InvestSMART

AXP Energy Limited (ASX:AXP)

ALERT: Price-sensitive ASX Announcement for AXP
Current share price for AXP : $0.006 -0.006 (-50%)+
Announcement
Release
23 Apr 2026 11:03AM
Price at Release
$0.012
Full Release
download
Summary
AXP Energy Limited announced the completion of the Charlie #1 Pump upgrade on its Edwards Lease in Oklahoma, achieving an initial production rate of 35 barrels of oil per day and 60 Mcf of natural gas, equivalent to approximately 45 barrels of oil equivalent per day. Following the tubing pump installation, production increased to about 700 barrels of fluid per day, with expectations for further oil output as the well stabilizes. AXP holds a significant 100% Working Interest in the lease and has successfully transitioned from development to revenue generation, with oil sales now underway.
Key Points
  • AXP Energy Limited provides an operational update on its Edwards Lease in Oklahoma.
  • Charlie #1 well and associated Saltwater Disposal facility are fully operational.
  • Initial production rate was approximately 35 barrels of oil per day and 60 Mcf of natural gas, totaling about 45 BOE per day.
  • After the installation of a tubing pump, the well is producing around 700 barrels of fluid per day.
  • The well exhibits an annulus pressure of approximately 300 psi, with no oil cut observed in the tubing, indicating expected increase in oil production.
  • AXP Energy holds a 100% Working Interest and an 81.25% Net Revenue Interest in the Edwards Lease.
  • First oil sales were completed this week, marking a shift from development to revenue generation.
  • Current oil price at $90 per barrel, with 81.25% NRI delivering about $73 net per barrel to AXP.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.