Ann: July revenue increases to A$1.8M as production stabilises, page-2

Obvious leak but good stuff eh downrampers???
JULY REVENUE INCREASES TO A$1.8M AS PRODUCTION STABILISES
AXP Energy Limited (ASX: AXP, US OTC: AUNXF), (‘AXP’, ‘Company’ is pleased to confirm that
month-on-month revenue continues to steadily increase with the Company recording net
revenue (being revenue after royalties) of A$1.8M1 for July 2021. AXP is reassured by the net revenue performance in the first month of the September quarter
and, barring any unforeseen circumstances, expects to exceed our June quarter net revenue
of A$4,386,654. The improved result has been driven by more reliability downstream, with significantly fewer
gas processing outages for the month, as well as AXP benefiting from improved gas pricing
from 1 July on the re-negotiated sales contract (announced 29 June) and improving gas spot
prices applicable to remaining gas sales. Net revenue from sales of natural gas and natural
gas liquids (NGL) increased 42% in July to A$1,179,657, up from A$830,333 in June 2021. Net revenue from oil sales was lower in July at A$579,278 (June 2021: A$874,672) as the
Company moderated the sell down of its oil inventory, which is currently sitting comfortably
above 22,000 BBL at month end.
COMMENT

Chairman Simon Johnson commented: “We have commenced the September quarter
strongly with solid revenue performance in July. What is very pleasing and noteworthy about
this result is that it is due to improved operational performance and reliability from our core
natural gas and NGL operations, rather than a reliance on a heavy sell down in oil inventory.
This clearly confirms the early gains from the production improvements we are making across
the Company. It’s still early days and we see much more upside.”