Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2022investor presentation● Neutral
Webinar slides repeat audited FY22 results: sales revenue US$20.75m (up 389%), NPAT US$607K (down 85% as FY21 had a US$6.19m acquisition gain), operating cash inflow US$3.23m, cash US$3.39m. Also repeat the reserves increase. Little new beyond audited figures.
4 Oct 2022investor presentation● Neutral
Notice of an investor webinar on 6 October 2022 with the CEO, a director and new CFO Brad Mervis, covering FY22 results, the reserves update and operations. No new information.
30 Sept 2022annual report▲ Good
The annual report for the year to 30 June 2022 describes FY22 as the shift from explorer to producer, with record Q4 revenue of US$7.51m and operating cashflow of US$1.61m. The extracted text does not include the full-year financial figures.
30 Sept 2022annual report● Neutral
Appendix 4G and corporate governance statement for FY22, approved by the board on 29 September 2022 and lodged with the annual report. Compliance filing with no new business information.
30 Sept 2022resource reserve update▲ GoodMajor
Reserves as at 1 July 2022: 2P up 14% in nine months to 7.27 MMboe (from 6.37), with probable reserves up 89% and 1P up 2% to 5.65 MMboe. 2C contingent resources unchanged at 211.95 MMboe; 3C includes 237 Bcf of Appalachian gas. Delivers the flagged reserves report.
19 Sept 2022admin correction● Neutral
The Australian corporate and registered office moves to Level 4, 8 Spring Street, Sydney. Mailing address, phone and email are unchanged. Administrative only.
16 Sept 2022director officer appointment● NeutralMajor
Bradley Mervis, previously Group General Manager – Finance, becomes CFO from 16 September 2022, replacing Lonny Haugen, whose outside firm had provided CFO services. This completes the move of all finance functions in-house, a thread open in earlier updates.
12 Aug 2022investor presentation● Neutral
Webinar slides repeat June quarter results (revenue US$7.51m, cash US$3.386m). They update Elite Mining: first unit expected fully online by end August (~200 Mcf/d gas), second by end September (400 Mcf/d). A reserves report is listed as a possible near-term catalyst.
10 Aug 2022investor presentation● Neutral
Notice of an investor webinar on 12 August 2022 where the CEO and a director will discuss quarterly results and near-term catalysts. No new information.
20 June 2022investor presentation● Neutral
Notice of a CEO interview on Investor Stream discussing the DPI-2605 re-completion and other workover opportunities. No new information in the announcement itself.
15 June 2022well test result▲ GoodMajor
The DPI-2605 Illinois Basin re-completion initially flowed 310 BOPD and peaked at 555 BOPD, but was choked back and now pumps ~50 BOPD and 300 Mcf/day of gas. This resolves the open question on rates; 9 more drilling locations are identified on the lease.
18 May 2022investor presentation● Neutral
Webinar slides repeat the March quarter results and the 41% gas price rise. They add that the two DUC results are due shortly, 7 more DUCs are earmarked, and the Elite Mining Colorado site is estimated complete by end June, with a cost-out program started late April.
13 May 2022material agreement▲ GoodMajor
AXP rolled forward a gas supply deal with a major customer at US$5.446/dth, up 41% from US$3.841/dth, for 5,000 dth/day to 31 Oct 2022 and 3,000 dth/day to Mar 2023. Workovers on 9 wells lifted output from leases on reliable infrastructure by ~250 Mcf/day to ~1,731 Mcf/day in May.
24 Mar 2022regulatory community update▲ Good
Site works for Elite Mining's first three crypto-mining units on AXP's Colorado gas are advancing, with generators arriving. Units are due online in phases from April; the two supply wells were previously shut in. The two Kentucky DUC wells remain in flowback.
16 Mar 2022half year report● Neutral
Half-year to 31 December 2021: sales revenue US$8.3m, loss US$718K (prior US$860K), cash US$2.71m, net assets US$15.41m. US$2.51m came from option exercises. Report says Elite tie-in and the drilling program start in Q4 2022 (inference: likely a calendar-year slip from other updates).
