AXP Energy Limited (AXP) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to today's webinar. My name is Alex Paull from Investor Stream, and I'll be your host today. Presenting for you today is AXP Energy Chief Executive Officer, Tim Hart; and Chairman, Sam Jarvis, who will be discussing the progress of gas-to-power operations underway at the company's 100%-owned Pathfinder Field in Colorado as well as progress on other field development activity to enhance oil and gas production. A copy of the webinar will also be available on AXP's website and social media platforms today as is the copy of the presentation, which is, I believe, available on the ASX. But for now, I'd like to throw it over to Tim to kick things off for us. Tim, the floor is yours.

Well, thank you for hosting us, Alex. It's great to be back on Investor Stream. I'd also like to thank all of you for joining the call today and your interest in our company. As we go through this discussion, I'm reminded that we started with a development effort in the Florence field years ago. And the truth be told, I'm not sure I should be admitting this, with the challenges in transporting the gas several times over the years, I had concluded that perhaps we should divest of the Florence field. In fact, we'd seriously discussed this several times. But as I sit here today, please let me just say how elated I am that we did not do that. And here's why. Next slide, please, Alex. So, here's a statement that's put out by the International Energy Agency. And every year, they released this report discussing the state of electricity across the globe. And this particular statement was pulled directly from the agency's 2024 report. I think it was released in May of this year. But -- and I think it's a compelling statement. And I also think at this point that all of us have some level of understanding that there's going to be a major impact to our society with both artificial intelligence and the continued adoption of cryptocurrencies. In the U.S., data center power consumption currently represents about 3% to 4% of our total power demand, which is an enormous amount. And this is expected to increase to 8% within the next 5 years and therein lies the opportunity. The other thing that I was looking at last night is there's a great report that's put out by Goldman Sachs Equity Research Group. It was put out in April, and it's titled Generational Growth, AI Data Centers and the U.S. Power demand surge. And it's very enlightening, and I recommend that you look through it if you're inclined to do so. It will give you some sense for just what opportunities exist in power development in the United States. And so I included this statement in the discussion and on the first page because I think it's representative of the magnitude of the opportunity that we have in front. Next slide, please, Alex. So, the surge in power demand is having a profound impact on the value of stranded gas. And all of a sudden, this resource is a highly sought-after commodity as the development of off-grid power becomes a very attractive proposition to the data center community. The phones have been ringing for sure. And for a field like Florence, it's an absolute game changer. For all of the reasons that I had thought that the Florence field was just challenging, we didn't have a transportation system. We were unable to monetize the gas. And what kept us engaged and involved was the fact that it's got a huge resource and reserves number. So I mean, I challenge you to find me another untapped field in such a small space that has [ 0.75 ] Tcf of gas reserves. It's pretty profound. And so we're working hard to ensure that we're poised to take full advantage of the surge in demand of power in the United States. And we've been busy vetting various opportunities in different partners. And Blackhart quickly surfaced as the frontrunner with their expertise and deep ties with the crypto community and they've proved to be the right choice for us. And I say that in part because they have delivered on every commitment they've made. We've worked side-by-side with their executive team for the last 7 months and it's very clear that they are extremely committed to this partnership. And just to give you one example, we signed our joint development agreement with them in late October. And within weeks, we had 585 miners and 2 containers at our doorstep. And so the responsiveness has been phenomenal. And the other thing I wanted to point out is the picture in this slide shows the Pathfinder site, which is in its final stages of completion and we expect to bring that online shortly. You can see the generators there to the right, they're blue and the containers that are populated with those 585 miners on the left-hand side there, and there's 2 containers on that side. Next slide, please, Alex. So, this slide shows the location of the Florence field against the satellite image of the U.S. at night. And I included it to demonstrate that the field is located in a remote area of the country, but still in close proximity to the critical resources required to operate and scale the field effectively. The other thing to note is that Florence has been an oilfield since the late 1800s and the local community has been very supportive of our development since our involvement in the field. And our near-term goal is to stand up 5-megawatts of power straight away and the planning and execution of that is well underway, as you've seen if you've been following our press releases. We do have a medium-term goal to increase that to 25-megawatts and we're putting a plan together to try and achieve that within the next -- a little bit over a year. So -- and then if you look beyond that, I'm trying to give you a sense for the scalability of this project. But if you look beyond that, with the reserves, resource and