m deep to prognosis at -3719.4m
0
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Lisewo Production data
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2013
Proven 26,512 88.0 26,424 2036 24,652
Proven+Probable 43,158 88.0 43,070 2051 40,252
2013 2014

TVDSS. RPS analysis of the log data indicates a likely GWC at -3751.4m TVDSS, but with a
possible deeper contact at -3759.6m TVDSS.
RPS generated two alternative depth maps for comparison:
Residual correction applied (gridded) to pre-drill depth structure map
Update of RPS 2-layer model with additional velocity control (a simplified version of the
Operators 11-layer velocity model developed from a previous evaluation of the Lisewo
area)
The resulting depth maps are similar and generate identical GIIP distributions. The depth
map from the 2-layer model is shown in Figure 2.22.

Figure 2.22: Komorze-3: Top Rotliegend Depth Structure (RPS)
Both RPS maps differ from the Operators map, which generates significantly larger GIIP
values. It is RPS view that the removal of a residual depth error by a simple bulk shift is
questionable, and until a more comprehensive update of the velocity model/depth conversion
is undertaken, the reported GIIP should be based on the (more conservative) GIIP figures
based on the RPS map. For volumetric estimates, a variable GWC was used; note the
deeper GWC at -3759.6m is consistent with the spill point on the RPS map.
The current Volumetric GIIP estimates are given in Table 2.1. The well is scheduled to come
on production in February 2014
Notional forecasts were carried out for this field. Preliminary results from the well show it has
a very low productivity, consistent with a welltest derived permeability thickness of only circa
6 mD-ft. Mbal modelling with such a low well inflow has led to a relatively low final recovery
factor. Reserves were calculated assuming recovery factor of 45% (P90), 55% (P50) and
64% (P10) with the P90 P50 & P10 GIIPs (Figure 2.23).
The total Komorze Gas Reserves are summarised in Table 2.9. The gas production forecasts
are shown in Figure 2.23 and in Appendix 7.


Table 2.9: Gas Reserves (MMscf) for Komorze Field at 31st December 2013 100% Basis

Figure 2.23: Komorze Production Forecast
2.9 Szymanowice Field
Szymanowice-1 was a new discovery in 2013 and was drilled as a vertical well to a TD of
3750m in December 2013 to test a fault and dip controlled structure mapped at Top
Rotliegend. The well encountered the Top Rotliegend sands at 3567.8m TVDSS, 30.5m
deeper than the pre-drill depth map prognosis. RPS analysis of the log data indicates a
GWC at 3610.2m TVDSS, but with a possible shallower GWC at 3604m TVDSS, giving a
maximum gross gas-bearing Rotliegend interval of 42.4m in the well.
FXs pre-drill structure map did not have a valid closing structure, given the GWC found in
the Szymanowice-1 well. As originally mapped, the structure continued updip to the SE
without any closure. RPS considered a number of scenarios for closing the structure that
honoured the data in the Szymanowice-1 well. The most likely scenario was the extension of
a NE-SW fault at a sub-seismic resolution to create a 3-way fault and dip closed structure.
This scenario honours the well data, seismic data and structural style of the area. This
method for closure was also adopted by FX Energy in their subsequent post-drill depth map.
FXs post-drill depth map is shown in Figure 2.24.

Remaining Reserves (MMscf) Evaluation Economic Limit Evaluation
1
st
Jan 2013 in year 1
st
Jan 2014
Proven 4,721 2029 4,868
Proven+Probable 7,153 2047 8,439
Proven+Probable+Possible 11,146 2085 14,037
2014 2013
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Komorze Production data
Daily prod. P90 Prediction P50 Prediction P10 Prediction P50 Prediction FWHP


Figure 2.24: Szymanowice Post-Drill Top Rotliegend Structure
FXs pre-drill top reservoir depth map was corrected by RPS to match well penetrations using
a residual correction derived from nearby wells. The residual correction used for FXs post-
drill map was much more localised around the Szymanowice-1 well, leading to a larger GRV.
The GRV from the RPS depth correction was considered to be a more conservative
estimate, and the localised correction from FX Energy to represent the potential upside GRV.
Area-depth relationships from the FXs post-drill map were used in the REP volumetrics, but
an appropriate area uncertainty was applied to take into account the GRVs for both FXs
upside case and the RPS comparatively conservative case.
Log and core data from the Szymanowice-1 well show an 18.2m thick interval at the top of
the reservoir section with lower N:G and porosity than the more massive, higher porosity
sands below. A 2-layer REP model was used to better represent the NTG and porosity
distribution in the reservoir, and the resulting volumetric influence. Volumetric GIIP estimates
are:
Dec 2013
Proved (P90) 17.8 Bscf
Proved plus Probable (P50) 26.9 Bscf
Proved Plus Probable plus Possible (P10) 40.9 Bscf
Notional forecasts were carried out for this field. Reserves were calculated assuming
relatively low recovery factors of 45% (P90), 55% (P50) and 65% (P10) with the P90 P50 &
Fault on pre-drill map
extended on post-drill
map to close structure

P10 GIIPs because of the relatively low relief structure. The forecast assumption for the P10
case considers an extra well, which would be on stream in 2018 producing at the same rate
1.3 MMscf/d to accelerate the production.

Figure 2.25: Szymanowice Production Forecast
The total Szymanowice Gas Reserves are summarised in Table 2.10. The gas production
forecasts are shown in Error! Reference source not found. and in Appendix 8.

Table 2.10: Gas Reserves (MMscf) for the Szymanowice Field at 31st December 2013 100%
Basis
2.10 Grabowka Fields
The Grabowka West and East fields are low-relief Zechstein dolomite and limestone gas
accumulations discovered in the mid-80s. Four wells have been drilled within closure on
Grabowka West (G-5, 6, 7 and 8), and three on Grabowka East (G-12, 17 and 18). Reservoir
depths are in the range 1500-1600m.
The Zechstein Ca1 horizon is mapped on 2D seismic data and depth converted using an
average velocity function derived from checkshot data (Figure 2.26).

