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- AXP Energy (AXP) receives the necessary permit for the in-situ well site power generation operations with Elite Mining in Colorado
- The permit was approved by the Colorado Oil & Gas Conservation Commission (COGCC) and the Colorado Department of Public Health and Environment
- Late last year, AXP announced the agreement where it would provide Elite with natural gas so that Elite can operate a cryptocurrency mining operation on site
- With this permit, the parties can now finalise the installation of associated infrastructure to commence operations
- At market close, AXP was up 14.3 per cent and trading at 0.8 cents per share
AXP Energy (AXP) has received the necessary permit for the in-situ well site power generation operations with Elite Mining in Colorado.
The permit was approved by the Colorado Oil & Gas Conservation Commission (COGCC) and the Colorado Department of Public Health and Environment.
Late last year, the company announced the agreement where it would provide Elite with natural gas so that Elite can operate a cryptocurrency mining operation on site.
With this permit, the parties can now finalise the installation of associated infrastructure to commence operations. Work will commence this week on the installation of the first three elite mobile unit (EMUs) and the gas-fired power generation.
To power the first three EMUs, AXP will source gas from the Pathfinder #2 well and will also run a gathering line from the Amerigo Vespucci well to ensure sufficient volumes of gas are supplied.
“We have been working cooperatively with the COGCC and are pleased to have secured theses permit so we can get operations underway and deliver a maiden sales channel for our gas in Colorado. This will also see us bring greater volumes of valuable oil production on stream given that the chosen wells produce both,” CEO Tim Hart said.
“While initial gas sales volumes are modest, delivering reliable supply to Elite in the first instance is the key catalyst to then scaling up operations and thus production and we look forward to updating shareholders on progress.”
At market close, AXP was up 14.3 per cent and trading at 0.8 cents per share.