reserves available in Florence, the sky is truly the limit. I did a calculation and basically just divided the 0.75 Tcf by the amount of gas that it takes us to generate a megawatt of electricity, and that number was so big, it became embarrassing. So, I took it out of this slide. But it truly is a big number. And with the right process, partnerships, planning, execution, I'm very confident that we're going to see the Florence field morphed into quite a power generation area in the United States. Next slide, please, Alex. So, on September 20 of this year, we released an update to our R&R report and please accept my apology with the -- for the incorrect date on Note 1 at the bottom, that should be September 20, 2024. But this slide basically reiterates what was in that release. And the main focus here that I'm pointing out is the 744 Bcf of 2C Contingent Resources. Not that we're not interested in the 78 million barrels of oil, but the gas is what will be used to generate that electricity. And the other thing is that the 2C gas will start to move into the reserves category as soon as we continue to develop the gas to electric program and demonstrate that we have a scalable sales channel to the third-party engineers that generate this report for us on an annual basis. And the last thing I wanted to point out on this slide is that, that picture to the right is a historical image of the Amerigo Vespucci well when it was in flowback. That well is currently shut in, waiting on the Pathfinder site to turn on. We are not flaring that gas at current. We don't flare gas in Florence. Next slide, please, Alex. So, I wanted to talk a little bit more about Blackhart and the arrangement that we've got with them. As I mentioned, on -- it was on October 30 that we executed the joint development agreement. And in light of some historical experience that we have with other groups that we've worked with, before we entered into this agreement, we vetted Blackhart heavily. We looked at all kinds of things, past performance, competency, business stability, their connections within the crypto community. And one of the things that we found out through this process is that Blackhart had a keen understanding of power generation as well as the challenges associated with off-grid sites, gas quality requirements, delivery challenges. And as we engage more and more with them, their level of understanding of the whole process was very refreshing. They've got a keen understanding of the oil and gas business. And so this is really when it became clear that they're the right partner. They've been very instrumental in our side of what we're responsible for in this joint development agreement as well. And so it's very much a collaborative effort. And when you have a team of people that come together like that and you can see that they're not standing on one side of the line and you standing on the other and it's just one big box that you're all in to make a success, you just get the right feeling. And that's exactly where we are with Blackhart. I've got a tremendous amount of confidence in those guys and we're going to do some great things together and I'm super excited about it. And so that JDA also provides for some significant scaling in the field. And really, we're just getting started. This first short-term and medium-term goal was just the beginning of what we think is going to be pretty profound. Next slide, please, Alex. So, this is kind of a representative of what we believe the Florence field is capable of. If you look at the current macro environment and power demand in the United States, the relationship with Blackhart, the enormous accessible gas reserves that we have in the field, the project is really developing into what we believe will be transformative to our company and also the local community who are very supportive. Next slide, please, Alex. Yes. So, this slide shows the 3 mining locations that we have identified, each one of these locations has existing gas. And so really, what we're doing is acquiring generators and turning these wells back on once we have the appropriate permitting in place and are able to scale the project with Blackhart. The Pathfinder site, which, as I mentioned, we've had several press releases on and you can see that there's plenty of progress there at the moment, Pathfinder is fully set up and ready to go. But we anticipate that there's enough stranded gas on the Pathfinder site to produce about 3 megawatts of power. And these estimates, I want to point out are somewhat difficult to come up with because you have to bump them up against how long you want to provide that power for. And so if we were to turn Pathfinder on full scale right now, that number would be absolutely enormous, but we're really playing the long game here. And so we're expecting this site to be there for years to come. And so we're throttling that gas back to ensure that we can deliver that over a long period of time. JW Powell, the second location, we think is going to deliver at least a megawatt of power there. And then Kelsey Court is not a -- it's a series of wells. There's 5 wells that will feed into the Kelsey Court power generation site. And that gas, I want to point out in Kelsey Court is gas coming out of the Pierre formation and has already experienced its declines. And so whereas JW Powell and Amerigo Vespucci, which is going to feed into the Pathfinder site as well are just being brought online. Some of you may remember those wells were drilled back in 2018-2019 and have been shut in ever since. As those wells are brought online, there's a tremendous amount of pressure on those wells. Their decline rates will be more substantial than the Kelsey Court well or the Kelsey Court wells or the Pathfinder wells as they've been producing for a while. So, the table below just sort of outlines how many miners