AXP Energy Uncovers Extensive Oil & Gas Shows in Oklahoma Charlie #1 Well
AXP Energy has successfully reached the target depth in its Charlie #1 well, revealing over 290 feet of promising oil and gas shows across multiple formations. The company is now preparing for detailed logging to assess commercial viability.
- Charlie #1 well drilled to 4,725 feet with significant hydrocarbon shows
- Over 290 feet of oil and gas indications across Mississippi Lime and Chat formations
- Full suite of wireline logs scheduled to evaluate reservoir potential
- AXP holds 100% working interest and plans further drilling on 1,000-acre lease
- Initial results consistent with regional wells, supporting development plans
Drilling Milestone Achieved
AXP Energy Limited has announced the successful completion of drilling operations at its Charlie #1 well in Oklahoma, reaching the target depth of 4,725 feet. This milestone, achieved on 22 September 2025, marks a significant step forward for the company’s exploration efforts in the region.
Encouraging Hydrocarbon Shows Across Multiple Formations
The well encountered multiple oil and gas shows over an extensive 290-foot interval spanning several geological formations, notably the Mississippi Lime and Mississippi Chat. These formations are known for their potential to host hydrocarbons, and the presence of oil and gas indications across such a broad section is a positive sign. Additional shows were recorded in the Oswego Limestone, Woodford Shale, and Wilcox Sands, each with distinct lithological characteristics that could contribute to reservoir quality.
Next Steps, Detailed Logging and Evaluation
Following drilling, the well is being conditioned for a comprehensive suite of wireline logs scheduled to commence shortly. These electronic logs will provide critical data on the presence and extent of hydrocarbons, porosity, and other reservoir properties. The results will guide AXP’s decisions on well completion and potential production strategies.
Strategic Positioning and Future Development
AXP holds a 100% working interest in the Edward Lease, covering approximately 1,000 acres near Ponca City, Oklahoma. With an 81.25% net revenue interest, the company is well positioned to benefit from successful development. The lease area offers multiple drilling locations spaced at 40-acre intervals, and the company is already planning step-out wells contingent on the initial well’s success.
Cautious Optimism Amid Industry Realities
While the initial shows are promising and consistent with other successful wells in the area, AXP’s management emphasizes the inherent uncertainties in exploration. The conversion of shows into commercial quantities of hydrocarbons remains to be confirmed through logging and further analysis. Operational risks and geological complexities could still impact outcomes.
Bottom Line?
AXP’s Charlie #1 well sets the stage for potential growth, but the market awaits logging results to confirm commercial prospects.
Questions in the middle?
- Will wireline logging confirm commercial quantities of hydrocarbons?
- How soon will AXP decide on well completion and potential production start?
- What are the timelines and capital requirements for drilling additional wells on the lease?