AXP Energy Launches Drilling at Charlie #1 Well in Oklahoma
AXP Energy has commenced drilling operations on its Charlie #1 Well in Oklahoma, backed by a recent A$2.7 million capital raise. The project targets multiple stacked pay zones and aims to expand gas-to-power and bitcoin mining ventures.
- Drilling underway on Charlie #1 Well in Kay & Noble Counties, Oklahoma
- Well targets Mississippian Lime and Pennsylvanian formations at 4,700 feet depth
- Fully funded by A$2.7 million capital raising for two vertical wells and infrastructure
- AXP holds 100% working interest and 81.25% net revenue interest in the lease
- Plans to expand gas-to-power-bitcoin mining operations post-production
Drilling Commences on Charlie #1 Well
AXP Energy Limited has officially started drilling operations on its Charlie #1 Well, marking a significant step in its Oklahoma expansion strategy. Located on recently acquired leases spanning 1,400 acres in Kay and Noble Counties, the well is the first of two planned vertical wells targeting promising stacked pay zones within the Mississippian Lime and Pennsylvanian geological formations.
The Charlie #1 Well will reach a vertical depth of approximately 4,700 feet, with drilling activities supported by a robust contractor network and existing infrastructure in the region. The proximity to the Ponca City refinery further enhances operational efficiencies, allowing AXP to leverage local resources effectively.
Funding and Strategic Positioning
This drilling initiative is fully funded by a recent capital raising of A$2.7 million, announced in August 2025, which covers the costs for two vertical wells and the installation of downstream gathering equipment. AXP Energy holds a 100% working interest and an 81.25% net revenue interest in the Edwards Lease, where Charlie #1 is situated, underscoring the company's strong stake in the project’s potential returns.
AXP’s Managing Director, Dan Lanskey, highlighted the company’s confidence in the region’s geology and operational advantages. Drawing on his extensive experience with a 95% success rate in Kay County drilling, Lanskey emphasized the potential of the stacked oil and gas formations and the cost-effectiveness of drilling in Oklahoma compared to other onshore US locations.
Expanding Gas-to-Power and Bitcoin Mining Ventures
Beyond oil and gas production, AXP is actively pursuing growth in gas-to-power operations, including partnerships in bitcoin mining. The company has secured its first customer, Blackhart Technologies LLC, to supply power generated from repurposed gas. This innovative approach aims to capitalize on Oklahoma’s favorable regulatory environment and existing infrastructure to support high-performance computing operations.
AXP is also targeting further lease acquisitions to build a portfolio of approximately 6,400 acres, enabling a long-term drilling program with wells spaced roughly every 40 acres. This expansion strategy aligns with the company’s goal to scale production rapidly and diversify its energy-related ventures.
Regular updates on drilling progress and production results are expected as operations advance, providing investors with ongoing insight into AXP’s development trajectory in this promising region.
Bottom Line?
AXP’s drilling launch in Oklahoma sets the stage for potential production growth and innovative energy applications, with market watchers keenly awaiting early results.
Questions in the middle?
- What initial production rates can investors expect from the Charlie #1 Well?
- How quickly will AXP expand its lease holdings beyond the current 1,400 acres?
- What are the risks and timelines associated with scaling the gas-to-power-bitcoin mining operations?