that we're going to need in order to realize that full 5 megawatts. It was pointed out to me yesterday that the -- there's a discrepancy in how you look at this. If you just do the math and say 9 generators at 750 kilowatts per generator, that's different than 5 megawatts and there are a number of reasons for that. One of them is that the generators get de-rated. And the other is that some of the generators may run at a lower capacity while we see if we can turn on more gas to maximize the output of those generators as well. But you can see that we need about 2,500 miners and 9 containers and it's going to take just under 1 million cubic feet in order to realize that. So next slide, please, Alex. So, this is an image of Pathfinder today. If you look at the image in the background, the red box indicates where the operation currently is and this is a satellite image from Google. The blue line that you can see that's drawn from one side of that image to the other represents the gathering line that was ran from Amerigo Vespucci over to the Pathfinder well pad. And so ultimately, we'll have 3 wells or we should have 3 wells producing into Pathfinder and we're very encouraged about that level of redundancy and also the fact that Amerigo Vespucci has been shut in for so long. So, we're anxious to bring that online and really see what that well is capable of. Again, my -- all of my estimates are fairly conservative because we need to look at the long-term aspect of this arrangement. Top left picture shows, again, those generators. That yellow trailer that we have there is a trailer that we use for asset repairs, storage of equipment that may be necessary to maintain that site. You can see the 2 white containers there that are set up. They are secured containers, but they're fully populated with all of the miners and you can see that image inside the containers with all the miners that are connected to the network there on the right. The way the container work is on the left-hand side, it's called a wet wall. And when it gets really hot in Colorado, we apply water to that wet wall and that fluid is pulled through using enormous fans that are hidden through those fan shrouds to cool both boxes. So that's what Pathfinder currently looks like today. And we're ready to turn that site on. We understood because our relationship with Blackhart is so strong that we looked at this thing from -- there are going to be problems. We've both been through it and experienced these problems. And so -- and we have experienced problems. We had 4 days of inclement weather that completely -- it was very bad rain in that area, Florence, and it flooded the field. And so what we did for that is we completely restructured the field. Everything you see was taken off all of the materials on the field were scraped back. We did the drainage. We reengineered the drainage for the field. We put everything back and redid the road base. And so now on that particular site, we should not have any other issues with significant precipitation. And the other thing is that we are working with the state, there was a permitting change that occurred with the rules in Colorado. And so we're currently working with the state to get the air quality permits in place for those generators. And that process is well underway. And we're expecting in the near term to be able to get that site up and running so that we can show the reliability and so forth. So that's the current state of Pathfinder at the moment. Next slide, Alex. So, the next site that I talked about was JW Powell. I know I listed that as a 1-megawatt site in the table there. I truly believe that we'll be able to exceed that in JW Powell. It's got a tremendous amount of pressure on it, never been turned on. And that the image on the right shows the current state of the site. So, you can see there's plenty of room there in order to add mining containers and generators and so forth. It's also in a pretty remote location along with Pathfinder. So that's one of the advantages of where we are. The site -- the picture on the bottom left-hand side, level 2018, that's what the site looked like when we fracked it with a technical partnership with Schlumberger. And so we've got a tremendous investment. You can just imagine every piece of equipment that you see in that picture is related to that well. There are -- there's no parking lot for any other cars there. Every single piece of equipment was on site for that week just to complete that well. And so we've got a tremendous amount of investment in both JW Powell and Amerigo Vespucci and Pathfinder for that matter as well. And we're poised to realize some value from that investment, which is one of the reasons that I'm so excited about this project. Next slide, please, Alex. So, this is a site that we really haven't talked much about. In fact, if you go back through our press releases, you probably won't see much at all if you did a search on Kelsey Court. These are a series of wells that we're producing -- that are producing from the Pierre formation, which is a more shallow gravity drainage formation. There is gas production in these wells. And if we bring enough of these wells together and in this case, we believe that 5 wells is the target that we can consolidate all of this gas into this Kelsey Court location. And one of the things that I wanted to point out with this, in particular, is that these wells were drilled back in 2010 and have already experienced their declines. And so we are anticipating that there's -- there will be a 1-megawatt site on Kelsey Court and that, that 1-megawatt will be sustainable over a very long period of time because we don't have the decline rates to contend with for these Pierre wells. Next slide, please, Alex. So, I mentioned a little bit about a 25-megawatt power generation goal and we are working on