AXP Energy Limited (‘AXP’, ‘Company’) is pleased to confirm that drilling
on the Charlie #1 Well reached the Target Depth of 4,725 feet on Monday 22 September 2025
at 9.30pm with multiple oil & gas shows recorded across the Mississippi Lime and Chat formations
over a 290 foot interval. The well bore is currently being conditioned in preparation for logging.
A full suite of electric wireline logs is scheduled to be obtained tomorrow. Casing for the well has
been delivered to site and is scheduled to be run on Wednesday 24 September 2025
Geological Shows & Lithology
• Oswego Lime (Oswego Limestone) formation: oil and gas shows were recorded between
3,776 ft and 3,806 ft, over a 10-foot interval:
o Lithology: marine shelf limestone with probable fossil or algal content, moderate
fine carbonate matrix.
• Mississippi Chat formation: oil and gas shows recorded between 4,293 ft and 4,317 ft, over
a 24-foot interval:
o Lithology: cherty or siliceous limestone with chert nodules or breccia zones,
indicating potential porosity.
• Mississippi Lime formation: oil and gas shows were recorded across the between 4,403 ft
to 4,623 ft, over a 260-foot interval:
o Lithology: Mississippian-age carbonate limestone, with secondary porosity in
fractures and chert breccias.
• Woodford Shale: oil and gas shows were recorded between 4,623 ft to 4,662 ft, over a
39-foot interval
o Lithology: Organic-rich siliceous black shale with interbeds of more brittle cherts;
high total organic carbon; laminated structure; sometimes contains silt or clay;
exhibits both ductile and brittle facies. Source: Woodford Shale lithofacies studies
in Oklahoma.
• Wilcox Sands: two intervals were recorded between 4,684 ft to 4,725 ft
o Lithology: Sand-rich interval (sands / sandstone), likely medium to fine grain with
interbedded shaly or silty layers (depending on depositional environment).
Managing Director & CEO Dan Lanskey said: “With drilling operations on our first well now
complete, we are preparing the well for logging tomorrow morning. I am very happy with the
results to date; we will be running a full suite of wireline logs tomorrow and will make decisions
on how to complete the well. It was great to see the crew onsite working coherently over the
last week and completing the drilling operations right on schedule.
Mud Logs and samples taken whilst drilling confirmed 260 feet of the Mississippi Limestone and
an additional 30 feet of Mississippi Chat. This interval looks highly prospective with good oil and
gas shows consistent with other wells in the local area that I have been involved in over the last
15 years. With this lease package covering over 1000 acres, we are already planning step out
wells to be drilled over the coming year as there over 20 potential locations available within our
acreage at 40-acre well spacing.”
Next Steps & Operations
• Conditioning the well overnight for logging.
• Perform detailed electronic logging - evaluate all shows and fluid samples.
• Install 5½-inch casing and cement.
• Review well logs and samples and design completion procedures.
Drilling Progress & Schedule
Item Details
Spud Date Tuesday, 16 September 2025
Total Vertical Depth (TVD) 4,725 feet reached 9.30pm Monday, 22 September 2025
Location & Lease Details
• The Edward Lease covers approximately 1,000 acres, straddling the Kay County /
Noble County line in Oklahoma.
• It is located about 8 miles south-west of the Ponca City Phillips 66 Oil Refinery.
• AXP holds 100% Working Interest in the Edward Lease (including the Charlie #1 well).
• AXP holds an 81.25% Net Revenue Interest in the Lease and the Well.
• Further drilling on the acreage is planned at 40 acre spacing of Vertical Wells should
initial well program justify development.