AXP Energy Limited (ASX: AXP, OTC US: AUNXF), (‘AXP’,...

AXP Energy Limited (ASX: AXP, OTC US: AUNXF), (‘AXP’, ‘Company’ is pleased to report another
month of consistent revenue generation with the Company recording net revenue (revenue
after royalties) of approximately $2.01M for October (refer chart) – broadly in line with
September’s net revenue of ~$2.1M.
The result is encouraging given that oil sales of $571,949 were down 32% (September: $844,442)
as the oil inventory sell down was deliberately slowed as the operations team focused on

removing excess water (generated through oil production) from disposal tanks. Water is now
being transported more consistently for disposal allowing for a more efficient movement of oil to
sale points. Sales in November and December are therefore expected to improve.
Particularly pleasing is the month-on-month improvement in natural gas and natural gas liquids
revenue which was up ~24% to $1.42M as downstream reliability stabilised and the Company

continued to benefit from higher natural gas prices.
As at 19 November, unsold oil inventory was 19,398 barrels giving AXP added financial flexibility
and sales optionality.
AXP’s net revenue has continued to improve since the Appalachian Basin acquisition earlier in
2021 and the Company expects that with ongoing workovers and potential production to be
added from drilling new low-cost conventional wells, this trend will continue.