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Szymanowice Production data
P90 Prediction P50 Prediction P10 Prediction P50 Prediction FWHP
P10 case , considering an
extra well in 2018
Remaining Reserves (MMscf) Economic Limit Evaluation
in year 1
st
Jan 2014
Proven 2046 8,055
Proven+Probable 2068 14,847
Proven+Probable+Possible 2067 26,497
2014


Figure 2.26: Grabowka Fields: Zechstein Ca1 Depth Structure
Due to poor quality log data, a GWC could not be determined for either field. In Grabowka
West, structural spill is estimated at 1565m TVDSS, consistent with test data from the G-5
and G-7 wells. Similarly, on Grabowka East, a structural spill point of 1550m TVDSS is
estimated from mapping rather than from log analysis.
No changes to previous years GIIP estimates have been evaluated which are given in Table
2.1. Most of the volume is located in the Grabowka West structure which commenced
production in 2013 from G-6. The initial production results from G-6 and G-8 suggest a
significant reduction in Grabowka Reserves and a preliminary examination of the prior
volumetrics indicate there may be problem with matrix porosity assumption, NTG and
possibly the level of the GWC, all contributing to a smaller GIIP.
The Grabowka East field started production in July 2009 with well G-12. In September 2010
a new gas rate of 0.24MMscf/d commenced as a result of a new gas buyer. This rate
increased to 0.26MMscf/d in 2013 and then decreased to 0.20MMscf/d by the end of the
year. During the first half of 2013 water production declined, but by the end of September it
had increased to 100bbl/MMscf and by the end of December to 160bbl/MMscf. The
Grabowka East field has produced a total of 494MMscf of gas to 31st December 2013. The
WGR continues to increase and the flowing well head pressure shows a stable decline
during the year. Figure 2.27 shows Grabowka field production trend.
The well G-6 in Grabowka West came on stream on 4th March 2013 at an initial rate of
approximately 0.25MMscf/day. By the end of 2013 it was flowing at approximately
0.1MMscf/d and the wellhead pressure had dropped from 1700 psi to 1100 psi. No water
production has been recorded. The G-6 has produced a total of 33.8 MMscf by the end of the
year. The well G-8, also in Grabowka West, is scheduled to come on stream in 1Q 2014
Clean up test data for G-8, also in Grabowka West, showed a rapid wellhead pressure and
rate decline over a very short period.. This suggests that when it comes on stream G-8 will
have a low gas production rate.



Figure 2.27: Grabowka Fields - Production Data

Figure 2.28: Grabowka Fields - Production Data and Forecast
No static pressure surveys were recorded in G-12 or G-6 and so no reliable static material
balance estimate can be supplied. However, since G-6 has observed a large wellhead
pressure drop and no water production a flowing material balance estimate can be used for
this well. Approximately nine months of production data from G-6 was reviewed and the
analysis suggested a connected GIIP of only 62.5 Mscf for G-6. For a flowing material
balance analysis the productivity index values should be positive with a horizontal trend. In
the graph below of productivity index versus cumulative gas production there is some noise
due to frequent rate changes but the background trend appears stable. Figure 2.29 and
Figure 2.30 show Grabowka field flowing Material Balance. The initial production results from
G-6 and G-8 suggest a significant reduction in Grabowka Reserves and a preliminary
examination of the prior volumetrics indicate there may be problem with matrix porosity
0
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Daily prod. FWHP WGR
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J
u
l
-
1
8
J
u
l
-
1
9
J
u
l
-
2
0
J
u
l
-
2
1
J
u
l
-
2
2
J
u
l
-
2
3
J
u
l
-
2
4
J
u
l
-
2
5
J
u
l
-
2
6
J
u
l
-
2
7
J
u
l
-
2
8
J
u
l
-
2
9
W
H
P

(
P
s
i
a
)
G
a
s

r
a
t
e

(
M
M
s
c
f
d
)

Grabowka Production data (Forecast)
Daily prod. P90 prediction gas rate P50 Prediction gas rate P10 Prediction gas rate FWHP (Psia)

assumption, NTG and possibly the level of the GWC, all contributing to a significantly smaller
GIIP.

Figure 2.29: Grabowka Fields Flowing Material Balance

y = -40x + 2501.5
0
500
1000
1500
2000
2500
3000
3500
4000
4500
0
1
0
2
0
3
0
4
0
5
0
6
0
7
0
P
/
z

(
p
s
i
a
)
Gp (MMscf)
Flowing Material Balance Grabowka
Pi/Zi
Flowing P/z


Figure 2.30: Grabowka Fields Flowing Material Balance
The total Grabowka gas reserves are summarised in Table 2.11.
The gas production forecasts are shown in Figure 2.28 and Appendix 9.

Table 2.11: Gas Reserves (MMscf) for the Grabowka Field at 31st December 2013 100%

0.000
0.001
0.001
0.002
0.002
0
.
0
5
.
0
1
0
.
0
1
5
.
0
2
0
.
0
2
5
.
0
3
0
.
0
3
5
.
0
P
r
o
d
u
c
t
i
v
i
t
y

I
n
d
e
x
Gp (mmscf)
Flowing Material Balance Grabowka-6
1
st
Jan 2013 during 2013 31
st
Dec 2013 in year 1
st
Jan 2014
Proven 1,413 99.1 1,314 2016 292
Proven+Probable 7,569 99.1 7,470 2021 1,168
2013 2014

3. ECONOMIC ANALYSIS
3.1 Assumptions
An economic analysis of the Polish Assets of FX Energy was undertaken based on the
following price and royalty assumptions (see Table 3.1). These data have been supplied by
FX Energy in US Dollars and are based on Polish Zloty gas prices and exchange rates,
taken as the average of the 1
st
day of the month values throughout 2013.

