Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2022quarterly activities report● Neutral
March quarter net revenue was US$4.96m, up 8.5%, but gross production fell 6% to 191,713 BOE on midstream outages. Operating cashflow was US$186K positive, cash US$2.44m and debt US$304K. Elite Mining revenue was nil, with go-live now expected this quarter after delays.
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.
28 Jan 2022quarterly activities report▲ Good
December quarter net revenue was a record US$4.58m, up 11%, with cash of US$2.71m after about US$920K of one-off payments including the final US$450K for Trey. Gas processor outages continued to cut volumes; Elite Mining start-up is slower than hoped due to permitting.
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.
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.
