Ann: Shareholder Update Webinar, page-39

29/4/22-
EXPLORATION ACTIVITY
In early March AXP fracked 2 wells in the Illinois Basin. These wells have now been completed and are in the late stages of flowback. The flowback on both wells has taken significantly longer than expected with operational issues (now overcome) impacting the DPI-2605 fluid recovery process. An additional 9 wells have been worked over or had surface repairs and improvements completed during the quarter. It is expected that production gains from this work will be realised in the current quarter.AXP is now focused on a field development program in a lease that has 165 wells, diverse sales channels and where no material service or development work has occurred since 2007. Progress will be reported as production gains materialise.

13/5/22-
AXP has identified more than 300 additional wells across these specific leases which have not been worked over since 2007. The Company therefore sees further significant upside for gas production from these leases. AXP will continue to report on production volumes from this area as more wells are worked over with the current program ongoing.

15/6/22-
AXP notes that workovers are currently underway on several wells in Western Kentucky and operations are ongoing in the KayJay field in the Appalachian Basin. Larger, more complex re-completions that had high historical gas flow rates have also been identified

28/7/22-
“Most importantly, our focus in the current quarter is to utilise our strengthening cash position to carry out more low-cost workovers and commence work on two higher impact and larger well recompletions which are aimed at materially adding to production volumes. AXP has a number of key developments in the pipeline, as outlined above, and we look forward to delivering more updates in respect of these developments as the quarter unfolds.”