Notes:
1. FX receives $1.61 for gas produced but incurs no costs. For the purpose of forecasting the
economic limit, FX advises that it believes that the field's operator receives a price $6.50/ Mscf (net
of royalty) and incurs annual opex of $0.300 MM.
2. Opex value excludes an assumed additional $1.20 MM workover to occur in 2014.
3. Opex is for all years after 2014; in 2014 it is assumed to be $0.456 MM.
6. In addition to the opex values cited above, $0.15 Mscf for compression opex (where applicable)
has been assumed.
3.2 Table 3.1: Gas Price, Royalty and OPEX Assumptions Costing

Capital Expenditure
For the undeveloped fields and future compression costs for the developed fields, the Capital
Expenditure programme for drilling and sidetracks shown below has been assumed based
on information supplied by FX Energy or for compression estimated by RPS. No inflation has
been applied to these estimates. For assets that share compression the compression capex
was allocated on a % basis on remaining reserves at the time compression is assumed to
have been installed. Compression timing was, in all cases except Roszkow, selected to be
in the year when predicted WHFP falls below the 900 psi export entry pressure. For
Roszkow, we used FX Energys assumption that compression comes online in 2014.
Komorze Compression costs of $3.00 MM are assumed to be incurred 2016 in the
Proved case, in 2017 in the Proved plus Probable case, and in 2019 in the Proved plus
Probable plus Possible case.
Sroda-Kromolice-1/ Kromolice South It is assumed that the three fields will share a
common compressor costing $6.00 MM in all three volumetric cases. The cost is
assumed to be incurred when the first of the three fields needs it. This is assumed to be
2016 in the Proved case, and in 2017 in the Proved plus Probable and the Proved plus
Probable plus Possible cases.
Lisewo Compression costs of $7.50 MM are assumed to be incurred 2016 in the
Proved case, in 2018 in the Proved plus Probable case, and in 2020 in the Proved plus
Probable plus Possible case. Lisewo-2 tie-in costs of $1.90 MM are assumed to be
incurred in 2014.

Roszkow For all three volumetric cases (i.e., the Proved, Proved plus Probable, and
Proved plus Probable plus Possible), compression capex of US $1.45 MM has been
assumed to be incurred in 2014.
Szymanowice In all three volumetric cases, a $2.70 MM cost to tie-in to the Lisewo
facilities is assumed to be incurred in 2014. In the Proved plus Probable plus Possible
case, costs of $9.00 MM for a second well and $2.00 MM for a tie-in are assumed to be
incurred in 2018. Compression costs of $3.00 MM are assumed to be incurred 2018 in
the Proved case, and in 2021 in the Proved plus Probable and Proved plus Probable plus
Possible cases.
Winna Gora For all three volumetric cases, compression capex of US $3.50 MM has
been assumed, to be incurred in 2016 in the Proved case, in 2019 in the Proved plus
Probable case, and in 2022 in the Proved plus Probable plus Possible case,
Zaniemysl Sidetrack costs of $3.60 MM are assumed to be incurred in 2014. No
compression is assumed to be required at Zaniemysl due to pressure maintenance from
water influx.
Operating and Abandonment Costs
Normal operating costs per well have been provided for all the fields and are tabulated in
Table 3.1.
In addition to basic operating costs, there is an additional $0.015/mcf additional compression
opex per license, once compression is required.
Assumed abandonment costs of 0.385 MM per well and $0.250 MM per facility have been
provided by FX Energy.
3.3 Results
The results of our analysis are shown below in Table 3.2. The Net Present Values are stated
excluding Income Tax and are expressed in gross and net terms.

Table 3.2: Total NPV10 and NPV10, attributable to FX Energy
It was requested by FX Energy to carry out +/- 10% sensitivities on the gas prices, given in
Table 3.1. The sensitivity to the gas price for the net reserves of the various assets is listed
in Table 3.3. There is very little impact to the net reserves by varying the gas prices +/- 10%
because of the relatively low OPEX. The corresponding influence on the NPV10 (Net to FX
Energy) of the gas price sensitivity is logically larger and is shown in Table 3.4 and
graphically in Figure 3.1 for the Proven+Probable reserves only. The influence of gas price
on NPV10 is more striking for the Roszkow and Sroda-Kromolice fields.
Gross Net Gross Net Gross Net
Zaniemysl 24.5% 7.46 1.83 14.64 3.59 20.05 4.91
Sroda-Kromolice 49.0% 99.77 48.89 107.81 52.83 128.60 63.01
Roszkow 49.0% 50.10 24.55 62.38 30.57 78.54 38.48
Winna Gora 49.0% 22.34 10.95 31.23 15.30 38.55 18.89
Kromolice South 49.0% 16.27 7.97 25.65 12.57 33.57 16.45
Grabowka 100.0% 0.41 0.41 1.30 1.30 1.87 1.87
Lisewo 49.0% 88.38 43.31 121.18 59.38 152.03 74.49
Komorze 49.0% 14.05 6.88 18.15 8.89 21.13 10.35
Szymanowice 49.0% 12.28 6.02 16.60 8.13 24.65 12.08
Total 311.06 150.80 398.94 192.56 498.99 240.55
Proved + Probable Field
FX Energy
Interest
NPV10 (Million US$)
Proved + Probable +
Possible
Proved


Table 3.3: Effect of Gas Price Sensitivities on FX Net Reserves (MMscf)

Table 3.4: Effect of Gas Price Sensitivities on NPV10 (Net to FX Energy) in Million USD

