AXP Energy enters Syria with Block 9 farm-in agreement
(WO) — AXP Energy has secured the right to earn a 25% participating interest in the Block 9 Production Sharing Contract (PSC) in Syria's Palmyride basin, marking the company's entry into a region reopening to international energy investment.
The 10,039-km² onshore block is located in northwestern Syria and has been the subject of previous exploration activity, including 1,800 km of 2D seismic reprocessing, 420 km² of 3D seismic acquisition and the drilling of the Itheria-1 exploration well between 2007 and 2011. The well was drilled to a depth of 2,072 m and suspended after sanctions halted further activity.
AXP entered the agreement with operator Simpora Latakia Limited, which holds a 75% interest in the block. Under the terms of the farm-in, AXP will pay an initial $100,000 deposit and a further $1 million within 60 days to earn its interest.
The company plans to begin reprocessing existing 3D seismic data and selected 2D lines, followed by reinterpretation work during the first half of 2027. Future activities are expected to include a two-well drilling program, potentially including a re-entry of the suspended Itheria-1 well and drilling of the Bashaer-1 prospect.
According to AXP, historical evaluations conducted by former Block 9 participants identified best-estimate prospective resources of 338 MMboe at the Itheria prospect and 102 MMboe at the Bashaer prospect on a 100% basis. The company noted that the estimates relate to undiscovered accumulations and remain subject to exploration and development risk.
“This is transformational for AXP,” said Chairman Sam Jarvis. “We have secured entry into a Tier-1 hydrocarbon basin at precisely the moment when geopolitical conditions have shifted from closed to open.”
The Palmyride basin is one of Syria's primary hydrocarbon-producing regions and has historically yielded more than 1 billion bbl of oil discoveries and more than 6 Tcf of natural gas. AXP said it expects to provide additional updates as seismic work and future drilling plans progress.
