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AXP Energy ( (AU:AXP) ) just unveiled an update.
AXP Energy Limited has successfully completed the second tranche of its placement, raising A$947,409.93 to further its development program in Oklahoma. The funds will be used for the completion and testing of the Charlie #1 well and preparatory work for the Charlie #2 well. The completion of Charlie #1 involves hydraulic fracturing, with production expected to commence by the end of October. The company is also progressing with permitting and site preparation for the Charlie #2 well. This development marks a significant step in AXP’s expansion in a known oil and gas field, which is expected to enhance their traditional oil and gas business and support their gas-to-power operations in partnership with crypt-mining companies.
More about AXP Energy
AXP Energy Limited is an oil and gas production and development company with core operations in Colorado and Oklahoma. The company focuses on repurposing stranded gas for power generation, aiming to sell this power to data center operators engaged in high-performance computing, including AI and Bitcoin mining. AXP Energy has 24 operating oil and gas wells at its Pathfinder Field and is expanding oil production opportunities in Oklahoma.
YTD Price Performance: -38.46%
Average Trading Volume: 1,006,408
Current Market Cap: A$6.35M
See more insights into AXP stock on TipRanks’ Stock Analysis page.