AXP Energy's Reserves and Contingent Resources Update

AXP Energy Limited (ASX:AXP) has released an updated estimate of its Reserves and Contingent Resources as at 1 July 2024. The update includes an increase in proved developed oil reserves in the Colorado DJ Basin and significant contingent resources in the Colorado gas assets. The evaluation was based on information and supporting documentation prepared by Ms. Letha Lencioni, Consulting Engineer at Double L Engineering, LLC.

Chairman's Commentary on Reserves and Contingent Resources

Chairman Sam Jarvis expressed satisfaction with the significant contingent resources of the Colorado gas assets, emphasizing their role in the company's works program to establish a scalable gas-to-power operation. He highlighted the priority of securing a sustainable gas sales channel and the team's progress in this regard. Jarvis also mentioned the company's priority in growing oil production, which is expected to occur as gas sales materialize. He anticipates reporting on the progress with the gas-to-power operations soon.

Summary of AXP Energy's Reserves and Contingent Resources Update

AXP Energy Limited (ASX:AXP) has reported an increase in proved developed oil reserves in the Colorado DJ Basin and significant contingent resources in the Colorado gas assets. The company's immediate priority is to establish a scalable gas-to-power operation and secure a sustainable gas sales channel. AXP also aims to grow oil production as gas sales materialize. The evaluation was based on the Petroleum Resources Management System and the estimates of reserves and resources were determined by accepted industry methods. The company has identified potential upside projects targeting deeper horizons known to be productive, which were assessed and categorized based on available data, risk of development, and geologic control.