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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2024agm notice● Neutral
All five resolutions at the 22 November AGM were carried, each with at least 97.98% of votes cast in favour. This includes the election of Robert Lees, re-election of Stuart Middleton, and approval of the 7.1A placement mandate.
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.
31 Oct 2024quarterly activities report▼ Bad
September quarter revenue fell 40% to US$124,985 on lower prices and delayed oil sales; gross oil output edged up 1% to 3,077 barrels. Cash fell to US$853,192 with no debt. About US$320K bonds and US$380K tax refunds are expected; customer talks are described as well advanced.
8 Oct 2024agm notice● Neutral
The 2024 AGM is set for 22 November 2024 in Sydney, with director nominations closing 15 October. The notice of meeting is expected by 21 October. Administrative notice only.
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.
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.
31 July 2024quarterly activities report▲ Good
June quarter revenue rose 73% to US$207,604 and gross oil output rose 8% to 3,054 barrels. Cash was US$1.46m. After quarter end, Mountain V adjustments brought in US$270K, and short-term debt was repaid in full, closing the working capital facility.
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.
30 Apr 2024quarterly activities report● Neutral
March quarter, first with Colorado only: revenue from continuing operations US$120K, production 2,833 BOE. Cash US$1.56m after sale proceeds; operating outflow US$1.6m. Gas generators are being sourced, and Colorado issued a violation notice on Bradenhead testing at 7 wells.
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.
31 Jan 2024quarterly activities report● Neutral
December quarter revenue rose 4% to US$2.76m on a 32% gas price rise; production fell 19% to 111,727 BOE. Cash rose to US$1.74m on US$2m of Mountain V sale proceeds. Shareholder meeting set for 6 February, with the final US$2m due then.
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.
31 Oct 2023quarterly activities report▼ Bad
September quarter revenue fell 11% to US$2.66m on lower volumes; gross production fell 34% to 138,425 BOE. Operating outflow narrowed to US$41K, but cash fell to US$311K. Gas curtailment continues, and the Mountain V sale is noted as finalised on 29 September.
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.