AXP Energy Limited, (‘AXP’, ‘Company’) is pleased to provide this
update on ongoing development works at the Pathfinder Field (‘Pathfinder’) in Colorado. The
Company maintains its 100% working interest (76% Net Royalty Interest) in assets located in the
Denver-Julesburg (DJ) Basin in Colorado with 3,850 acres currently held by production AXP’s
portfolio comprises 24 producing oil & gas wells which are located in the historic Florence
Oilfield.
HIGHLIGHTS
? Pathfinder #1 and Amerigo Vespucci wells have now been connected to the GenTech
generator
? Field team finalising on-site engineering works to optimise flow rates at the delivery point
? Production at the Pathfinder Field to recommence in the coming days
? As production commences, AXP Energy will continue to report progressively on the
expansion of operations in connection with its stated commercial objectives
The mobilisation of the generator marks a continuation of the Company’s renewed
commercial development pathway for Pathfinder, commencing with an initial gauge of gas
flow rates for electricity generation and then oil flow rates ahead of the planned
recommencement of oil sales (refer ASX Announcement 4 June 2024).
The on-site field team is currently carrying out final engineering and maintenance works in
preparation for start-up, including installation of the muffler and connection of flow lines from
the delivery point to the generator via the coalescent scrubber.
Tech leads are also completing the threading of new lines and prepping the delivery point on
the meter run, alongside maintenance on the gas engine. Once operating, the Gen-Tech
generator has the capacity to produce 750kW of electricity continuously each hour of the day.
Director Andrew Bald commented: “We are pleased to confirm the successful mobilisation of
the generator and the recommencement of operations at the Pathfinder Field in line with our
stated commercialisation strategy. The Company looks forward to providing further near-term
updates at Pathfinder, commencing with gas flow rates and electricity generation with a view
to future sales as part our gas-to-power development plan. The next step will then be to monitor
oil flow rates and reestablish oil sales. Today’s update marks ongoing execution of our
commitment to adhere to a systematic development plan at Pathfinder, with the aim of
extracting full value from the asset’s considerable oil & gas reserves.”