2 Sept 2026flow test result▲ GoodMajor
The 320kW gas-to-power unit is operating with 99% uptime. Charlie #1 flowed 11 bbl of oil in a one-hour test, choked to ~100 psi; the company says this is not a stable daily rate. A 10-day flow test follows.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2026material agreement termination▼ BadMajor
AXP and Simpora mutually terminated the Syria Block 9 farm-in, citing timing against AXP's Oklahoma priorities. Simpora keeps the US$100,000 deposit; no further payments are due. This reverses the June 'transformational' deal, with the US$1m payment never made.
27 Aug 2026production update● Neutral
The 320kW generator and Pathfinder's ASIC container are on site at the Edwards Lease, awaiting final electrical and gas connections due by about 31 August to 4 September. Charlie #1 gas was 80-90 mcf/d. Extra gas offtake may lift oil output.
18 Aug 2026material agreement▲ GoodMajor
AXP will install a 320kW generator at the Edwards Lease in August, fuelled by Charlie #1 gas, powering ASIC miners owned by Pathfinder Partners (formerly Blackhart). AXP sells the gas and has an option to buy the generator within 90 days. Revives the Oklahoma gas-to-power aim.
18 Aug 2026director officer appointment● Neutral
Non-executive director James Dack, appointed March 2025, resigned. The company says it will not replace him at this time, citing cost reduction in a low commodity price environment. The board is now three directors.
23 July 2026investor presentation● Neutral
Webinar slides present the Syria Block 9 farm-in alongside Oklahoma development, citing about US$650k per vertical well and 30+ drilling locations on 1,400 acres. They repeat the corrected prospective resource figures and cautions; little that is new.
21 July 2026investor presentation● Neutral
AXP announces a shareholder webinar on 23 July 2026 where the CEO will discuss the Syria Block 9 farm-in and Charlie #1 operations in Oklahoma. It is a meeting notice with no new information.
15 July 2026admin correction▼ Bad
AXP corrects the 15 June Syria announcement, withdrawing the 2010-based 100% figures (Itheria 338 MMboe best) and now leading with 2011-based estimates: Itheria 101 and Bashaer 46 MMboe on a 45% basis. The farm-in terms and work programme are unchanged.
2 July 2026production update● Neutral
AXP plans within 21 days to perforate and test extra Mississippi Lime zones at Charlie #1, described as a low-cost recompletion. The company says the well has not reached its full potential. This follows the modest April rates; no new flow figures are given.
15 June 2026farm in farm out agreement▲ GoodMajor
AXP secured a right to earn 25% of Syria's 10,039 km² Block 9 from operator Simpora Latakia (75%). It paid a US$100K deposit, owes US$1m within 60 days, and plans two wells in 2027. Resource figures are historical prospective estimates from former holders, not AXP's.
23 Apr 2026well test result● NeutralMajor
Charlie #1 delivered an initial 24-hour rate of about 35 bopd and 60 Mcf/d gas, around 45 boe/d, with ~700 bbl/day of fluid pumped. Oil is still not seen in the tubing. First oil sale was a 160-barrel tanker, about US$14,500 net to AXP. Rate is modest against the 100+ bopd offset-well figures cited earlier.
31 Mar 2026production update● Neutral
All planned upgrades at Charlie #1 are finished, including a tubing pump capable of 800 bbl of fluid per day and the converted saltwater disposal well. The well is due back online within 48 hours, with flow rates reported once water is cleared.
18 Mar 2026production update● Neutral
A shallow offset well is being converted to a saltwater disposal well to replace water hauling, and a larger tubing pump is going into Charlie #1. Output is still about 25 bopd intermittent plus 60 mcf/d. Works are expected to finish within about two weeks.
12 Mar 2026half year report▼ Bad
For the six months to 31 December 2025, AXP lost US$1.60m (prior year US$0.95m), including a US$442,700 impairment of DJ Basin assets after gas-to-power ceased. Revenue was US$230,700 and cash US$105,434, with a working capital deficit of US$447,357.
9 Mar 2026capital raising announcement● NeutralMajor
This replaced the earlier A$800,000 announcement with a A$946,000 placement of 78.83M shares at A$0.012, a 6.24% discount to the 15-day VWAP. It lifted shares on issue to about 454.7M and funds Oklahoma development and new lease or farm-in opportunities.
