AXP Energy Limited (ASX: AXP, OTC: AUNXF) has announced that drilling at its Charlie #1 Well has reached the target depth of 4,725 feet. The company confirmed that multiple oil and gas shows were recorded across the Mississippi Lime and Chat formations over a 290-foot interval. AXP Energy is an oil & gas production and development company with core operations in Colorado and Oklahoma. It is focused on repurposing stranded gas at its 100%-owned Pathfinder Field for power generation.
The well bore is currently being conditioned in preparation for logging, with a full suite of electric wireline logs scheduled to be obtained. Casing for the well has been delivered to the site and is scheduled to be installed. Geological shows were observed in the Oswego Lime, Mississippi Chat, Mississippi Lime, Woodford Shale, and Wilcox Sands formations, indicating potential porosity and hydrocarbon presence.
Managing Director & CEO Dan Lanskey expressed satisfaction with the results, stating the company is preparing the well for logging. Mud logs and samples confirmed 260 feet of the Mississippi Limestone and an additional 30 feet of Mississippi Chat, which Lanskey noted is consistent with other wells in the area. With over 1000 acres covered by the lease package, AXP Energy is already planning step-out wells.
Following logging, the company plans to install 5½-inch casing and cement, review well logs and samples, and design completion procedures. The Edward Lease, where the Charlie #1 well is located, covers approximately 1,000 acres in Oklahoma. AXP holds a 100% Working Interest and an 81.25% Net Revenue Interest in the lease and the well.
