AXP Energy secures strategic Syrian oil foothold
Australian energy junior AXP Energy (ASX:AXP) has secured a major strategic foothold in the re-emerging Syrian petroleum sector, finalising a transformational farm-in agreement that provides a right to earn a 25% participating interest in the highly prospective Block 9 onshore production sharing contract.
Spanning 10,039km2 within the prolific Palmyride Basin, the asset represents a premier hydrocarbon system with substantial historical backing.
Independent evaluations by RPS Energy have identified best-estimate prospective resources of 338 million barrels of oil equivalent at the 'Itheria-1' prospect and 102 MMboe at 'Bashaer-1', with high-estimate cases peaking at a combined 943 MMboe.
The mature asset benefits from approximately US$25 million in prior investment injected between 2007 and 2011, which funded 1,800km of 2D seismic data, 420km2 of 3D seismic mapping, and the drilling of the Itheria-1 well to a depth of 2,072m, currently suspended in good condition.
Block 9 possesses global geological distinction, as it sits at the intersection of three major tectonic plates: the African, Arabian, and Asian Plates.
The breakthrough follows a recent, coordinated lifting of international sanctions throughout 2025 by the European Union, the United Kingdom, Australia, and the United States, including the landmark repeal of the US Caesar Act in December 2025.
Coupled with landmark foreign ownership reforms, this regulatory opening has unlocked considerable interest from US and Gulf State financiers.
AXP enters the jurisdiction alongside major international oil companies and operators, including Chevron, ConocoPhillips, and TotalEnergies, which are currently prioritising field rehabilitation to support near-term production upside.
