Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2024director officer appointment● Neutral
Non-executive director Andrew Bald resigns with immediate effect, after joining in January 2024. Company Secretary Robert Lees becomes a non-executive director while a replacement is sought. Securing gas-to-power customers is said to be advancing, with a fuller update promised in coming weeks.
21 Aug 2024production update▲ GoodMajor
The first generator has run over 60 days at above 95% uptime. A second Gen-Tech generator is on site for the Amerigo Vespucci well, taking capacity to 1,500kWh. Elite Mining has left the site; AXP bought its infrastructure cheaply and now targets data-centre power customers.
2 Aug 2024regulatory community update▼ Bad
Replying to an ASX query, AXP says director Andrew Bald's 2 July purchase of 10 million shares was an inadvertent breach of its trading policy, made in a closed period without clearance. The earlier late-filing query is withdrawn as a first trade was his parents'; the Appendix 3Y is being amended.
10 July 2024production update▲ Good
Pathfinder #2 is back on pump since 26 June, with field oil averaging about 40 barrels a day. The generator makes 750kWh a day from about 100 mcf/d of gas. Electricity buyer talks are at an early stage; Vespucci and JW Powell remain shut in.
14 June 2024production update▲ Good
Pathfinder #1 and Amerigo Vespucci wells are connected to the Gen-Tech generator, with final engineering works under way. Production is expected to restart in the coming days, continuing the 4 June plan. No flow rates are reported yet.
4 June 2024production update▲ GoodMajor
AXP signs a lease-to-purchase deal with Gen-Tech for a 750kW gas-fired generator at Pathfinder, run for 90 days to gauge gas and oil flow and restart oil sales. This follows the 2 April plan; electricity buyers are still being sought.
2 Apr 2024regulatory community update● NeutralMajor
Post-sale Colorado plan for the 100%-owned Pathfinder Field: test the Greenhorn Formation, never tested in the Florence field, and sell associated gas to wellhead generators so more oil can flow. Colorado oil output fell from 3,715 bbl (Apr-Jun 2023) to 2,478 bbl (Oct-Dec).
14 Mar 2024half year report● Neutral
Half-year to 31 December 2023 shows a loss of US$2.18m (prior year US$4.52m), including a US$1.49m loss from discontinued operations. Net assets fell 21% to US$8.33m. Continuing Colorado sales revenue was US$314K.
12 Mar 2024admin correction● Neutral
Corrects the earlier completion announcement: the oil-in-tank inventory date is 30 September 2023, not 2024. Consideration is otherwise unchanged at US$4m plus inventory, subject to closing adjustments.
12 Mar 2024asset acquisition disposition▲ GoodMajor
The Mountain V sale is completed and all funds received: US$4m plus oil in tank inventory, with closing adjustments due by 7 May 2024. AXP is now a Colorado-focused company; it aims to lift Pathfinder output, keep costs low, and preserve cash for acquisitions. The announcement misstated an inventory date as 2024.
7 Feb 2024admin correction● Neutral
Replacement of the 31 January Appendix 5B, which only updates lender details in Item 7. No change to the reported December quarter figures (operating outflow US$410K, cash US$1.74m).
6 Feb 2024asset acquisition disposition▲ GoodMajor
Shareholders overwhelmingly approve the US$4m sale of the non-Colorado assets to Mountain V. Closing is expected by 8 February, with the final US$2m due then. The chairman promises a fuller Colorado plan later in the month.
23 Jan 2024director officer appointment● Neutral
Andrew Bald, founder of Panthea Capital, joins as non-executive director. Simon Johnson, chair from April 2021 until October 2023, resigns from the board to focus on his CEO role at Seadrill. Board remains three directors.
20 Dec 2023asset acquisition disposition▲ GoodMajor
The full sale agreement with Mountain V is signed: US$4m for the Appalachian and Illinois assets, plus US$876,448 for oil in tanks, staged with US$1m already prepaid. Shareholder vote expected late January 2024; the ASX six-month window to show sufficient operations still applies.
