- AXP Energy (AXP) announces a “significant” increase to its reserves and contingent resources across its US project pipeline
- AXP grew its proved reserves by two per cent and probable reserves by 89 per cent, resulting in a 14 per cent increase to 2P reserves from October 1, 2021, to July 1, 2022
- The 2P reserves comprise 29.7 billion cubic feet of natural gas, 1.14 million barrels of oil and 1.18 million barrels of natural gas liquids
- AXP says the majority of its proved reserves are in the ‘producing and developed’ category and come from the Illinois Basin, DJ Basin and Appalachian Basin projects
- AXP is up 11.1 per cent, with shares trading at 0.5 cents at 2:22 pm AEST
AXP Energy (AXP) has announced a “significant” increase to its reserves and contingent resources across its US project pipeline.
The company increased its proved reserves by two per cent, which it attributed to workover and pipeline projects focused on oil production.
Probable reserves increased by 89 per cent, resulting in an increase of 14 per cent to the company’s 2P reserves since October 1, 2021.
The 2P reserves comprise 29.7 billion cubic feet of natural gas, 1.14 million barrels of oil and 1.18 million barrels of natural gas liquids.
AXP said the 2C contingent resource of 211.95 million barrels of oil equivalent (MMboe) remained the same.
However, the company has released a 3C contingent resource of 237 billion cubic feet of gas for the Appalachian Basin.
AXP said the majority of its proved reserves were in the ‘producing and developed’ category and come from the Illinois Basin, DJ Basin and Appalachian Basin projects.
“This update in our reserves and resources estimate clearly demonstrates that our leases hold considerable value and also possess outstanding upside,” AXP CEO Tim Hart said.
“The value is reflected in the vast majority of reserves being in the proven and developed category, giving us production certainty for many years to come.
“As this work is ongoing, we expect our reserves to continue building.”
AXP was up 11.1 per cent, with shares trading at 0.5 cents at 2:22 pm AEST.