3 Mar 2022drilling progress report▲ Good
DPI-2604 was fracked on 11 February with hydrocarbon shows in recovered fluid; DPI-2605 was fracked in two zones, with flowback awaiting weather. No flow rates yet. Smaller workovers lifted oil to over 300 BOPD from 261, and the Dacy well is still due this month.
15 Feb 2022regulatory community update▲ GoodMajor
AXP and Elite Mining received Colorado permits for gas-fired power generation for crypto mining on AXP's Colorado gas, for the first three mobile units. This is the first monetisation of Pathfinder gas, following the September 2021 agreement and resolving the permitting delay.
3 Feb 2022investor presentation● Neutral
Webinar slides repeat the December quarter results (net revenue US$4.58m, cash US$2.71m) and the three-part plan: drilling, completing nine drilled-uncompleted wells, and continued workovers. Nothing materially new.
3 Feb 2022drilling progress report▲ Good
The first two Illinois Basin drilled-but-uncompleted wells, idle for 14 years, are perforated and flowing naturally, with fracking due next week. Seven more such wells are identified, and the first new infill well on the Dacy Lease is due in March, following the November drilling-division plan.
1 Feb 2022investor presentation● Neutral
Notice of an investor webinar on 3 February 2022 where the Chairman and Managing Director will discuss quarterly results and near-term catalysts. No new information.
28 Jan 2022investor presentation● Neutral
AGM slides review 2021: wells grew from 78 to 1,473 and production from 50 to about 2,300 BOE/d. They flag 2022 priorities: fixing midstream gas outages, 8 new well locations and 6 drilled-uncompleted wells (first two from 1 February). Mostly repeats known facts.
28 Jan 2022other● Neutral
AXP has voluntarily switched its reporting currency from Australian to US dollars, starting with the December 2021 quarter, because revenue and most costs are in USD. Prior figures will be restated in the half-year and annual reports. Presentation change only.
13 Dec 2021director officer appointment▲ GoodMajor
Christian Paech, a former General Counsel of Santos for about ten years, was appointed an independent non-executive director effective 1 January 2022. He is based in Adelaide and is also a non-executive director of Barton Gold.
3 Dec 2021capital raising announcement● Neutral
Another cleansing prospectus offers up to 10,000 shares at A$0.012 to raise up to A$120. It exists to remove trading restrictions on previously issued shares, not to raise money.
What it means for a shareholder
10,000 new shares at A$0.012 to raise about A$120. That's 0.000176% dilution: every existing holder's slice gets 0.000176% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.00146% to 0.00146% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
1 Dec 2021investor presentation● Neutral
Webinar slides repeat the 26 November reserves figures (2P 6.37 MMboe, 2C 211.95 MMboe). They add that 65 wells worked over or brought online give 1,250 Mcf/d gas and 96 bbl/d oil, and KayJay tie-in completes in the first week of December.
30 Nov 2021admin correction● Neutral
Corrects a units typo in the 2021 annual report's reserves table: oil should read thousand barrels (MBBL), not millions. Percentage changes, accounts and the 26 November reserves update are unaffected.
30 Nov 2021security holder rights change● Neutral
13,166,666 shares were issued on 30 November 2021 on exercise of A$0.005 placement options, about A$66k at that price (calculated). Further conversions of options issued under the October cleansing prospectus.
26 Nov 2021resource reserve update▲ GoodMajor
First reserves booking including the MHP and Trey acquisitions: 2P reserves rise to 6.37 MMboe from 0.124 MMboe. 2C contingent resources rise to 211.95 MMboe from 192.93 MMboe. Delayed reports now delivered; figures are for current producing formations only.
23 Nov 2021production update● Neutral
October net revenue was about A$2.01m, broadly in line with September's ~A$2.1m. Oil sales fell 32% to A$571,949 as oil sales were deliberately slowed, while gas and NGL revenue rose ~24% to A$1.42m. Unsold oil was 19,398 barrels.
19 Nov 2021asset acquisition disposition▲ GoodMajor
AXP agreed to buy Newtak's 50% of Kentucky Exploration LLC for US$50,000 cash, ending the 50/50 joint venture formed in 2010. It gains full ownership of 44 oil wells; closing is due by end November, and the Dacy Lease is a drilling target.
