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AXP Energy (AUNXF) reports increased oil production at its Pathfinder Field in Colorado's DJ Basin. The Pathfinder #2 well is producing 20 BOPD and 280 mcf/day of gas, bringing total field production to ~50 BOPD. The company expects further production growth as the Amerigo Vespucci well begins oil production and Pathfinder #1 well comes online.
The Pathfinder #1 well, targeting the Greenhorn Formation at 5,200 feet, previously demonstrated promising results with 75 barrels of oil during a 4-day flowback test without artificial lift. The field features multiple stacked producible pay zones including Pierre, Niobrara, and Greenhorn reservoirs.
The company's gas-to-power operations supporting bitcoin mining through its JDA with Blackhart Technologies are performing well, with satisfactory uptime and reliability in the first week of operations. AXP plans to scale up these operations to establish additional revenue streams.
AXP Energy (AUNXF) has successfully launched its first bitcoin mining operation at the Pathfinder lease in Colorado. The company has deployed two modular data centres (MDCs) hosting 515 Bitmain S19J Pro Antminers, powered by 1.2MW of electricity generated from natural gas at the Pathfinder #2 well.
The operation marks a significant milestone as it enables both bitcoin mining and oil production from the Niobrara Formation, creating dual revenue streams. The company is planning to expand with two additional gas-to-power sites at JW Powell and Kelce Court production hubs, targeting a combined power output of 5MW/h.
AXP aims to scale operations to utilize its substantial 2C gas resources of 0.744 Tcf, targeting bitcoin miners and data centre operators. The company has established this first site in approximately 10 months, serving as a blueprint for future expansions under the Joint Development Agreement with Blackhart Technologies.
AXP Energy announces a shareholder briefing scheduled for December 5, 2024, at 10:30 am AEDT (6:30 pm New York GMT -5 December 4). CEO Tim Hart and Chairman Sam Jarvis will provide updates on gas-to-power operations at the company's Pathfinder Field in Colorado and discuss field development activities to enhance oil and gas production.
The briefing will include a Q&A session, with questions accepted via email or during the webinar. The company's core operations focus on repurposing stranded gas at its 100%-owned Pathfinder Field for power generation, targeting data centre operators specializing in High Performance Computing. AXP currently operates 24 oil & gas wells at Pathfinder Field and has secured Blackhart Technologies as its first customer.
AXP Energy announces the installation of its first two modular data centres (MDCs) for Bitcoin mining operations at the Pathfinder #2 well site. The MDCs, operated under a Joint Development Agreement with Blackhart Technologies, are being populated with 589 Bitmain S19J Pro Antminers and will be connected to Gentech gas-fired generators this weekend. This marks a significant milestone in AXP's gas-to-power initiative, with plans to expand to two additional sites (JW Powell and Kelce Court) upon demonstrating 30-day performance reliability. The company aims to monetize stranded gas resources through downstream offtakers under this JDA.
AXP Energy announced the results of its 2024 Annual General Meeting. All proposed resolutions were successfully passed with overwhelming shareholder support. The Remuneration Report received 97.98% approval, while the election of Robert Lees and re-election of Stuart Middleton as directors were approved with 99.19% and 99.14% of votes respectively. The 7.1A Mandate was approved with 98.79% support, and the Plan received 99.64% approval.
AXP Energy has received the first two modular data centers (MDCs) and 589 Bitmain S19J Pro Antminers for Bitcoin mining operations at its Pathfinder Field in Colorado. Under a Joint Development Agreement with Blackhart Technologies, AXP will provide natural gas, power generation equipment, and maintenance support. The site's connection is scheduled for this weekend, with minor delays due to weather. Additional MDCs are planned for JW Powell and Kelce Court sites. The project leverages Pathfinder's significant 744 BCF Contingent Resources (2C) of gas, positioning it for large-scale off-grid power generation operations.
AXP Energy has signed a binding Joint Development Agreement with Blackhart Technologies for gas-to-power supply to data centres at the Pathfinder Field in Colorado. The first two modular data centres are scheduled to begin operations this month, using gas from the Pathfinder #2 and Amerigo Vespucci wells. The agreement includes a three-year initial term with automatic one-year renewals. AXP will generate revenue from gas-to-power supply, infrastructure maintenance, and power uptime bonuses. Two additional operations are proposed at the JW Powell and Kelce Court wells. The project aims to repurpose stranded gas for High Performance Computing operations, including AI and rendering.
AXP Energy Limited (OTC: AUNXF) has commenced natural gas sales from its Colorado operations, providing gas for in-situ power generation of Elite Mining Units (EMUs). The sales agreement allows for a daily delivery of approximately 200 Mcf of natural gas from the Pathfinder #2 well, enhancing revenue streams. The agreement supports environmentally compliant extraction of stranded resources, with initial oil production exceeding 10 barrels per day from Pathfinder. CEO Tim Hart highlights the sales as a key operational achievement, laying groundwork for future revenue growth.
AXP Energy Limited has reported a 14% increase in its 2P Reserves over the past nine months, now totaling 29.7 billion cubic feet of natural gas, 1.14 million barrels of oil, and 1.18 million barrels of NGLs. This growth is attributed to the company's enhancements in its Field Development Plan and recent workover projects. The 1P Proved Reserves also increased by 2%, showcasing production certainty. However, the 2C Contingent Resources remain unchanged at 211.95 million barrels of oil equivalent.
AXP Energy Limited (AUNXF) reported significant growth in its quarterly activities for the period ending June 30, 2022. The company achieved a net revenue of $7.51 million, a 51.4% increase from the previous quarter, and positive operating cash flow of $1.61 million, compared to $186K in the prior quarter. With a cash reserve of $3.39 million and minimal debt, AXP aims to enhance production through recompletions and workovers. However, natural gas production continues to decline due to midstream reliability issues, despite a notable 19.4% increase in oil production.
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