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An announcement from AXP Energy ( (AU:AXP) ) is now available.
AXP Energy reported progress at its Edwards Lease in Oklahoma, where it has upgraded the Charlie #1 well with higher-capacity pumping equipment and commissioned an on-lease saltwater disposal facility, cutting lifting costs to about $5 per barrel. The company has invested around $860,000 in leases, drilling and water-handling infrastructure, enabling first oil deliveries to the Ponca City refinery and daily gas sales, and creating capacity for several additional wells.
In Colorado, oil output remained steady at about 22 barrels per day, though overall gas production fell sharply after shutting its gas-to-power project, even as higher March oil prices lifted revenue. AXP strengthened its balance sheet with a A$946,000 placement, lifted cash to nearly $400,000, and grew quarterly revenue despite an operating cash outflow, signalling a shift toward Oklahoma-led growth but underscoring ongoing funding needs for further development.
More about AXP Energy
AXP Energy is an Australia-listed oil and gas producer focused on U.S. onshore assets, with operations concentrated in Oklahoma and Colorado. The company targets conventional oil and gas development, generating revenue from crude sales to regional refineries and selling associated natural gas into established local markets.
YTD Price Performance: -25.00%
Average Trading Volume: 878,561
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$5.4M
Learn more about AXP stock on TipRanks’ Stock Analysis page.