30 Sept 2025resource reserve update▼ BadMajor
At 1 July 2025, proved reserves (1P) rose 19% to 76 Mboe, from gas booked at Pathfinder 2 and JW Powell. Contingent resources (2C) fell 66% to 69.5 MMboe, as AXP chose not to extend a Colorado sub-lease.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2025drilling result▲ GoodMajor
Charlie #1 reached 4,725 feet with oil and gas shows over about 290 feet of Mississippi Lime and Chat, plus Woodford Shale and Wilcox Sands. Wireline logs and completion decisions are pending, so commerciality is not yet established.
22 Sept 2025drilling progress report▲ Good
Charlie #1 recorded live oil and gas shows in the Oswego Lime (3,776-3,806 ft) and Mississippi Chat (4,293-4,317 ft) while drilling toward 4,720 feet. Shows are encouraging but unconfirmed; logging and testing are still needed to show whether the well is commercial.
19 Sept 2025security holder rights change● NeutralMajor
AXP will consolidate its shares 25-to-1, cutting about 8.36bn shares to about 334M, subject to shareholder approval on 8 October 2025. The 45M options become 1.8M with exercise price rising from A$0.003 to A$0.075. Mechanical; value per share scales up.
18 Sept 2025drilling spud▲ GoodMajor
Charlie #1, AXP's first Oklahoma well, spudded on 17 September 2025, with surface casing set at 260 feet. It targets 4,720 feet in 7-10 days across stacked Mississippian and Pennsylvanian zones. AXP holds 100% working interest and 81.25% net revenue interest.
11 Sept 2025drilling scheduled▲ Good
Site work has begun on Charlie #1, the first of two Oklahoma vertical wells, planned to 4,700 feet. AXP holds 100% working interest and 81.25% net revenue interest in the Edwards Lease. It is funded from the A$2.7M placement.
27 Aug 2025admin correction● Neutral
AXP re-lodged its 14 August presentation because slides 5 and 10 lacked supporting information required by ASX Chapter 5 for the resource estimates shown. The missing information is now in appendices; no new results.
14 Aug 2025investor presentation● Neutral
August 2025 corporate presentation restating the gas-to-power bitcoin strategy, the BitFuFu support, the 25MW by December 2025 target and the board. It shows 6.57bn shares on issue. Largely repeats known facts.
12 Aug 2025asset acquisition disposition▲ GoodMajor
AXP secured two leases covering 1,400 acres in Kay County, Oklahoma, with 30+ vertical well locations, targeting 6,400 acres. The board will focus on scaling up in Oklahoma, citing faster, cheaper permitting than Colorado; two wells are planned within 60-90 days.
11 Aug 2025capital raising announcement● NeutralMajor
AXP has firm commitments for a A$2.7M placement of 2.7bn shares at A$0.001 (nil discount to 15-day VWAP), with 1-for-3 free options at A$0.002. Funds go to Oklahoma leases, two vertical wells and bitcoin gas-to-power. Tranche 2 needs shareholder approval.
What it means for a shareholder
2.70bn new shares at A$0.001 to raise about A$2.7m. That's 29% dilution: every existing holder's slice gets 29% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.015% to 0.0107% of the company. To keep it you'd need 403,909 more shares - about A$404 at the issue price.
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23 July 2025admin correction● Neutral
AXP moves its Australian corporate and registered office to Level 7, 60 Pitt Street, Sydney, effective immediately. Administrative notice only; no operational or financial information.
5 June 2025production update● NeutralMajor
Pathfinder #1 is on pump and producing from the Greenhorn Formation, a first for the Florence leases, with 60 barrels of oil in 7 days. Colorado permits take 9-12 months, so AXP is reviewing other US states for faster sites, a shift from the earlier Colorado-only expansion plan.
26 Mar 2025production update▲ Good
AXP is setting up a second gas-to-power site at the JW Powell shut-in gas well, with permits submitted and two more Gentech generators (1.75MW) due in about two weeks. Operation is expected by end of May or early June, with BitFuFu supplying miners.
24 Mar 2025director officer appointment● Neutral
James Dack joins as non-executive director from 24 March 2025. He is a founding partner of a large Australian residential real estate firm and a private investor who says he is already an AXP shareholder.
18 Mar 2025material agreement▲ GoodMajor
The 14-day gas-to-power trial delivered about 1.5MW at roughly 85% uptime, above 90% since. NASDAQ-listed bitcoin miner BitFuFu will supply miners for the next phase, with AXP aiming for 25MW by end of 2025, starting with a 5MW first-site expansion.