Figure 3.1: Gas Price Sensitivity on NPV10 (Net to FX Energy) for the 2P Case
1P 2P 3P 1P 2P 3P 1P 2P 3P
Roszkow 4,789 6,483 11,047 4,789 6,539 11,272 4,842 6,590 11,272
Winna Gora 4,002 6,757 11,131 4,075 6,869 11,208 4,141 7,003 11,208
Kromolice South 1,551 2,629 3,982 1,551 2,629 3,982 1,551 2,629 4,006
Zaniemysl 793 1,454 2,177 793 1,454 2,177 793 1,454 2,177
Sroda-Kromolice 12,099 16,878 26,325 12,099 16,878 26,325 12,123 16,878 26,325
Grabowka 292 1,168 2,081 292 1,168 2,081 292 1,168 2,081
Lisewo 12,079 19,723 31,620 12,079 19,723 31,620 12,079 19,723 31,620
Komorze 2,385 4,135 6,878 2,385 4,135 6,878 2,385 4,135 6,878
Szymanowice 3,947 7,275 12,984 3,947 7,275 12,984 3,947 7,275 12,984
Total 41,939 66,502 108,225 42,012 66,670 108,527 42,154 66,855 108,551
Fields
Net Reserves 90% Price Net Reserves 110% Price Net Reserves Base Price
1P 2P 3P 1P 2P 3P 1P 2P 3P
Roszkow 21.67 27.01 34.05 24.55 30.57 38.48 27.44 34.13 42.92
Winna Gora 9.45 13.39 16.64 10.95 15.30 18.89 12.45 17.21 21.13
Kromolice South 7.03 11.12 14.56 7.97 12.57 16.45 8.91 14.02 18.35
Zaniemysl 1.48 3.05 4.22 1.83 3.59 4.91 2.17 4.13 5.60
Sroda-Kromolice 43.44 46.94 56.09 48.89 52.83 63.01 54.35 58.72 69.94
Grabowka 0.41 1.30 1.87 0.41 1.30 1.87 0.41 1.30 1.87
Lisewo 38.24 52.72 66.35 43.30 59.38 74.49 48.36 66.04 82.64
Komorze 6.00 7.81 9.13 6.89 8.89 10.35 7.77 9.98 11.57
Szymanowice 5.11 7.03 10 6.02 8.13 12.08 6.93 9.23 13.94
Total 132.83 170.37 213.13 150.81 192.56 240.53 168.79 214.76 267.96
Fields
NPV10 110% Price NPV10 Base Price NPV10 90% Price
0.0
20.0
40.0
60.0
80.0
100.0
120.0
80% 90% 100% 110% 120%
N
P
V
1
0

(
2
P
)

i
n

M
i
l
l
i
o
n

U
S
D

(
N
e
t

t
o

F
X

E
n
e
r
g
y
)
Gas Price (% of base case)
Gas Price Sensitivity to NPV10 (2P only) for the eight Assets (Net to FX Energy)
Roszkow
Winna Gora
Kromolice-South
Zaniemysl
Sroda-Kromolice
Grabowka
Lisewo
Komorze
Szymanowice

4. RESERVES EVOLUTION 2013-2014
4.1 Proved Gas Reserves

Table 4.1: Gas Proved Reserves (MMscf) 100% Basis
Table 4.1 shows the Proved Reserves evolution. In general there are modest reserves
changes (+/- 10-20 %) apart from Grabowka. The inclusion of reserves for the new discovery
Szymanowice gives an additional reserves of 8.1 Bscf leading to a net 4.8 Bscf, a 6 %
increase in the 2014 evaluation, after 2013 production.
4.2 Proved plus Probable Gas Reserves

Table 4.2: Gas Proved plus Probable Reserves (MMscf) 100% Basis
Table 4.2 shows the Proved plus Probable Reserves evolution. The inclusion of reserves for
the new discovery Szymanowice gives extra reserves of 14.8 Bcf but this does not offset the
net reduction leading to a 4 % reduction in the 2014 evaluation, after 2013 production. In
general the P/Z field performance is indicating a connected GIIP less then the P50
Volumetric estimates leading to a gradual reduction in Proved plus Probable Reserves.

2014
Field Evaluation Production Remaining Evaluation MMscf (%)
01-Jan-13 during 2013 31-Dec-13 01-Jan-14
Zaniemysl 4,512 370 4,142 3,238 -904 -22%
Sroda-Kromolice 26,152 2,838 23,314 24,693 1,379 6%
Roszkow 13,420 3,262 10,158 9,773 -384 -4%
Winna Gora 10,324 643 9,680 8,317 -1,363 -14%
Kromolice South 3,775 1,245 2,530 3,166 636 25%
Grabowka 1,413 99 1,314 292 -1,022 -78%
Lisewo 26,512 88 26,424 24,652 -1,772 -7%
Komorze 4,721 0 4,721 4,868 147 3%
Szymanowice 8,055 8,055 0%
Total 90,828 8,545 82,283 87,054 4,771 6%
2013 Variation
2014
Zaniemysl 9,161 370 8,792 5,933 -2,858 -33%
Sroda-Kromolice 45,440 2,838 42,602 34,445 -8,157 -19%
Roszkow 16,984 3,262 13,723 13,345 -378 -3%
Winna Gora 17,009 643 16,365 14,018 -2,347 -14%
Kromolice South 5,015 1,245 3,771 5,365 1,594 42%
Grabowka 7,569 99 7,470 1,168 -6,302 -84%
Lisewo 43,158 88 43,070 40,252 -2,818 -7%
Komorze 7,153 0 7,153 8,439 1,286 18%
Szymanowice 14,847 14,847 0%
Total 151,489 8,545 142,944 137,812 -5,133 -4%
2013 Variation

4.3 Proved plus Probable plus Possible Gas Reserves

Table 4.3: Gas Proved plus Probable plus Possible Reserves (MMscf) 100% Basis
Table 4.3 shows the Proved plus Probable plus Possible Reserves evolution. For the
producing fields there is a general downward revision of reserves, mainly due to the
constraints imposed on GIIP estimates from reservoir pressure data. These downward
revisions and the inclusion of reserves from the new discovery Szymanowice result in 3%
less reserves (6.2 Bscf), in the 2014 evaluation, after 2013 production .

