Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2021production update▲ Good
The KayJay pipeline repair, first reported 1 July, is 90% complete and averaged about 500 Mcf/day over five days, roughly 22% above the 450 Mcf/day forecast. Four remaining wells should add about 50 Mcf/day by month end; reserves report due next week.
12 Nov 2021security holder rights change● Neutral
6,666,667 shares were issued on 11 November 2021 on exercise of A$0.005 placement options, about A$33k at that price (calculated). Continues the run of option conversions under the October cleansing prospectus.
10 Nov 2021other▲ Good
AXP has applied to upgrade its US over-the-counter listing to the OTCQB Venture Market, sponsored by MCAP LLC, expected to take about four weeks. It is also pursuing DTC eligibility so US investors can trade through more online brokers.
4 Nov 2021drilling scheduled▲ GoodMajor
AXP has formed an in-house drilling division to run an internally funded 4+4 vertical well program on four Illinois Basin leases, targeting 2,150-3,600 feet. Permits are pending, with drilling due in the coming weeks, aiming to lift oil production beyond workovers alone.
1 Nov 2021admin correction● Neutral
Appendix 4G, the corporate governance checklist lodged with the annual report. It points to the governance statement on the company website. No new substance.
1 Nov 2021annual report● Neutral
The 2021 annual report is released, with the Chairman describing the shift to producing assets after the Magnum Hunter Production acquisition and Trey purchase. It carries the audited accounts and repeats the unaudited profit and revenue figures released earlier.
29 Oct 2021security holder rights change▲ Good
68,387,668 shares were issued on 29 October 2021 when placement options at A$0.005 were exercised, about A$342k at that price (calculated). These options came from the December 2020 placement and were issued under the October cleansing prospectus.
28 Oct 2021investor presentation● Neutral
Webinar slides repeat the quarterly results (revenue A$5.73m, cash A$4.07m, oil inventory 18,518 bbl). They add that daily oil production of 260 bbl/day is sub-optimal and that reserves reports are due shortly after delays from adding the Trey leases.
25 Oct 2021investor presentation● Neutral
Corrected notice for the 28 October 2021 shareholder webinar on the September quarter results. No new information.
25 Oct 2021investor presentation● Neutral
Notice of an investor webinar on 28 October to discuss September quarter results. This version has a typo in the date, corrected in the next notice. No new information.
22 Oct 2021quarterly activities report▲ GoodMajor
September quarter net revenue was A$5.73m, up 31% on June's A$4.39m, with the first cashflow-positive quarter (A$301k) after one-offs. Cash is A$4.07m after option conversions. The Elite Mining crypto-mining units are on site, with operations expected within weeks.
15 Oct 2021listing compliance notice▲ Good
ASX says AXP's trading suspension will lift immediately after AXP releases its announcement on the Supreme Court orders. Administrative step.
15 Oct 2021listing compliance notice▲ GoodMajor
The Western Australian Supreme Court granted AXP's orders confirming that share sales were not invalid despite missed cleansing notices on issues since 2013. AXP expects trading to resume on 18 October 2021, ending the suspension that began 16 August.
14 Oct 2021capital raising announcement● Neutral
A cleansing prospectus offers one nominal share (up to 10,000 at A$0.007), 300 million options to December placement participants and 95 million broker options. It raises almost nothing and fixes past share-issue paperwork, a step in lifting the trading suspension.
12 Oct 2021director officer appointment● NeutralMajor
Director Peter Crown, former chair and head of major shareholder Resilient Investment Group, resigned immediately to pursue other interests. AXP and Crown settled all outstanding claims, which appears to close the earlier dispute with RIG, though the text names no amounts.
5 Oct 2021asset acquisition disposition▲ GoodMajor
AXP paid the final US$450,000 from cash, completing the US$1.9m purchase of about 115 Trey oil wells in Indiana, Kentucky and Illinois begun in October 2020. Management will move to the Lexington team. A reserves and resources report is due later this month.
1 Oct 2021annual report● Neutral
AXP says it is using regulatory relief to delay lodging its audited full-year accounts, and releases unaudited figures for the year to 30 June 2021. Visible figures show revenue of A$5.68m and a profit of A$5.23m, against a A$9.16m loss the year before; the text does not explain the swing.
27 Sept 2021listing compliance notice▼ Bad
The court application was delayed because ASIC sought clarification. AXP now expects procedural orders on or before 30 September, and the suspension remains until then. This delays the expected resumption of trading.
24 Sept 2021listing compliance notice▼ Bad
AXP answers an ASX query on how Elite Mining's press release on the deal appeared on 13 August, before AXP's own announcement. It calls this a genuine oversight, says Elite's release did not breach Listing Rule 15.7, and says its disclosure policy has been reissued.
16 Sept 2021listing compliance notice▼ BadMajor
ASX has flagged possible breaches of the secondary trading provisions of the Corporations Act. AXP will seek court orders to protect shareholders, and the suspension continues until they are granted. It expects orders before 24 September.
15 Sept 2021material agreement▲ GoodMajor
AXP signs a binding Heads of Agreement with Elite Mining to supply stranded Colorado gas, starting at 400 Mcf/day, to power cryptocurrency mining units. Upfront capex is US$30,000; expected gross revenue is US$35,000-60,000 a month, mostly from oil freed up from shut-in wells.
10 Sept 2021production update● Neutral
August net revenue was about A$1.8m, flat on July; gas and NGL revenue rose to A$1.25m while oil fell to A$516k. Unsold oil is 22,152 bbl. The company expects to comfortably beat June quarter revenue. Shares remain suspended pending the Heads of Agreement.
27 Aug 2021listing compliance notice● Neutral
AXP replies to an ASX query on the 9 August revenue release, saying the information was price sensitive and was released within six business days of month end. It says it did not seek a trading halt as the release did not meet ASX guidance.
16 Aug 2021listing compliance notice● Neutral
ASX pauses trading in AXP shares pending a further announcement. Short-term procedural step ahead of the suspension.
16 Aug 2021listing compliance notice▼ BadMajor
At its own request, AXP is suspended from quotation pending an announcement of a material Heads of Agreement. The company is consulting ASX on how the Listing Rules apply to it. Shares cannot trade until this is resolved.
9 Aug 2021production update▲ Good
July net revenue was A$1.8m, with gas and NGL revenue up 42% to A$1.18m on the new gas contract price and fewer outages. Oil revenue fell to A$579k as inventory sales slowed. The company expects the September quarter to beat June's A$4.39m.
28 July 2021investor presentation● Neutral
Webinar slides repeat the June quarter results (revenue A$4.39m, cash A$1.39m) and add a well count: 1,009 of 1,460 wells producing, 175 to reconnect, 165 for plugging. KayJay pipeline is over 50% done, due September; independent reserves report still in progress.
23 July 2021investor presentation● Neutral
Notice of an investor webinar on 28 July at 11:00am AEST with the Chairman and Sam Jarvis, covering quarterly results, well inventory and field development. No new information.
22 July 2021auditor change● Neutral
Pitcher Partners (Perth) replaces Grant Thornton as auditor, starting with the year to 30 June 2021, after a tender process. Grant Thornton resigned with ASIC consent. Shareholders will be asked to ratify the appointment at the next AGM.
9 July 2021other● Neutral
Fremont Petroleum Corporation (ASX:FPL) becomes AXP Energy Limited, ticker AXP, from 12 July 2021, as approved by shareholders on 10 June. Name change only; no change to assets or operations.
