AXP Energy Sees Promising Results from Charlie #1 Well Flow Test
AXP Energy Limited (ASX: AXP), an oil and gas production company operating in Colorado and Oklahoma, has reported encouraging results from a controlled production flow test at its Charlie #1 well. Located on the company's Edwards Lease in Oklahoma, the well delivered a production rate of approximately 55 Barrels of Oil Equivalent (BOE) per day.
The 10-day test saw the well operate for about 12 hours per day, producing an average of 40 barrels of oil and 95 Mcf of gas per day. The company aims to further evaluate choke settings, annulus pressure, and daily operating hours to optimize long-term production.
A key focus for AXP Energy now is enhancing its water handling infrastructure, particularly optimizing the saltwater disposal well servicing Charlie #1. Managing Director and CEO Daniel Lanskey expressed confidence in achieving sustainable production rates by liberating more gas and improving water handling capacity.