2014
Zaniemysl 14,545 370 14,176 8,895 -5,281 -37%
Sroda-Kromolice 55,255 2,838 52,416 53,725 1,309 2%
Roszkow 31,761 3,262 28,499 23,004 -5,495 -19%
Winna Gora 27,495 643 26,852 22,873 -3,979 -15%
Kromolice South 9,421 1,245 8,176 8,128 -48 -1%
Grabowka 19,724 99 19,625 2,081 -17,545 -89%
Lisewo 69,200 88 69,112 64,532 -4,581 -7%
Komorze 11,146 0 11,146 14,037 2,891 26%
Szymanowice 26,497 26,497 0%
Total 238,548 8,545 230,003 223,770 -6,233 -3%
2013 Variation

ZANIEMYSL FIELD

Table A1.1: Gas Production Forecasts for the Zaniemysl Field

Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
2015 2.1 21.57 2.1 21.57 2.1 21.57
2016 2.1 22.34 2.1 22.34 2.1 22.34
2017 2.1 23.11 2.1 23.11 2.1 23.11
2018 2.1 23.88 2.1 23.88 2.1 23.88
2019 0.4 24.04 2.1 24.65 2.1 24.65
2020 2.1 25.42 2.1 25.42
2021 2.1 26.19 2.1 26.19
2022 1.5 26.74 2.1 26.96
2023 2.1 27.73
2024 2.1 28.50
2025 2.1 29.27
2026 1.1 29.69
Zaniemysl
Proved Proved+Probable Proved +Probable+Possible













THE ROSZKOW FIELD

Table A2.1: Gas Production Forecast for Roszkow Field

Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
2014 7.27 21.53 7.27 21.53 7.27 21.53
2015 6.27 23.81 6.93 24.05 7.21 24.16
2016 4.20 25.35 5.17 25.95 5.88 26.31
2017 2.78 26.37 3.78 27.33 4.56 27.97
2018 1.87 27.05 2.76 28.33 3.63 29.30
2019 1.32 27.53 2.06 29.09 2.93 30.37
2020 0.96 27.89 1.59 29.67 2.42 31.26
2021 0.73 28.15 1.27 30.13 2.07 32.01
2022 0.56 28.36 1.03 30.51 1.81 32.67
2023 0.45 28.52 0.86 30.82 1.61 33.26
2024 0.36 28.65 0.73 31.09 1.45 33.79
2025 0.30 28.76 0.63 31.32 1.33 34.27
2026 0.25 28.85 0.54 31.52 1.22 34.72
2027 0.21 28.92 0.48 31.69 1.14 35.13
2028 0.18 28.99 0.42 31.85 1.06 35.52
2029 0.15 29.04 0.38 31.99 1.00 35.88
2030 0.13 29.09 0.34 32.11 0.94 36.23
2031 0.11 29.13 0.31 32.23 0.89 36.55
2032 0.10 29.17 0.29 32.33 0.84 36.86
2033 0.09 29.20 0.26 32.43 0.80 37.15
2034 0.08 29.23 0.24 32.52 0.76 37.43
2035 0.23 32.60 0.73 37.70
2036 0.21 32.68 0.70 37.95
2037 0.20 32.75 0.67 38.20
2038 0.19 32.82 0.64 38.43
2039 0.18 32.88 0.61 38.65
2040 0.17 32.95 0.59 38.87
2041 0.16 33.00 0.57 39.08
2042 0.15 33.06 0.54 39.27
2043 0.15 33.11 0.52 39.47
2044 0.14 33.17 0.51 39.65
2045 0.14 33.21 0.49 39.83
2046 0.13 33.26 0.47 40.00
2047 0.13 33.31 0.45 40.17
2048 0.12 33.35 0.44 40.33
2049 0.12 33.40 0.42 40.48
2050 0.12 33.44 0.41 40.63
2051 0.11 33.48 0.40 40.77
2052 0.11 33.52 0.38 40.92
2053 0.11 33.56 0.37 41.05
2054 0.10 33.60 0.36 41.18
2055 0.10 33.63 0.35 41.31
2056 0.10 33.67 0.34 41.43
2057 0.10 33.71 0.33 41.55
2058 0.10 33.74 0.32 41.67
2059 0.09 33.78 0.31 41.78
2060 0.30 41.89
Roszkow












SRODA-KROMOLICE FIELD

Table A3.1: Gas Production Forecasts for Sroda-Kromolice
Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
2014 7.55 9.78 7.55 11.96 7.55 11.96
2015 7.58 12.55 7.58 14.72 7.58 14.72
2016 7.58 15.32 7.58 17.50 7.58 17.50
2017 7.58 18.08 7.58 20.26 7.58 20.26
2018 7.03 20.65 7.31 22.93 7.58 23.03
2019 5.39 22.62 5.78 25.04 6.86 25.53
2020 4.35 24.21 4.70 26.76 5.60 27.58
2021 3.74 25.58 4.04 28.23 4.84 29.35
2022 3.35 26.80 3.65 29.57 4.38 30.94
2023 3.06 27.91 3.39 30.80 4.08 32.43
2024 2.47 28.82 3.20 31.97 3.90 33.86
2025 2.39 29.69 3.05 33.09 3.77 35.24
2026 1.85 30.37 2.89 34.14 3.68 36.58
2027 1.26 30.83 2.16 34.93 3.61 37.90
2028 0.90 31.15 1.63 35.53 3.56 39.20
2029 0.67 31.40 1.34 36.02 3.51 40.48
2030 0.51 31.59 1.14 36.43 3.48 41.75
2031 0.40 31.73 1.03 36.81 3.45 43.01
2032 0.13 31.78 0.93 37.15 3.42 44.26
2033 0.78 37.43 3.40 45.50
2034 0.67 37.68 3.30 46.71
2035 0.57 37.89 2.89 47.76
2036 0.33 38.01 2.61 48.72
2037 0.33 38.13 2.43 49.60
2038 0.33 38.25 2.18 50.40
2039 0.33 38.37 2.07 51.15
2040 0.31 38.49 1.92 51.85
2041 0.33 38.61 1.27 52.32
2042 0.31 38.72 0.85 52.63
2043 0.33 38.84 0.84 52.93
2044 0.32 38.96 0.82 53.23
2045 0.31 39.07 0.81 53.53
2046 0.31 39.19 0.80 53.82
2047 0.31 39.30 0.78 54.11
2048 0.31 39.42 0.77 54.39
2049 0.30 39.53 0.75 54.66
2050 0.31 39.64 0.74 54.93
2051 0.30 39.75 0.73 55.20
2052 0.31 39.86 0.72 55.46
2053 0.30 39.97 0.71 55.72
2054 0.30 40.08 0.70 55.98
2055 0.30 40.19 0.69 56.23
2056 0.30 40.30 0.68 56.47
2057 0.30 40.41 0.67 56.72
2058 0.30 40.51 0.66 56.96
2059 0.30 40.62 0.65 57.19
2060 0.30 40.73 0.64 57.42
2061 0.28 40.83 0.63 57.65
2062 0.30 40.94 0.62 57.88
2063 0.28 41.04 0.61 58.10
2064 0.28 41.15 0.60 58.32
2065 0.28 41.25 0.59 58.54
2066 0.30 41.36 0.58 58.75
2067 0.28 41.46 0.57 58.96
2068 0.26 41.56 0.57 59.17
2069 0.28 41.66 0.56 59.37
2070 0.28 41.76 0.54 59.57
2071 0.28 41.86 0.53 59.76
2072 0.26 41.96 0.52 59.95
2073 0.28 42.06 0.51 60.14
2074 0.26 42.16 0.51 60.33
2075 0.26 42.25 0.50 60.51
2076 0.26 42.35 0.49 60.69
2077 0.27 42.45 0.49 60.86
2078 0.27 42.55 0.48 61.04
2079 0.26 42.64 0.47 61.21
2080 0.26 42.74 0.47 61.38
2081 0.26 42.83 0.46 61.55
2082 0.26 42.93 0.45 61.71
2083 0.26 43.03 0.45 61.88
2084 0.25 43.12 0.44 62.04
2085 0.26 43.21 0.44 62.20
2086 0.25 43.30 0.43 62.36
2087 0.26 43.40 0.42 62.51
2088 0.25 43.49 0.42 62.66
2089 0.25 43.58 0.41 62.81
2090 0.25 43.67 0.41 62.96
Sroda Kromolice
Proved Proved+Probable Proved













