Oil Production Update
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) riporta un aumento della produzione di petrolio nel suo campo Pathfinder nel bacino DJ del Colorado. Il pozzo Pathfinder #2 sta producendo 20 BOPD e 280 mcf/giorno di gas, portando la produzione totale del campo a circa 50 BOPD. L'azienda prevede un ulteriore incremento della produzione con l'inizio della produzione di petrolio dal pozzo Amerigo Vespucci e l'attivazione del pozzo Pathfinder #1.
Il pozzo Pathfinder #1, che punta alla formazione Greenhorn a 5.200 piedi, ha precedentemente mostrato risultati promettenti con 75 barili di petrolio durante un test di flusso di 4 giorni senza sollevamento artificiale. Il campo presenta molteplici zone di pagamento produttive sovrapposte, inclusi i serbatoi Pierre, Niobrara e Greenhorn.
Le operazioni di gas per energia dell'azienda, a supporto del mining di bitcoin tramite il suo accordo JDA con Blackhart Technologies, stanno andando bene, con un buon tempo di attività e affidabilità nella prima settimana di operazioni. AXP prevede di espandere queste operazioni per stabilire ulteriori fonti di reddito.
AXP Energy (AUNXF) informa sobre un aumento en la producción de petróleo en su campo Pathfinder en la cuenca DJ de Colorado. El pozo Pathfinder #2 está produciendo 20 BOPD y 280 mcf/día de gas, llevando la producción total del campo a aproximadamente 50 BOPD. La compañía espera un crecimiento adicional en la producción a medida que el pozo Amerigo Vespucci comience la producción de petróleo y el pozo Pathfinder #1 se active.
El pozo Pathfinder #1, que apunta a la formación Greenhorn a 5,200 pies, previamente mostró resultados prometedores con 75 barriles de petróleo durante una prueba de flujo de 4 días sin levantamiento artificial. El campo cuenta con múltiples zonas de pago productivas apiladas, incluidos los reservorios Pierre, Niobrara y Greenhorn.
Las operaciones de gas a energía de la compañía que apoyan la minería de bitcoin a través de su acuerdo JDA con Blackhart Technologies están funcionando bien, con un tiempo de actividad y confiabilidad satisfactorios en la primera semana de operaciones. AXP planea ampliar estas operaciones para establecer fuentes de ingresos adicionales.
AXP Energy (AUNXF)는 콜로라도 DJ 분지의 Pathfinder 필드에서 석유 생산이 증가했다고 보고했습니다. Pathfinder #2 우물은 20 BOPD 및 280 mcf/일의 가스를 생산하여 총 필드 생산량을 약 50 BOPD로 늘리고 있습니다. 회사는 Amerigo Vespucci 우물이 석유 생산을 시작하고 Pathfinder #1 우물이 가동됨에 따라 추가 생산 성장을 예상하고 있습니다.
Pathfinder #1 우물은 5,200피트에서 Greenhorn 형성을 타겟으로 하며, 이전에 4일 유량 테스트 동안 75배럴의 석유를 생산하여 유망한 결과를 보여주었습니다. 이 필드는 Pierre, Niobrara 및 Greenhorn 저수지를 포함한 다수의 중첩 가능한 생산 지대를 특징으로 합니다.
회사의 가스-전력 운영은 Blackhart Technologies와의 JDA를 통해 비트코인 채굴을 지원하며, 운영 첫 주에 만족스러운 가동 시간과 신뢰성을 보였습니다. AXP는 이러한 운영을 확장하여 추가 수익원을 확보할 계획입니다.
AXP Energy (AUNXF) annonce une augmentation de la production de pétrole dans son champ Pathfinder dans le bassin DJ du Colorado. Le puits Pathfinder #2 produit 20 BOPD et 280 mcf/jour de gaz, portant la production totale du champ à environ 50 BOPD. L'entreprise s'attend à une croissance supplémentaire de la production alors que le puits Amerigo Vespucci commence la production de pétrole et que le puits Pathfinder #1 entre en service.
Le puits Pathfinder #1, ciblant la formation Greenhorn à 5 200 pieds, a précédemment montré des résultats prometteurs avec 75 barils de pétrole lors d'un test de débit de 4 jours sans levage artificiel. Le champ présente plusieurs zones de paiement productives empilées, y compris les réservoirs Pierre, Niobrara et Greenhorn.
Les opérations de conversion de gaz en électricité de l'entreprise soutenant le minage de bitcoin via son accord JDA avec Blackhart Technologies fonctionnent bien, avec un temps de fonctionnement et une fiabilité satisfaisants lors de la première semaine d'opérations. AXP prévoit d'élargir ces opérations pour établir des sources de revenus supplémentaires.
AXP Energy (AUNXF) berichtet von einer erhöhten Ölproduktion in seinem Pathfinder-Feld im DJ-Becken von Colorado. Der Pathfinder #2-Brunnen produziert 20 BOPD und 280 mcf/Tag Gas, wodurch die Gesamtproduktion des Feldes auf etwa 50 BOPD steigt. Das Unternehmen erwartet weiteres Produktionswachstum, da der Amerigo Vespucci-Brunnen mit der Ölproduktion beginnt und der Pathfinder #1-Brunnen online geht.
Der Pathfinder #1-Brunnen, der auf die Greenhorn-Formation in 5.200 Fuß abzielt, hat zuvor vielversprechende Ergebnisse mit 75 Barrel Öl während eines 4-tägigen Fließtests ohne künstliche Förderung gezeigt. Das Feld verfügt über mehrere übereinanderliegende förderbare Zonen, einschließlich der Pierre-, Niobrara- und Greenhorn-Reservoirs.
