AXP - AXP Energy

Up, up and away for FPL commencing on 8 March following news that strong oil and gas flows had been encountered on the JW Powell #23-25 well.

This was followed up with an announcement this morning that initial oil production rate on the JW Powell #23-25 well is 220 BOE/day. The well recorded a peak gas flow rate of 2.1 MMcf/day but this was choked back to allow for oil production.

Up 30% today...

Fremont Petroleum hits crude oil in Colorado well

Oil and gas junior Fremont Petroleum (ASX: FPL) has hit crude oil while drilling its Amerigo Vespucci #1 well in Colorado, United States.

The company today announced it has ‘tripped out’ (removed) all 199 joints of drill string that were used to drill the well to its total depth of 5,977 feet (1,822m) and found that 154 of the strings totalling 4,620ft (1408m) were “covered in crude oil”. More...

“Early indications are that the well has intersected a significant fracture network that is producing crude oil under pressure which is liberating into and up the wellbore,” Fremont stated.

This news follows Fremont’s announcement earlier this week that the well had encountered strong oil and gas shows throughout the bottom 1,000ft (305m) of the production section.

On July 12th, 2021, Fremont Petroleum Corporation Limited (FPL) changed its name and ASX code to AXP Energy Limited (AXP).

AXP ENERGY Limited (ASX: AXP) (formerly Fremont Petroleum Corporation Limited) is an oil & gas production and development company with operations in Colorado, Illinois, Kentucky, Tennessee and Virginia.

AXP’s focus is to aggressively grow daily production by improving current asset performance and opportunistically acquiring onshore USA oil & gas assets with the following characteristics:
- producing conventional oil & gas wells;
- production that can be enhanced through low-cost field operations and workovers;
- leases which are held by production and which do not require ongoing drilling commitments; and
- economies of scale which can be achieved by acquiring and carrying out similar enhancement strategies on contiguous or nearby fields with similar characteristics.