THE KROMOLICE SOUTH FIELD

Table A5.1: Gas Production Forecast for Kromolice South Field

Year
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
2014 3.06 3.50 3.06 3.50 3.06 3.50
2015 3.07 4.62 3.07 4.62 3.07 4.62
2016 2.55 5.55 3.07 5.74 3.07 5.74
2017 2.84 6.78 3.05 6.85
2018 1.58 7.35 2.39 7.73
2019 0.82 7.65 1.75 8.36
2020 0.26 7.75 1.34 8.85
2021 1.05 9.24
2022 0.84 9.54
2023 0.69 9.79
2024 0.56 10.00
2025 0.47 10.17
2026 0.39 10.31
2027 0.32 10.43
2028 0.22 10.51
2029 0.13 10.56
2030 0.10 10.60
2031 0.08 10.63
2032 0.07 10.66
2033 0.05 10.67
2034 0.04 10.69
2035 0.03 10.70
Kromolice_South












THE WINNA GORA FIELD

Table A5.1: Gas Production Forecast for Winna Gora Field
Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
2014 2.01 1.37 2.01 1.37 2.01 1.37
2015 2.01 2.11 2.01 2.11 2.01 2.11
2016 2.01 2.84 2.01 2.84 2.01 2.84
2017 1.91 3.54 2.01 3.58 2.01 3.58
2018 1.62 4.13 2.01 4.31 2.01 4.31
2019 1.38 4.64 2.01 5.05 2.01 5.05
2020 1.20 5.08 1.88 5.74 2.01 5.79
2021 1.05 5.46 1.69 6.35 2.01 6.52
2022 0.94 5.80 1.53 6.91 2.01 7.26
2023 0.84 6.11 1.39 7.42 2.01 7.99
2024 0.75 6.38 1.27 7.89 1.95 8.71
2025 0.68 6.63 1.17 8.31 1.82 9.37
2026 0.62 6.86 1.08 8.71 1.71 9.99
2027 0.57 7.06 1.01 9.08 1.60 10.58
2028 0.52 7.26 0.94 9.42 1.51 11.13
2029 0.48 7.43 0.87 9.74 1.42 11.65
2030 0.44 7.59 0.82 10.04 1.35 12.14
2031 0.41 7.74 0.77 10.32 1.28 12.61
2032 0.38 7.88 0.72 10.58 1.21 13.05
2033 0.36 8.02 0.68 10.83 1.15 13.47
2034 0.34 8.14 0.64 11.06 1.10 13.87
2035 0.31 8.25 0.61 11.28 1.05 14.26
2036 0.29 8.36 0.57 11.50 1.00 14.62
2037 0.28 8.46 0.55 11.69 0.96 14.97
2038 0.26 8.56 0.52 11.88 0.92 15.31
2039 0.25 8.65 0.49 12.06 0.88 15.63
2040 0.23 8.73 0.47 12.24 0.84 15.93
2041 0.22 8.81 0.45 12.40 0.81 16.23
2042 0.21 8.89 0.43 12.56 0.78 16.51
2043 0.20 8.96 0.41 12.71 0.75 16.79
2044 0.19 9.03 0.39 12.85 0.72 17.05
2045 0.18 9.10 0.38 12.99 0.69 17.30
2046 0.17 9.16 0.36 13.12 0.67 17.55
2047 0.16 9.22 0.35 13.24 0.65 17.78
2048 0.16 9.28 0.33 13.36 0.62 18.01
2049 0.15 9.33 0.32 13.48 0.60 18.23
2050 0.14 9.38 0.31 13.59 0.58 18.45
2051 0.14 9.43 0.30 13.70 0.56 18.65
2052 0.13 9.48 0.28 13.81 0.55 18.85
2053 0.13 9.53 0.27 13.91 0.53 19.05
2054 0.12 9.57 0.26 14.00 0.51 19.23
2055 0.12 9.61 0.26 14.10 0.50 19.42
2056 0.11 9.66 0.25 14.19 0.48 19.59
2057 0.11 9.69 0.24 14.27 0.47 19.76
2058 0.10 9.73 0.23 14.36 0.46 19.93
2059 0.10 9.77 0.22 14.44 0.44 20.09
2060 0.10 9.80 0.22 14.52 0.43 20.25
2061 0.09 9.84 0.21 14.59 0.42 20.40
2062 0.09 9.87 0.20 14.67 0.41 20.55
2063 0.09 9.90 0.20 14.74 0.40 20.69
2064 0.08 9.93 0.19 14.81 0.39 20.84
2065 0.08 9.96 0.18 14.88 0.38 20.97
2066 0.08 9.99 0.18 14.94 0.37 21.11
2067 0.08 10.02 0.17 15.01 0.36 21.24
2068 0.07 10.04 0.17 15.07 0.35 21.36
2069 0.07 10.07 0.16 15.13 0.34 21.49
2070 0.07 10.10 0.16 15.19 0.33 21.61
2071 0.07 10.12 0.16 15.24 0.32 21.73
2072 0.06 10.14 0.15 15.30 0.32 21.84
2073 0.06 10.17 0.15 15.35 0.31 21.95
2074 0.06 10.19 0.14 15.40 0.30 22.06
2075 0.06 10.21 0.14 15.46 0.29 22.17
2076 0.06 10.23 0.14 15.50 0.29 22.28
2077 0.06 10.25 0.13 15.55 0.28 22.38
2078 0.05 10.27 0.13 15.60 0.27 22.48
2079 0.05 10.29 0.13 15.65 0.27 22.58
2080 0.05 10.31 0.12 15.69 0.26 22.67
2081 0.05 10.33 0.12 15.74 0.26 22.77
2082 0.05 10.35 0.12 15.78 0.25 22.86
2083 0.11 15.82 0.25 22.95
2084 0.11 15.86 0.24 23.04
2085 0.11 15.90 0.24 23.12
2086 0.11 15.94 0.23 23.21
2087 0.10 15.98 0.23 23.29
2088 0.10 16.01 0.22 23.37
2089 0.10 16.05 0.22 23.45
2090 0.10 16.09 0.21 23.53
Winna Gora