1 Nov 2023asset acquisition disposition● Neutral
The deadline for the full sale agreement with Mountain V slips from 30 October to 3 November 2023 by mutual agreement. The 29 September timetable will slip accordingly, though the 1 October effective date is unchanged.
19 Oct 2023director officer appointment● NeutralMajor
Simon Johnson resigns as chairman but stays on as a non-executive director; Sam Jarvis is appointed chairman. Johnson had been chair since April 2021, so this is a change of chair shortly after the Mountain V sale announcement.
29 Sept 2023resource reserve update▼ BadMajor
Reserves at 1 July 2023: 2P down 10% to 6.54 MMboe (from 7.27), with 1P at 5.08 MMboe. Low prices pushed all proved undeveloped reserves into contingent resources. 2C contingent resources are about unchanged at 212.07 MMboe. This reverses last year's 14% gain.
29 Sept 2023other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new business information.
29 Sept 2023asset acquisition disposition● NeutralMajor
AXP signs a binding letter to sell all its Tennessee, eastern Kentucky, Virginia and Illinois Basin assets to Mountain V Oil & Gas for US$4m, subject to adjustments. This is a sale of the main undertaking needing a shareholder vote, targeted for 30 November 2023. It leaves Colorado as the remaining project, and ASX has given six months to show sufficient operations or face suspension.
29 Sept 2023annual report● Neutral
The FY23 annual report (year to 30 June 2023) has a chairman's letter citing cost streamlining, KayJay consolidation, and 16,391 bbl of oil inventory. The extracted text does not include the full-year financial figures.
28 Apr 2023director officer appointment● Neutral
Director Christian Paech resigns effective 28 April 2023. The company will not appoint a replacement, citing cost reduction, leaving a board of three.
10 Mar 2023half year report▼ BadMajor
Half-year to 31 December 2022 shows a loss of US$4.52m (prior year US$718K loss), driven by NGL blending costs and a US$3.68m impairment of the Colorado Cimarex Lease. Sales revenue rose 57% to US$13.03m; net assets fell 27% to US$12.15m; cash US$1.95m. Elite crypto site expected back in March.
10 Mar 2023regulatory community update● Neutral
Company says the NGL blending drag has been largely eliminated and it is cutting costs by shutting in marginal wells and reducing field staff. KayJay gas rose to over 1,100 Mcf/d from 450. Three new contracts total ~1,500 MMBtu/d at ~US$4 for 12 months. Mainly an update on known themes.
3 Feb 2023investor presentation● Neutral
Webinar slides repeat the December quarter: net revenue US$4.79m (down 42%), operating cashflow +US$241K, cash US$1.95m. New detail: NGL blending cost about US$3.32m across calendar 2022; no blending needed since December 2022. Slides also cover a focus on 8 higher-margin Appalachian fields.
1 Feb 2023investor presentation● Neutral
Notice of an investor webinar on 3 February 2023 with COO Greg Grotke and CEO Tim Hart on December quarter performance and 2023 objectives. No new information.
5 Dec 2022other● Neutral
A copy of the new constitution approved by members at the AGM is lodged under ASX Listing Rule 15.4.2. Administrative filing with no new business information.
30 Nov 2022investor presentation● Neutral
AGM presentation repeats audited FY22 results (revenue US$20.75m, NPAT US$607K) and the 1 July 2022 reserves increase. No new information shown in the extracted text.
7 Nov 2022director officer appointment▲ GoodMajor
Greg Grotke, formerly of Noble Energy, is appointed Interim Chief Operating Officer from 7 November 2022, overseeing operations, sales and business development. This follows the new CFO appointment; his first task is an operations review.
31 Oct 2022admin correction● Neutral
Registry provider Boardroom notifies a change of its Sydney address to Level 8, 210 George Street from 1 November 2022. Administrative only.
14 Oct 2022production update▲ GoodMajor
Gas sales to Elite Mining in Colorado have begun, with the first two Elite units running on Pathfinder #2 gas, initially about 200 Mcf/day. Pathfinder is flowing over 10 BOPD. This ends Elite's revenue-nil period, though volumes are modest and a third unit is still to come.
