- Oil and gas company AXP Energy (AXP) continues to see its month-on-month revenue steadily increase
- The company recorded a net revenue of $1.8 million for July 2021
- AXP is expecting the September quarter to exceed June quarter’s revenue of more than $4.3 million
- The improved result has been driven by significantly fewer gas processing outages for the monthly and benefiting from improved gas pricing
- AXP has surged 22.2 per cent to trade at 0.6 cents per share at 1:20 pm AEST
AXP Energy (AXP), formerly Fremont Petroleum Corporation, shares have surged today following its month-on-month revenue continuing to steadily increase.
The oil and gas company recorded a net revenue of $1.8 million for July 2021.
AXP is expecting the September quarter to exceed June quarter’s revenue of more than $4.3 million.
The improved result has been driven by further reliability downstream, with significantly fewer gas processing outages for the month, as well as AXP benefiting from improved gas pricing.
Net revenue from sales of natural gas and natural gas liquids (NGL) increased 42 per cent in July to $1.1 million up from $830,333 in June 2021.
Chairman Simon Johnson said the company had commenced the September quarter “strongly.”
“What is very pleasing and noteworthy about this result is that it is due to improved operational performance and reliability from our core natural gas and NGL operations, rather than a reliance on a heavy sell down in oil inventory,” Mr Johnson said.
“This clearly confirms the early gains from the production improvements we are making across the company. It’s still early days and we see much more upside.”
AXP surged 22.2 per cent to trade at 0.6 cents per share at 1:20 pm AEST.