LISEWO FIELD

Table A6.1: Gas Production Forecasts for Lisewo

Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
2014 6.00 2.28 6.00 2.28 6.00 2.28
2015 8.53 5.40 8.53 5.40 8.53 5.40
2016 8.52 8.51 8.53 8.52 8.53 8.52
2017 7.92 11.40 8.53 11.63 8.53 11.63
2018 6.47 13.76 8.43 14.71 8.53 14.75
2019 5.06 15.61 7.93 17.60 8.53 17.86
2020 4.09 17.11 7.18 20.23 8.53 20.99
2021 3.38 18.34 6.09 22.45 8.31 24.02
2022 2.83 19.37 5.25 24.37 7.97 26.93
2023 2.38 20.24 4.58 26.04 7.65 29.72
2024 2.03 20.98 4.04 27.52 6.99 32.28
2025 1.74 21.62 3.59 28.83 6.30 34.58
2026 1.49 22.16 3.21 30.00 5.73 36.67
2027 0.98 22.52 2.88 31.05 5.23 38.58
2028 0.89 22.85 2.58 32.00 4.79 40.33
2029 0.81 23.14 2.33 32.85 4.42 41.94
2030 0.81 23.44 2.11 33.62 4.09 43.44
2031 0.75 23.71 1.92 34.32 3.80 44.82
2032 0.69 23.97 1.75 34.96 3.54 46.12
2033 0.63 24.19 1.60 35.54 3.30 47.32
2034 0.57 24.40 1.45 36.07 3.08 48.44
2035 0.51 24.59 0.99 36.43 2.87 49.49
2036 0.46 24.76 0.94 36.78 2.68 50.47
2037 0.15 24.81 0.89 37.10 2.51 51.39
2038 0.06 24.84 0.84 37.41 2.36 52.25
2039 0.03 24.85 0.80 37.70 2.22 53.06
2040 0.82 38.00 2.09 53.82
2041 0.79 38.29 1.97 54.54
2042 0.74 38.56 1.85 55.22
2043 0.70 38.82 1.75 55.85
2044 0.67 39.06 1.65 56.46
2045 0.63 39.29 1.56 57.03
2046 0.60 39.51 1.48 57.57
2047 0.56 39.71 1.19 58.01
2048 0.53 39.91 0.99 58.37
2049 0.49 40.08 0.95 58.71
2050 0.46 40.25 0.92 59.05
2051 0.32 40.37 0.89 59.37
2052 0.06 40.39 0.86 59.69
2053 0.06 40.42 0.83 59.99
2054 0.06 40.44 0.80 60.28
2055 0.03 40.45 0.80 60.58
2056 0.83 60.88
2057 0.80 61.17
2058 0.77 61.45
2059 0.75 61.73
2060 0.72 61.99
2061 0.70 62.24
2062 0.67 62.49
2063 0.65 62.73
2064 0.63 62.96
2065 0.61 63.18
2066 0.59 63.39
2067 0.57 63.60
2068 0.54 63.80
2069 0.52 63.99
2070 0.50 64.17
2071 0.48 64.34
2072 0.45 64.51
2073 0.44 64.67
2074 0.18 64.73
2075 0.06 64.76
2076 0.06 64.78
2077 0.06 64.80
2078 0.06 64.82
2079 0.06 64.85
2080 0.03 64.86
Lisewo








