FX Energy (FXEN)

[Timothy Smith]

Significant drilling catalysts in 2H.

The company is about to spud three wells: the Lisewo-2 appraisal well and the Szymanowice-1 exploration well in the Fences area and the Gorka Duchowna exploration well in Block 246.

Results are expected before year end and I carry them at a combined risked valuation of US$1.2/sh (US$2.8/sh unrisked).

12-month price target: US$7.10

Catalyst: Lisewo-2, Szymanowice-1 and Gorka Duchowna well results

All in my opinion.