What it means for a shareholder
78.8m new shares at A$0.012 to raise about A$946,000. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0222% to 0.0183% of the company. To keep it you'd need 17,476 more shares - about A$210 at the issue price.
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9 Mar 2026capital raising announcement● Neutral
AXP announced an A$800,000 placement of 66.67M shares at A$0.012, a 7.7% discount to the last close, to fund Oklahoma development and farm-in or lease opportunities. This was replaced the same day by a larger version.
What it means for a shareholder
66.7m new shares at A$0.012 to raise about A$800,000. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0222% to 0.0188% of the company. To keep it you'd need 14,781 more shares - about A$177 at the issue price.
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5 Mar 2026other● Neutral
ASX paused trading in AXP pending a further announcement. The notice gives no reason. The next announcement, on 9 March, is a capital raising (the link is an inference).
23 Jan 2026production update● Neutral
A larger pumpjack is installed at Charlie #1, lifting pumping to over 500 bbl of fluid per day. Fluid sits about 1,100 ft above the pump intake. The company promises a further update next week once rates stabilise. No new flow rates given.
19 Jan 2026production update● Neutral
After about 30 days, Charlie #1 shows intermittent oil up to 25 bopd and ~60 mcf/d gas, about 35 boe/d, at a conservative 250 bbl/day pump rate. A larger pumpjack for 400-500 bbl/day is being installed. No formal 30-day initial rate yet; offset wells reportedly reached up to 125 bopd.
28 Nov 2025production update▲ Good
Permanent separator, tank battery and gas sales line are installed at Charlie #1, and first gas sales began. About 1,500 of 5,610 bbl of frac fluid is recovered, with ~200 bbl/day of fluid moving. Initial production rate is promised late the following week.
20 Nov 2025well test result▲ Good
After six days of flowback, Charlie #1 holds about 1,400 psi casing pressure with an oil cut of about 10% and strong gas. A separator and tank battery are being installed to start gas sales. Initial rates are expected within about a week.
14 Nov 2025well test result▲ Good
Charlie #1 is flowing back naturally under choke at about 300 psi, with an initial oil cut and 240 psi of gas on the annulus. Initial production rates are expected within 10-14 days. No flow rates yet.
5 Nov 2025well test result● Neutral
Production testing began on Charlie #1 after the fracture treatment. Pump equipment is installed, with 10-14 days of flowback expected before an initial production rate is reported. No flow rates yet.
29 Oct 2025admin correction● Neutral
Section 708A notice for 500,000 post-consolidation shares issued at A$0.0375, approved at the 7 May 2025 meeting. Administrative compliance notice only, with no new operational or financial information.
22 Oct 2025drilling progress report▲ Good
Charlie #1 was hydraulically fractured in the Mississippi Lime, perforated 4,417-4,588 ft, with about 5,610 bbl of fluid and 50,060 lb of sand pumped without incident. The well is shut in to soak; flowback starts next week. No flow rates yet.
16 Oct 2025capital raising announcement▲ GoodMajor
Tranche 2 of the placement settled on 13 October, raising A$947,409.93 after costs, completing the A$2.7M raise. Charlie #1 fracturing is set for 20 October and Charlie #2 is being permitted on a 40-acre offset.
8 Oct 2025security holder rights change● Neutral
Shareholders approved the 25-to-1 share consolidation on 8 October 2025, cutting about 8.36bn shares to 334,234,034. The 45M options become 1.8M at A$0.075. New holdings are issued by 20 October. This resolves the pending approval.
1 Oct 2025drilling result▲ Good
Wireline logs on Charlie #1 confirm hydrocarbons in several zones, including 260 ft of shows in the Mississippi Lime, and 5.5-inch casing is set. Fracturing is planned for the week of 20 October, with production targeted by end-October. Commerciality is still unproven.
30 Sept 2025other● Neutral
Appendix 4G confirming the corporate governance statement is current at 30 September 2025 and approved by the board. It is a compliance form only, with no operational or financial information.
30 Sept 2025annual report● Neutral
AXP's 2025 annual report says its sole focus after exiting Kentucky is gas-to-power bitcoin mining, and that it has now moved to Oklahoma with 1,400 acres in Kay County. Dan Lanskey became CEO and James Dack joined the board during the year.