Oil inventory held at end of quarter was 1,580 barrels.
▪ Cash and cash equivalents at quarter end were $230,811 (previous quarter: $177,704).
▪ Additional funds received since 31 March give AXP additional financial flexibility:
o Kentucky well bond deposit refunds of $217,941.
o March oil receipts of $83,856 and Gas to Power receipts of $46,290.
o U.S. Internal Revenue Service (IRS) advised approval of $300,000 federal tax refund to
be paid within 28 days.
o Additional Director equity funds of $102,000 subject to shareholder approval at May 7
General Meeting.
COMMENT
Commenting on the performance for the quarter, Managing Director Dan Lanskey said: “AXP
was pleased to report the successful commencement of gas-to-power operations at
Pathfinder, marking the first time that gas has been monetised from these leases. Importantly,
we have been able to achieve gas sales well above the Henry Hub spot price given ability to
deliver in-situ power generation for our bitcoin mining customer. The support of BitFuFu has also
been a pleasing development and we are committed to building out the gas-to-power-
Q U A RT E RL Y A CT IVIT IE S RE PO RT
AXP Energy Limited | ABN 98 114 198 471
www.axpenergy.com
bitcoin mining operations at designated well sites. We have also commenced work on three
wells to enhance oil production and deliver increased and stabilised gas flows to our
generators so we maintain a high degree of reliability for end users. We see considerable
scope to grow our gas-to-power operations to support the bitcoin mining industry and data
centre owners with off-grid energy and power solutions while at the same time building out our
core liquids business. More updates in this regard are pending as activities advance.”
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