KOMORZE-3 FIELD

Table A7.1: Gas Production Forecasts for Komorze

Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
2014 1.25 0.42 1.25 0.42 1.25 0.42
2015 1.25 0.87 1.25 0.87 1.25 0.87
2016 1.25 1.33 1.25 1.33 1.25 1.33
2017 1.21 1.77 1.25 1.78 1.25 1.78
2018 1.09 2.17 1.24 2.23 1.25 2.24
2019 0.98 2.53 1.17 2.66 1.25 2.69
2020 0.89 2.86 1.08 3.06 1.24 3.15
2021 0.82 3.15 1.01 3.43 1.19 3.58
2022 0.75 3.43 0.94 3.77 1.12 3.99
2023 0.69 3.68 0.88 4.09 1.06 4.38
2024 0.64 3.91 0.83 4.39 1.01 4.75
2025 0.60 4.13 0.78 4.67 0.96 5.10
2026 0.56 4.33 0.73 4.94 0.92 5.43
2027 0.52 4.52 0.69 5.19 0.88 5.75
2028 0.49 4.70 0.66 5.44 0.84 6.06
2029 0.46 4.87 0.62 5.66 0.80 6.35
2030 0.59 5.88 0.77 6.63
2031 0.56 6.08 0.74 6.90
2032 0.54 6.28 0.71 7.16
2033 0.51 6.47 0.68 7.41
2034 0.49 6.65 0.66 7.65
2035 0.47 6.82 0.63 7.89
2036 0.45 6.99 0.61 8.11
2037 0.43 7.15 0.59 8.33
2038 0.42 7.30 0.57 8.53
2039 0.40 7.44 0.55 8.74
2040 0.39 7.59 0.53 8.93
2041 0.37 7.72 0.52 9.12
2042 0.36 7.85 0.50 9.30
2043 0.35 7.98 0.49 9.48
2044 0.33 8.10 0.47 9.65
2045 0.32 8.22 0.46 9.82
2046 0.31 8.33 0.45 9.98
2047 0.30 8.44 0.43 10.14
2048 0.42 10.30
2049 0.41 10.45
2050 0.40 10.59
2051 0.39 10.73
2052 0.38 10.87
2053 0.37 11.01
2054 0.36 11.14
2055 0.35 11.27
2056 0.34 11.39
2057 0.33 11.51
2058 0.33 11.63
2059 0.32 11.75
2060 0.31 11.86
2061 0.30 11.97
2062 0.30 12.08
2063 0.29 12.19
2064 0.28 12.29
2065 0.28 12.39
2066 0.27 12.49
2067 0.27 12.59
2068 0.26 12.68
2069 0.26 12.78
2070 0.25 12.87
2071 0.24 12.96
2072 0.24 13.05
2073 0.24 13.13
2074 0.23 13.22
2075 0.23 13.30
2076 0.22 13.38
2077 0.22 13.46
2078 0.21 13.54
2079 0.21 13.61
2080 0.21 13.69
2081 0.20 13.76
2082 0.20 13.84
2083 0.19 13.91
2084 0.19 13.98
2085 0.19 14.05
Komorze












SZYMANOWICE FIELD

Table A8.1: Gas Production Forecasts for Szymanowice

Year
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
Gas Rate
(MMscfd)
Cumulative
Production (Bscf)
2015 1.25 0.42 1.25 0.42 1.25 0.42
2016 1.25 0.87 1.25 0.87 1.25 0.87
2017 1.25 1.33 1.25 1.33 1.25 1.33
2018 1.25 1.78 1.25 1.78 2.49 2.24
2019 1.21 2.22 1.25 2.24 2.49 3.15
2020 1.12 2.63 1.25 2.69 2.49 4.06
2021 1.04 3.01 1.25 3.15 2.49 4.97
2022 0.97 3.37 1.25 3.60 2.49 5.88
2023 0.91 3.70 1.22 4.05 2.45 6.77
2024 0.86 4.02 1.17 4.48 2.34 7.63
2025 0.81 4.31 1.13 4.89 2.24 8.44
2026 0.76 4.59 1.09 5.29 2.14 9.23
2027 0.72 4.85 1.05 5.67 2.05 9.97
2028 0.69 5.11 1.01 6.04 1.97 10.69
2029 0.65 5.34 0.98 6.40 1.89 11.38
2030 0.62 5.57 0.95 6.74 1.82 12.05
2031 0.59 5.78 0.92 7.08 1.75 12.69
2032 0.56 5.99 0.89 7.40 1.69 13.30
2033 0.54 6.19 0.86 7.71 1.63 13.90
2034 0.52 6.37 0.83 8.02 1.57 14.47
2035 0.49 6.56 0.81 8.31 1.52 15.02
2036 0.47 6.73 0.78 8.60 1.47 15.56
2037 0.45 6.89 0.76 8.88 1.42 16.08
2038 0.44 7.05 0.74 9.15 1.38 16.58
2039 0.42 7.21 0.72 9.41 1.33 17.07
2040 0.40 7.35 0.70 9.67 1.29 17.54
2041 0.39 7.50 0.68 9.92 1.25 18.00
2042 0.37 7.63 0.67 10.16 1.22 18.44
2043 0.36 7.76 0.65 10.40 1.18 18.87
2044 0.35 7.89 0.63 10.63 1.15 19.29
2045 0.34 8.01 0.62 10.86 1.12 19.70
2046 0.12 8.06 0.60 11.07 1.09 20.10
2047 0.59 11.29 1.06 20.48
2048 0.57 11.50 1.03 20.86
2049 0.56 11.70 1.00 21.23
2050 0.55 11.90 0.98 21.58
2051 0.53 12.10 0.95 21.93
2052 0.52 12.29 0.93 22.27
2053 0.51 12.48 0.91 22.60
2054 0.50 12.66 0.88 22.93
2055 0.49 12.84 0.86 23.24
2056 0.48 13.01 0.84 23.55
2057 0.47 13.18 0.82 23.85
2058 0.46 13.35 0.80 24.14
2059 0.45 13.52 0.79 24.43
2060 0.44 13.68 0.77 24.71
2061 0.43 13.83 0.75 24.99
2062 0.42 13.99 0.74 25.25
2063 0.42 14.14 0.72 25.52
2064 0.41 14.29 0.70 25.77
2065 0.40 14.44 0.69 26.03
2066 0.39 14.58 0.67 26.27
2067 0.38 14.72 0.66 26.51
2068 0.38 14.86 0.03 26.52
Szymanowice












GRABOWKA FIELD

Table A8.1: Gas Production Forecasts for Grabowka

Year
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
Gas Rate
(MMscfd)
Cumulative
Production
(Bscf)
2014 0.3 0.6 0.3 0.6 0.3 0.6
2015 0.3 0.7 0.3 0.7 0.3 0.7
2016 0.2 0.8 0.3 0.8 0.3 0.8
2017 0.6 1.0 0.3 0.9
2018 0.6 1.3 0.6 1.2
2019 0.6 1.5 0.6 1.4
2020 0.3 1.6 0.6 1.6
2021 0.2 1.7 0.6 1.8
2022 0.6 2.0
2023 0.6 2.3
2024 0.6 2.5
2025 0.3 2.6
2026 0.1 2.6
Grabowka






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