Die Gas-zu-Strom-Operationen des Unternehmens, die das Bitcoin-Mining über seine JDA mit Blackhart Technologies unterstützen, laufen gut, mit zufriedenstellender Betriebszeit und Zuverlässigkeit in der ersten Betriebswoche. AXP plant, diese Operationen auszubauen, um zusätzliche Einnahmequellen zu schaffen.
- Pathfinder #2 well producing 20 BOPD and 280 mcf/day of gas
- Total field production increased to ~50 BOPD
- Pathfinder #1 well showed strong initial results with 75 barrels of oil in 4-day test
- Gas-to-power bitcoin mining operations showing good uptime and reliability
- Multiple productive formations (Pierre, Niobrara, Greenhorn) expected to increase Proven and Probable Reserves
- None.
Gas to power operations enable increased oil production at Pathfinder #2 well:
20 BOPD and 280 mcf/day of gas over first 7 days
Takes total field production to ~50 BOPD with further upside anticipated
Amerigo Vespucci well flowing gas to generators, enabling reservoir equalisation:
First ever oil production expected this week when well goes on pump
Pathfinder #1 well to be completed for oil and gas production in coming weeks:
Greenhorn formation fracked and tested previously which flowed 75 barrels of oil and no water during 4-day flowback testing
Additional gas from Pathfinder #1 to be tied in for additional gas to power generation
Well to be fitted with production string and pump jack in coming weeks
The Pathfinder Field delivers multiple stacked producible pay zones:
Pathfinder #1 intersects the Pierre, Niobrara the Greenhorn reservoirs (see Image 2 below)
Increased Proven Developed Producing and Probable Reserves expected
Bitcoin mining operations powered by AXP's gas-to-power infrastructure under the Joint Development Agreement (‘JDA') with US-based Blackhart Technologies Limited (‘Blackhart') are meeting expectations with pleasing uptime and reliability achieved in the first full week of operations. These are critical benchmarks for planned scale-up.
FLORENCE, CO / ACCESS Newswire / February 13, 2025 / AXP Energy Limited (ASX:AXP)(OTC PINK:AUNXF), (‘AXP', ‘Company') is pleased to provide an update on the growth in oil production at the Company's
As per the highlights above, oil production from the Pathfinder Field is increasing as gas is produced from well bores for gas-to-power generation to support Blackhart Technologies' bitcoin mining operations. The Pathfinder #2 well is currently producing 20 BOPD and 280 MCFD of gas from the Niobrara Formation. This demonstrates the ability for additional production to be brought online over the coming months. Total field production now sits at ~50 BOPD and further upside to this is anticipated based on new wells coming online near-term.
Additional gas production from the Amerigo Vespucci well has now been tied into the gas to power operation at the Pathfinder #2 production hub. This well will commence pumping operations as soon as the well head pressure stabilises; expected to occur within the next 7-10 days.
With the ability to also push gas to the Generators, the Pathfinder #1 is now being prepared to be put into production. This well is to be completed in the Greenhorn Formation at about 5,200 feet. The well was recently fracked and capped for future completion after being drilled in 2018. During flowback, after completion of fracture stimulation, the well flowed back 75 barrels of oil during an initial 4-day test with no artificial lift. The initial oil recovery rates during flowback from the Pathfinder #1 represent a great result for AXP, given it marks the first time a well from the Greenhorn Formation has produced in this field.
AXP expected to bring the Pathfinder #1 into production this quarter and other field development activities, such as deepening some existing wells, is also planned for the coming months.
The scale-up of gas-to-power-data centre activities continues to be the key priority for AXP with additional sites planned as the Company looks to establish a new, significant revenue stream as more data centre sites are established.
AXP Director Dan Lanskey commented: "As our gas-to-power operations begin to take shape, AXP is capitalising on extracting greater volumes of enhanced oil production from the Pathfinder Field and the added production from the Pathfinder #2 well represents our first in phase in growing this revenue stream. We expect to bring the Pathfinder #1 well on in the coming weeks and we have more activities planned beyond this. The results from this well are significant steps for AXP as they confirm that we have another productive formation across our leases, the Greenhorn. Recent transactions for acreage in the DJ Basin underscores the potential value we can unlock as new production is proved up. With multiple stacked producing formations, this should show an increase in our Proven and Probable Reserves across our leases during the end of year review.
"Alongside our oil operations, we continue to focus on scaling up gas-to-power-data centre operations which will rapidly morph into a meaningful new revenue stream for AXP. The first site is performing well and we anticipate reporting further progress very soon. AXP is uniquely placed to repurpose much larger volumes of Pathfinder's gas for in-situ power generation for data centre owners and operators and interest in our operation is building considerably."
This announcement has been authorised by the Board of AXP Energy Limited.
FURTHER INFORMATION
Sam Jarvis, Non-Executive Chairman: 0418 165 686
Dan Lanskey, Non-Executive Director: 0451 558 018
Released through: Ben Jarvis, Six Degrees Investor Relations: 0413 150 448 ben.jarvis@sdir.com.au
ABOUT AXP ENERGY LIMITED
AXP ENERGY Limited (ASX:AXP)(OTC PINK:AUNXF) is an oil & gas production and development company with core operations in Colorado. AXP is focused on repurposing stranded gas at its
DISCLAIMER
This announcement contains or may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects", "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Hydrocarbon production rates fluctuate over time due to reservoir pressures, depletion, down time for maintenance and other factors. The Company does not represent that quoted hydrocarbon production rates will continue indefinitely.
SOURCE: AXP Energy Limited
View the original press release on ACCESS Newswire
FAQ
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