Charlie #1 Well Shows 300 psi Pressure, Oil Cut and Gas Flowback

Early Flowback Signals Positive Reservoir Response

AXP Energy Limited has announced a significant operational milestone at its Charlie #1 well in Noble County, Oklahoma. The company successfully installed a pump jack and transitioned the well from an initial pumped recovery phase to natural flowback under choke control. Early samples taken at the wellhead reveal an initial oil cut alongside 240 psi of gas pressure in the annulus, suggesting the reservoir is responding as expected within the Mississippi Lime Formation.

This early flowback performance aligns with AXP’s projections and provides a promising indication of the well’s potential productivity. The well is currently flowing back at a stable wellhead pressure of approximately 300 psi, which the company is managing carefully to optimise fluid recovery and hydrocarbon inflow.

Next Steps and Production Outlook

AXP expects to report initial production (IP) rates within the next 10 to 14 days, once the fracturing fluids have been fully recovered and the well has stabilised. Following this, the company plans to conduct extended production testing and connect the well to temporary surface facilities to enable early sales. These forthcoming data points will be critical in assessing the reservoir’s longer-term performance and guiding future drilling and completion strategies across AXP’s Oklahoma acreage.

Managing Director and CEO Daniel Lanskey highlighted the significance of this development, noting that the transition to natural flowback at steady pressure is a positive sign. He also reiterated the company’s broader strategy to leverage its regional gas resources for power generation aimed at high-demand computing applications, including AI and cryptocurrency mining, alongside establishing stable oil production.

Operational Safety and Regulatory Compliance

AXP confirmed that all activities at the Charlie #1 well are being conducted in full compliance with Oklahoma Corporation Commission regulations and the company’s own health, safety, and environmental management systems. To date, no lost-time incidents or environmental events have been reported, underscoring AXP’s commitment to safe and responsible operations.

The Charlie #1 well represents a key asset within AXP’s recently acquired Oklahoma leases, with 100% working interest and over 81% net revenue interest. The successful fracture stimulation and ongoing flowback mark a critical step in unlocking value from the Mississippi Lime Formation, a region known for its hydrocarbon potential.