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AXP Energy Ltd (AUNXF) RSS Feed

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Company Links 
(2) AXP Energy Limited: Overview | LinkedIn
(2) AXP Energy Limited (@AXP_Energy) / Twitter
Fremont Petroleum Corporation

 $AUNXF DD PACKAGE
https://docs.google.com/document/d/1KNIjwN2aOeFH9D1NQ6olX_WHofzLpT9FNnXpWgQN0Fk/edit

$AUNXF QUICK SUMMARY (8/15/21):


AXP Energy (formerly ‘Fremont Petroleum Company’) reports on the Australian Exchange (ASX) as $AXP; founded in 2006 latest filings; Q2 2021 Quarterly Update
4.68 billion O/S; No dilution; No R/S (per company tweet on 8/10)
Chairman: Simon Johnson - Harvard - Former SVP of $NE ($1.26 billion MC; NYSE-listed) - oil & gas; Former CEO of $BORR ($196 million MC; NYSE-listed) - oil & gas
CEO: Tim Hart - Former CEO of Austin Exploration; Started with AXP as a consultant in the KY business unit 10+ years ago. Progressed - GM, VP, COO, CEO
Q2 2021 net revenue: A$4.4 million; 2250% production growth in last 9 months
Q2 2021 Cash and cash equivalents: A$1.4 million
Annual revenues of ~$25 million alone should give this a market cap of $250-300 million (10-12x multiple); divided by 4.68 billion outstanding shares = $.05-$.08
Operations in Kentucky (AXP is their 4th largest gas producer), Tennessee, Virginia, Indiana, Illinois, and Colorado
1,500 wells; leasehold position of over 100,000 acres
Appalachian Basin (Magnum Hunter Production - MHP); Illinois Basin (Trey); DJ Basin (Colorado) - three of the most well-defined and prolific oil & gas basins in the US
Pathfinder Resource: $34 million in reserves; this figure was provided before they increased the acreage another 21% (now estimated to be $40 million in reserves)
KayJay Pipeline Project - 22,000 feet of pipeline being laid; expected completion September 2021; planned production increase of 400 mcf/day ($4 per MCF = $1.6k in additional daily revenue; $48k/month)
A few of their current contracts:
Suncor - “will take as much oil as we can provide” - Canada's leading integrated energy company - one of the largest petroleum resource basins in the world” (currently $19/share; $9.1 billion in revenues)
CountryMark - “will take as much oil as we can provide” - based on 2019 revenues, CountryMark was ranked as the 10th largest private company with headquarters in Indiana.
Ergon - “will take as much oil as we can provide” - employs 2,600 people globally
ENP - downstream partner - using their gas lines for transportation; one of the largest oil and gas players in the industry (currently $39/share; $10.95 billion; $100.1 billion market cap)
US Federal Government - Federal Bureau of Prisons
Headline on 8/13/21: “Elite Mining Inc. Reaches Partnership Agreement to Power Bitcoin Miners” - AXP is providing the energy source in the form of stranded gas from its Pathfinder Field in Colorado (Bitcoin is up 40% in last 30 days)
Upcoming: Will be soon uplisting to OTCQB per CEO; New website currently being constructed; ‘Reserves Report’ in September 2021
+$1 Trillion Infrastructure Bill just passed - the White House just urged OPEC+ to pump more oil beyond the current 400k b/d monthly hikes already being implemented



Share Structure

4.675 billion O/S; company will provide more of a breakdown in the next week or so
No dilution; No R/S (per company tweet on 8/10)
Short interest on 8/6: 73%; it then significantly dropped to 35% on 8/9 after the CEO did a Zoom call with shareholders




Management

Simon Johnson - LinkedIn:
Received an “AMP, Executive Education” from Harvard University
Recently came on as Chairman in April 2021
Former SVP of $NE ($1.26 billion MC; NYSE-listed); oil & gas
Former CEO of $BORR ($196 million MC; NYSE-listed) - oil & gas
Co-Founded CAPTAR, “providing specialist advisory services to restructuring stakeholders in the oil services segment”.



