- AXP Energy (AXP) records steady revenue for August at around $1.8 million
- This has led the company to a revenue of around $3.6 million for the first two months of the September quarter
- AXP has confirmed that the quarter is expected to exceed the June quarter’s net revenue of $4.3 million
- The revenue increase in August was driven by the improving gas prices and production volumes from some new wells being brought back into production
- On the market, AXP Energy shares are currently suspended and last traded at 0.7 cents per share
AXP Energy (AXP) has recorded steady revenue for August at around $1.8 million.
This has led the company to a revenue of around $3.6 million for the first two months of the September quarter.
AXP has confirmed that the quarter is expected to exceed the June quarter’s net revenue of $4.3 million.
Net revenue from sales of natural gas and natural gas liquids increased to $1.2 million.
The revenue increase in August was driven by the improving gas prices and production volumes from some new wells being brought back into production.
However, net revenue from oil sales were lower at $515,605, as AXP has moderated oil sales due to the weakness in the oil price in the earlier part of the month.
As for the prior months, the company maintains valuable unsold oil inventory of 22,152 barrels of oil.
Chairman Simon Johnson is pleased with the month of August.
“August was another steady month and we are on track to deliver a strong performance in the September quarter, well up on the revenue recorded for the June quarter,” Mr Johnson said.
“We anticipate revenue to continue steadily tracking up as we benefit from strengthening natural gas prices and the new production that we will bring on
from the field development work.”
“This work is ramping up now the US summer vacation season is over. AXP is in good shape, and as in prior months, we will continue to keep shareholders updated on our progress,” he concluded.
On the market, AXP Energy shares are currently suspended and last traded at 0.7 cents per share.