AXP Energy Limited (ASX: AXP, OTC: AUNXF) has announced the commencement of drilling operations at its Charlie #1 Well in Kay & Noble Counties, Oklahoma. AXP Energy is an oil & gas production and development company with core operations in Colorado and Oklahoma. The company is focused on repurposing stranded gas at its 100%-owned Pathfinder Field for power generation and is also pursuing oil production opportunities in Oklahoma through recently acquired leases. The Charlie #1 Well is the first of two planned vertical wells on the company’s recently secured lease holdings.
The Charlie #1 Well targets the Simpson Series, Mississippian Lime, and Pennsylvanian stacked pay zones within a geologically prospective setting along the Nemaha Ridge. AXP Energy holds a 100% Working Interest and an 81.25% Net Revenue interest in the Edwards Lease, which encompasses the Charlie #1 Well location. The drilling permit has been secured, and site preparation is underway, with drilling operations expected to commence imminently and reach a total vertical depth of 4,700 feet.
Drilling of the Charlie #1 Well is fully funded through the A$2.70 million capital raising announced on 11 August 2025. These funds are allocated to the drilling of two new vertical wells and the installation of downstream gathering equipment. AXP aims to expand its gas-to-power-bitcoin mining operations in Oklahoma following the completion and successful production from this initial well.
Dan Lanskey, Managing Director of AXP Energy, stated that the company believes in the significant potential of the stacked oil and gas formations. Operational efficiencies in Oklahoma allow AXP to drill and complete vertical wells faster and more cost-effectively than many onshore locations in the USA. Regular operational updates on this well program will be provided as field activities progress.
