AXP Energy Limited announced another important addition to its executive team, with the appointment of Mr. Greg Grotke as Interim Chief Operating Officer. Effective 7 November 2022, Mr. Grotke's appointment will add a wealth of on-ground experience that's directly applicable to the Company's growth strategy across its core business divisions. Mr. Grotke's core tasks and responsibilities will comprise management of operations along with oversight of sales and business development initiatives ­ two areas where he has a demonstrated track record of success within the US oil & gas industry.

Mr. Grotke's career experience in the oil & gas sector includes senior technical and management roles at Noble Energy Inc. (subsequently acquired by Chevron), Amoco then BP-Amoco (now BP) and Owens Corning. At Noble, Mr. Grotke led group subsidiaries with direct responsibility for over $700 million of assets across six basins in the western US, which collectively delivered 8% of Noble's income from operations. He also has a strong track record in the execution of operational reviews and cost management, leading multiple business divisions through OPEX reductions and negative cash-flow reversals.

One such turnaround combined OPEX reductions of more than 30% along with increased oil flow rates, delivering positive cashflow inside 12 months from a peak cash burn of + $3.5 million per week. The appointment is interim to accommodate Mr. Grotke's transition to the role, and facilitate his initial priorities as COO which will comprise a detailed review of operations across AXP's core business divisions. The hiring significantly bolsters AXP's management team at an important juncture for the business, which is now positioned to unlock further value from its suite of US oil & gas projects.

Mr. Grotke's appointment follows the recent promotion of finance executive Bradley Mervis to the role of Chief Financial Officer and demonstrates the ability of AXP to attract talented industry executives to lead its growth strategy. With demonstrated experience in senior oil & gas management roles, Mr. Grotke is the ideal candidate to directly oversee AXP's operations and unlock further value in the group's asset portfolio. The Company looks forward to gaining his insights in pursuit of its near-term operational objectives; optimising NGL (Natural Gas Liquid) processing methods, higher oil production and sales volumes through improved logistics; and expanded natural gas production (volumes and margins) through new well recompletions and enhancements.