Tim Hart - CEO - LinkedIn -
Former CEO of Austin Exploration - “provides more marine gravity and magnetometer acquisition services to clients than any other US-based company in the industry”
Former VP of MATH Energy & Oil & Drilling
Started with AXP as a consultant in the KY business unit 10 years ago. Progressed - GM, VP, COO, CEO




Sam Jarvis - Director - LinkedIn
Current consultant for Sapura Energy Berhad, a leading global integrated oil and gas services and solutions provider operating across the entire upstream value chain, headquartered in Malaysia (employs 13k people)
Another seasoned O&G leader with over 20 years of experience

Other
Stuart Middleton - Non Executive Director- Seasoned Energy Executive from Sydney – deep rooted ties in international energy markets.
RD Hamilton – VP – Seasoned Geologist & “phenomenal leader”
Liz Harkins – GM of DJ Basin assets – accomplished Petroleum Engineer – Amoco & Apache Corp
Stephen Lampner – VP Finance – Experienced O&G finance professional – DGO/Alliance


Financials

Q2 2021 net revenue: A$4.4 million (Q1 2021: A$1.1 million; Q4 2020: A$257k)
“2250% production growth in last 9 months”
Net revenue for the month of July: A$1.8 million (42% spike; article)
Company expects Q3 revenue to exceed Q2
Company has been successful in reducing the downstream outages, evident in their monthly sales figure datam
Q2 2021 Cash and cash equivalents: $1.4 million
Unsold inventory and growing revenue ensures the company is well-funded, “without the need to raise capital”
Q2 2021 barrels of oil sold: 24.5 million vs. 12.9 million in previous quarter
As of 5/13/21, 28k bbl of stockpiled oil was being sold at a rate of ~2k bbl per week at ~$65/bbl (the company nets ~$63/bbl after transporting fees)
Renegotiated sales contract (6/29/21) - successfully renegotiated a legacy sales contract for 35% of current production; delivering $100k in additional revenue per month/$1.2 million per year (article)
Annual revenues of ~$25 million should give this a market cap of $250-300 million (10-12x multiple); divided 4.68 billion outstanding shares = $.05-$.08 (note: as of Q4 2019, the PE ratio for the oil/gas industry was 16.79x, using 10-12x here to be conservative)

From the CEO Zoom shareholder call on 8/8/21: “Can you explain to investors your production break-down and how spot pricing works?

If you look at it from a revenue standpoint:

· 50% of our revenue comes from gas

· 10-15% from liquids

· 30-40% from Oil

Liquids Mixture – very rich

· 50% Propane ($0.43/gal)

· 20% Butane ($0.56/gal)

· 10% Pentane ($1.05/gal)

· 20% Ethane (Costs $0.13)


Spot Pricing: It is common in our industry to lock in pricing for a commodity over a period of time. We do it to protect the downside. Last year the commodities prices fluctuated more than any other year in recent history. Coming out of that many of us in the O&G industry were looking for security in pricing. So we locked in a rate for a period of time so there was no uncertainty in our revenue stream. When you lock in a rate you typically pledge a portion of your commodity…not all of it. In our case we pledged about 50% of our gas. So 50% of our gas has a locked in rate of $3.55/Dth until March of 2022. The other 50% gets sold on spot price which is a derivative of the corresponding index price…such as Henry Hub. We have not locked in pricing for any of our Oil or NGL’s so these are all sold on spot.”



Assets

1,500 wells; leasehold position of over 100,000 acres
175 wells are temporary offline and being reconnected in the coming quarters; 111 wells are being reviewed and will be brought online or abandoned; 165 wells are scheduled for P&A



Appalachian Basin (MHP); Illinois Basin (Trey); DJ Basin (Colorado) - three of the most well-defined and prolific oil & gas basins in the US
From the Fremont website: “The recent acquisition of Magnum Hunter Production (MHP) adds over 100,000 acres and 1300 wells to the companies portfolio of low cost, low risk wells, making Fremont the 4th largest gas producer in Kentucky.”
From the Fremont website: Trey Exploration - “This acquisition was initiated in October 2020 and added another 4600 acres and 119 wells in Indiana, Illinois and Kentucky to the companies already established production in the Illinois Basin.”



https://i1.wp.com/fremontpetroleum.com/wp-content/uploads/2021/03/FPL-Acreage.jpg?ssl=1 (bigger image)


From the CEO Zoom shareholder call on 8/8/21: “How did AXP come across buying the MHP & Trey exploration assets:

There was an intersection for us back in 2019. We modified our strategy from a single focus on our DJ Basin assets to a more diverse approach in more friendly and lower cost basins in the US. Our goal was to acquire key assets that could provide consistent, long term cashflow and also had plenty of runway for more production development.


