AXP Energy Raises A$800,000 to Advance Oklahoma Oil Project

AXP Energy ( (AU:AXP) ) has provided an update.

AXP Energy has raised A$800,000 through a placement of 66,666,667 new shares to sophisticated and professional investors at A$0.012 per share, a discount to its recent trading prices. The capital injection strengthens the company’s balance sheet and working capital, and is earmarked primarily to advance development of its Oklahoma oil project.

The placement, supported by both existing shareholders and new investors, will lift AXP’s total shares on issue to 442,554,364 while leaving its options on issue unchanged. By funding ongoing field development and enabling evaluation of additional lease and farm-in opportunities, the raise underpins AXP’s growth strategy in the U.S. oil and gas sector and signals continued investor confidence in its asset base.

The most recent analyst rating on (AU:AXP) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on AXP Energy stock, see the AU:AXP Stock Forecast page.

More about AXP Energy

AXP Energy Limited is an oil and gas production and development company focused on growing output and unlocking value from its portfolio of energy assets in the United States. The company is listed on the ASX and OTC markets and targets expansion through development of existing projects and acquisition of new leases and farm-in opportunities.

YTD Price Performance: -18.75%

Average Trading Volume: 676,626

Technical Sentiment Signal: Strong Sell

Current Market Cap: A$4.89M

For an in-depth examination of AXP stock, go to TipRanks’ Overview page.