AXP Energy Limited (ASX:AXP) Advances Second Gas-to-Power-Bitcoin Site
Project Expansion
AXP Energy Limited has commenced the phased scale-up of its second gas-to-power-bitcoin site at the Pathfinder Site in Colorado. The company aims to generate 25 MW/hr of power by the end of CY2025 using stranded natural gas from the Pathfinder Field.
Operational Achievements
The setup of a second production hub at the JW Powell well site is underway, with permits submitted and two new generators from Gentech scheduled for delivery in early April. These generators will add an additional 1.75 MW/hr of power capacity. The JW Powell well, completed in 2019, previously recorded a peak gas flow rate of 2100 mcf/day. The second site is expected to be operational by the end of May 2025.
Partnership Details
ASIC miners supplied by BitFuFu, Inc will be deployed at the new site, with AXP providing the necessary gas, power, and site services. Additionally, ongoing well work aims to enhance oil production and increase sales revenue.
Executive Comments
Managing Director Dan Lanskey stated, “AXP is wasting no time with the phased scale up of gas-fired power generation activities to deliver 25 MW/hour by the end of CY2025. Under our JDA, this is a new, complimentary revenue stream for AXP which adds to our core oil production and sales. The potential economics for the gas-to-power operations are very compelling with the added benefit of increased oil production. Results from operations this quarter will allow us to extrapolate out the potential revenue streams from a 25 MW/hour operation. With the recently secured support of BitFuFu, we are now rapidly building out new production hubs with the JW Powell site now advancing. The emergence of a large, respected counterparty in the cryptocurrency sector has given our team considerable impetus and brings significant opportunity to AXP.”
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