At the same time COVID hit and the energy markets went haywire. Fortunately for us, this was the perfect opportunity and we took full advantage of it. This intersection of our new strategy and the market changes led us to make some key acquisitions in Trey and MHP.



We acquired MHP for $425K so the return on that investment has been phenomenal.

Forgotten asset by a big shale player – focused in the Utica & Marcellus – wasn’t core to them
No material investment for over 6 years
Perfect for what we were looking for.
Trey Exploration

Although on a much different scale than MHP
These leases were assembled by a very accomplished local Geologist who is very familiar with the history of the leases and the Illinois basin.
Significant potential
Mount Carmel East field – One of the largest under developed leases in the heart of the basin
North Hansen field – previously owned by Exxon – 7 producing formations with a huge potential for additional development.
My history in the area was also instrumental in understanding the opportunities that existed.”
??

Kentucky Oil & Gas (50/50 joint venture) - currently assessing opportunities to
Pathfinder Resource: $34 million in reserves; this figure was provided before they increased the acreage another 21% (now estimated to be $40 million in reserves). Currently finding a suitable sales channel, more than one opportunity is now being pursued
KayJay Pipeline Project (see photo below) - 22,000 feet of pipeline being laid; expected completion September 2021; planned production increase of 400 mcf/day ($4 per MCF = $1.6k in additional daily revenue; $48k/month)




As of December 2020:





Partnerships/Contracts

Contracts already in place:
Suncor - “will take as much oil as we can provide” - Canada's leading integrated energy company, “In 1967, we pioneered commercial development of Canada's oil sands – one of the largest petroleum resource basins in the world” (currently $19/share; $9.1 billion in revenues)
CountryMark - “will take as much oil as we can provide” - based on 2019 revenues, CountryMark was ranked as the 10th largest private company with headquarters in Indiana.
Ergon - “will take as much oil as we can provide” - employs 2,600 people globally; based in Mississippi
NGL Supply - for the past 5 decades, NGL Supply Co. Ltd. has been providing natural gas liquids across North America; “facilitates the delivery of 60,000 trucks to over 500 different cities, our fleet of 2,100 rail cars travel over 35 million miles to make 22,000 deliveries.”

Gas Offtake Contracts
Eco-Energy - largest contract in place - sells into the East Tennessee (Transco Zone 5) market - underserved market and one of the most desirable sales channels in the US
US Federal Government - Federal Bureau of Prisons
Claiborne County Utilities District - services 30k people in Claiborne County, TN
Appalachian Regional Healthcare - major hospital
ENP - downstream partner - using their gas lines for transportation; one of the largest oil and gas players in the industry (currently $39/share; $10.95 billion; $100.1 billion market cap)

Headline on 8/13/21: Elite Mining Inc. Reaches Partnership Agreement to Power Bitcoin Miners (article)

Elite Mining Inc. (EMI) is excited to announce it has signed a Heads of Agreement (HOA) with Australian and United States.-based AXP Energy Limited to establish in-situ power generation for the large and growing cryptocurrency mining sector in the United States.
Elite Mining Inc. acquires, installs and maintains mining hardware to mine digital currencies, using immersion technology and the lowest 2% renewable energy costs in the United States.
AXP is providing the energy source in the form of stranded gas from its Pathfinder Field in Colorado, all associated gas gathering infrastructure, and will also provide site control and maintenance services from its site office in Florence, Colorado.
The United States is the second-biggest mining destination in the world, accounting for nearly 17% of the world's cryptocurrency miners as of April 2021. This is a 151% increase from September 2020.
Elite Mining Inc. and AXP have made considerable progress to deploy the first mobile immersion mining farm at the Pathfinder field. These efforts will allow for the stage to be set for both companies to lead the way in remote deployments once thought impossible because of geographic or logistical constraints that come with traditional mining operations.

