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AXP Energy Limited (ASX:AXP)

ALERT: Price-sensitive ASX Announcement for AXP
Current share price for AXP : $0.005 -0.003 (-37.50%)+
Announcement
Release
15 Jun 2026 8:44AM
Price at Release
$0.008
Full Release
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Summary
AXP Energy Limited has announced a transformational farm-in agreement to earn a 25% interest in the Block 9 Production Sharing Contract (PSC) located in the prolific Palmyride Basin, Syria. This agreement signifies AXP's entry into a Tier 1 hydrocarbon system at a strategic time as sanctions have lifted, reopening Syria to international oil and gas investment. The partnership is with Simpora Latakia Limited, the operator holding a 75% interest. AXP's entry is supported by existing 3D and 2D seismic data and its proximity to proven oil regions, creating a de-risked investment environment. Plans include seismic data reprocessing and drilling two wells by 2027, aiming to capitalize on the area's significant prospective resource estimates. AXP's involvement in this project involves no reimbursement of historical exploration costs and includes funding a portion of future capital expenditures, providing a strategic foothold in the reemerging Syrian oil sector.
Key Points
  • AXP Energy Limited secures a farm-in agreement for a 25% interest in Block 9 PSC in Syria.
  • Block 9 is located in the Palmyride Basin, a known petroleum province.
  • The Palmyride Basin is reopening to international investment following the lifting of sanctions in 2025.
  • The farm-in agreement involves a strategic partnership with Simpora Latakia Limited, which holds a 75% interest.
  • AXP's entry is considered de-risked due to existing 3D and 2D seismic data and proximity to proven oil regions.
  • AXP plans reprocessing of seismic data and drilling two wells by 2027.
  • The Block 9 area features prospective resource estimates previously reported by former interest holders.
  • AXP does not need to reimburse historical costs, estimated at $25.5 million.
  • The agreement outlines that AXP will fund 35% of capital expenditure during the earn-in phase.
  • The exploration program is anticipated to provide near-term value catalysts.
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.