12 Mar 2025half year report▼ Bad
Half-year to 31 Dec 2024 loss was US$952,996 (prior year US$2,177,832). Sales revenue fell 17% to US$261,269 on lower oil prices and volumes. Net assets fell 16% to US$5.09m. Post-period, a placement of about 750M shares at A$0.0015 raised A$1.125M.
28 Feb 2025director officer appointment● Neutral
Non-executive director Robert Lees resigns from the board with immediate effect, saying he filled the seat while a director search ran, now concluded with Lanskey's appointment. He stays on as Company Secretary.
25 Feb 2025director officer appointment● NeutralMajor
Non-executive director Dan Lanskey becomes Managing Director and CEO from 1 March 2025, replacing Tim Hart, who steps down and will be available as a consultant. Lanskey targets 25MW of gas-fired power by end of 2025 and more oil production.
13 Feb 2025production update▲ Good
Pathfinder #2 is producing 20 barrels of oil a day and 280 mcf/day of gas over its first 7 days, taking field output to about 50 barrels a day. Pathfinder #1 (Greenhorn, 75 barrels in earlier flowback) is to be put on pump in coming weeks; bitcoin uptime is described as pleasing.
6 Feb 2025production update▲ GoodMajor
Following Colorado permits, the first two modular data centres are online at Pathfinder #2, running 515 Antminers. Two generators produce 1.2MW from the well's gas, and the well is producing Niobrara oil for the first time on gas flow. A 14-day reliability trial is under way.
4 Feb 2025capital raising announcement● NeutralMajor
AXP received firm commitments to raise A$1.25M through a two-tranche placement of about 833.3 million shares at A$0.0015, a 9.2% premium to the 15-day VWAP. Directors committed A$165,000, subject to shareholder approval, and funds go to the data-centre roll-out and working capital. It was the first placement since November 2020.
What it means for a shareholder
833m new shares at A$0.0015 to raise about A$1.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (666,667 at the issue price), your slice goes from 0.0114% to 0.01% of the company. To keep it you'd need 95,376 more shares - about A$143 at the issue price.
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5 Dec 2024investor presentation● Neutral
Webinar slides restate the gas-to-power strategy: the Blackhart JDA, three planned sites (about 5MW initially) and a 2025 goal of 25MW. They cite 744 Bcf of contingent gas. The first site is described as connected in under 7 months. Largely repeats known facts.
5 Dec 2024director officer appointment▲ GoodMajor
Dan Lanskey was appointed non-executive director effective 5 December 2024. He brings over 20 years of equity capital markets experience and was founder and CEO of Austex Oil, which drilled over 50 wells in Oklahoma and Kansas.
28 Nov 2024investor presentation● Neutral
AXP announces a shareholder webinar on 5 December 2024, where the CEO and chairman will update on the gas-to-power operations and other field work. Administrative notice with no new company information.
22 Nov 2024production update● Neutral
The 589 Antminers are being installed in the first two modular data centres, with connection to the gas generators expected this weekend. AXP will first prove reliability over about 30 days before setting up two more sites. Repeats the 13 November timing, with connection still pending.
13 Nov 2024production update● Neutral
The first two modular data centres have arrived at Pathfinder with 589 Antminers, and gas-generator connection is scheduled for the weekend, weather permitting. Blackhart's operations are Bitcoin mining, which the company now confirms. Wet weather caused minor delays.
6 Nov 2024material agreement▲ GoodMajor
AXP signs a binding Joint Development Agreement with Blackhart Technologies, its first data-centre customer, to sell gas-to-power at Pathfinder. Initial term is three years; AXP earns from gas-to-power supply, maintenance and uptime bonuses. Resolves the search for a customer; first two modular data centres are due this month.
20 Sept 2024resource reserve update● NeutralMajor
At 1 July 2024, Colorado-only proved and probable reserves are 64 thousand barrels of oil, with gas reserves now zero because the gas market is uncertain. All gas moves into contingent resources of 202 MMboe (about 744 Bcf gas, 78 million barrels oil), down 5% on last year's 212 MMboe.
20 Sept 2024annual report● Neutral
Annual report for the year to 30 June 2024: the chairman describes a pivot to Colorado after the US$4m Appalachian sale, with a generator installed in May 2024. Administration costs were cut and higher output is targeted for FY2025. Financial figures are not in the extract.
20 Sept 2024admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, confirming the governance statement is current at 20 September 2024. Administrative filing with no new company information.