AXP Energy Limited confirmed that site works are advancing at the first in-situ power generation operation which will use stranded natural gas from AXP's Colorado leases for use in US-based Elite Mining Inc.'s (`EMI', `Elite') cryptocurrency mining operations. With the necessary permits and most equipment now on site, further earthworks are underway so the first three EMUs can be submerged. Pads are also being prepared for the power generators which are now on-route to site and are scheduled to arrive in the coming week.

Based on the current works schedule, the EMUs will be coming online in a phased approach starting in April. The stranded gas which AXP will sell to Elite is being sourced from the Pathfinder #2 well with an additional gathering line from the Amerigo Vespucci well to be used in order to ensure sufficient volumes and additional supply redundancy. Both wells were selected as they will contribute to increasing oil production from the lease.

Volumes will be reported once the wells are tied in and producing gas and oil at a steady state.