Unlocks AXP/AUNXF pathfinder assets to allow them to sell gas and produce their oil reserves across 30 wells; that asset alone was valued at $34m. That’s only a fifth of their lease holdings.


Note: this is only the PR from Elite Mining; AUNXF/AXP CEO has confirmed their own PR/tweets will be released separately/soon



What’s Coming

Will be soon uplisting to OTCQB per CEO; requires a $0.01 share price for 30 days
New website currently being constructed
‘Reserves Report’ in September 2021




From the CEO Zoom shareholder call on 8/8/21:

Current goals of the company - focused on:

Cashflow & Margins
Increasing production – plenty of improvement opportunities
Operational Efficiencies
Consolidation within the different business units

Future Ambitions

Diversification of our business. As Simon indicated “We are in the Energy Business but we are also in the Money business”
Interests:
o Further consolidation in the Illinois & Appalachian Basins
o Midstream – additional control of the supply chain and sales channels
o Further development of existing assets – Plenty of opportunity here

Upcoming Catalysts:

Unconventional offtake opportunities for Colorado gas
Vertical integration (eg midstream)
Consolidation opportunities in the Illinois & Appalachian Basins
Drilling – perhaps more a medium term rather than a near term goal. But timing is good with drilling rigs and resourcing available and cheap now.


Other

+$1 Trillion Infrastructure Bill just passed - the White House has urged OPEC+ to pump more oil beyond the current 400k b/d monthly hikes already being implemented
Fully-integrated: synergies continue to be realized through integration. The scale/improved technical/operational capabilities are delivering cost economies and reducing reliance on costly third-parties
Was previously unknown in the OTC world because the company was only tagging their Australian ticker $AXP). The company is now aware and will be tagging both in all tweets moving forward.


Screenshot from August 10:





From the CEO Zoom shareholder call on 8/8/21: “What is going to set AXP apart from competitors on the OTC markets long term.”

Unlike many of the US E&P companies, AXP has no debt, we have less than US$1.5m in legacy creditor payments from our CO field development program that we are now aggressively paying down. So in terms of the balance sheet, we are pretty clean which gives us plenty of running room for additional business development opportunities.
We are an energy company that is in the business of making money. We have an open mind about how to monetize our resources and we aren’t limited to one school of thought. You will see that going forward.
We are really building out three business streams
natural gas and NGL sales underpinned by long term and multiple customer contracts
growing oil production from across our leases and this is principally why we bought Trey
a third division that's now emerging where we are looking to develop in situ power generation at our wells sites - there are big industries and great technologies being developed in the USA that could make this transformational for companies like ours with lots of natural gas and also big fields where we have huge amounts of stranded natural gas. I won't say too much about the third one but watch this space;

From the CEO Zoom shareholder call on 8/8/21: “Given recent quarterly results, is there a plan for a share buyback to reduce the number of outstanding shares as this breaks open in the OTC Market?”

Although there are no current plans for a share buyback we will always do what we feel is best for our shareholders. At current, we feel that using our resources to further develop the business will not only set the company up for a significant growth trajectory but provide the best return for our shareholders.


From the CEO Zoom shareholder call on 8/8/21: “With governments pushing for cleaner energy in the future how will this have an impact on the business?”

We see this as an opportunity.

Larger, more traditional oil and gas companies are attracting a lot of negative sentiment because many of them have not sought to align with broader community expectations around emissions and new energy solutions.
At AXP we have an open mind about how we can do our part to progress to net zero while appreciating that the energy transition is just that – a transition .
As a smaller company we have better agility and a razor-like focus on new opportunities.
As a management team we talk a lot about how we can harness the opportunities that exist in our operating regions to progress improved carbon outcomes, reduce the impact of our activities and possibly utilize our existing infrastructure in new ways – for example to sequester carbon dioxide.
We work closely with our local community – we live in those communities - and are committed to improving peoples lives through our activities.

This section maintained by Pro-Life...



https://fremontpetroleum.com

https://twitter.com/AXP_Energy

https://www2.asx.com.au/markets/company/axp

https://www.linkedin.com/company/axp-energy-limited/

 

 
 
 
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