that plan as we speak. The initial focus is 5-megawatts where the gas is readily accessible and available in those 3 sites that we just talked about. I'll call it a medium-term focus of 25-megawatts and the image on the right shows all of our wells in the field and the blue wells are contributing to the 5-megawatt sites and the green wells are wells that could potentially be deepened to go from the Pierre formation all the way down through the Codell, the Niobrara, the Greenhorn, which are all potential producing formations and in fact, where we're getting the gas from in Amerigo Vespucci, Pathfinder 1, Pathfinder 2 and JW Powell. So, the near-term plan, as I mentioned, is to -- or the medium-term plan is to look at deepening these wells to open up access to that gas. And all of the engineering and all of the work that we've done in this field gives us the confidence to understand that deepening these wells will realize in access to what we know the Niobrara is capable of and what we know the Codell is capable of. And we're also very, very excited about what the Greenhorn holds. And we've got some current projects in place right now that are going to help us understand that more comprehensively. Next slide, please, Alex. So -- the -- I think this opportunity to further develop the Florence field through electricity production [ credits ] a compelling investment argument to anyone who's looking at what we're doing here. And if you look at the -- there's a bit of a gap currently -- there's a significant gap currently in our company's current valuation if you compare what we've got ahead of us here in Florence with where we're at now. And we're very confident that, that will be recognized in the near term as we continue to move forward with this project. And so the investment argument for AXP is depicted here through these 6 categories in this slide. And in part, we've already talked about all of these, the strong thematic with the macro environment in power demand in the United States, the untapped resources that we have in Florence with 0.75 Tcf and growing. We're expecting that as we move forward, more of the resources will move to reserves and also that number will also grow and grow and grow as we continue to show how prolific the field is with deepening those wells and ultimately drilling new wells to fully realize the value of the field. We have multiple revenue streams in this field as well. We've got the gas and the power. We've got oil sales, which we've been selling oil out of Florence since we arrived in 2012. One thing that we know is on the horizon is that the field is rich in liquids. And so once we get to a production rate of about 1 million cubic feet of gas, which is right around the corner, those liquids will start to make sense to be harvested and will become another revenue stream, which we dipped our toe in the water back in 2012 to strip some of the liquids off in Pathfinder. But in this case, it's going to be way more scalable and we'll be able to realize the full value of the gas stream with the liquids in it. And also, our joint development agreement with Blackhart rewards us for performance. So, if we have good uptime, then we get rewarded with additional revenue. So that's a pretty exciting addition as well. We do have a project pipeline, which we've already discussed. with the 5-megawatts and the 25-megawatts thereafter. I can't say enough about the partnership with Blackhart. I've got a tremendous amount of confidence in those guys, as I mentioned. And I think that we're poised to have some great success together. And then the other thing is this location is very unique, as I mentioned on, I think it was the second slide in. It's in an area that is fairly remote. And so it's not like we're trying to set up data centers next to houses. And it's strongly supported by the local government as we know from our development in the field and our relationship that we've developed with them. And it's also going to be transformational for Florence. And I think the Florence community really welcomes that and they're cheering for us. And so I can't tell you how excited I am about this future of AXP with this field. And with that, Alex, I'd like to thank everybody for their interest in our company and your time here this morning. And I know that we're going to have a Q&A session here immediately following this discussion. But Alex, I'll turn it back to you as the host.

Thank you very much, Tim. Yes, you're right. We've been inundated with questions this morning. So, I thank you all for your attendance and also your engagement. Tim, I'll start with you. AXP attempted to partner with a bitcoin miner back in 2021 and the project failed. So, what's different this time?

Yes. That's the first question I would ask, too. Firstly, our level of involvement with our previous partner was purely to provide gas. We just had a gas purchase agreement with them. So, as we prepped the Pathfinder location to deliver gas, all of the other stuff was their responsibility. And so the power generation and the mining were not under our purview at the time. And in this instance, we have a joint development agreement that places that burden of success on both parties with AXP having primary responsibility for gas delivery and power generation. And that's much different than the arrangement we had previously. We've all got a lot more skin in the game here. And power generation can be tricky when you're talking about off-grid power. And so the partner that we've selected to support us in that power generation Gentech is making sure that they're supporting us from a maintenance standpoint. They've assisted us in making sure that the generators that we use are engineered and tuned properly for our well-head gas. The generators that they've selected, I've been extremely impressed with. They work closely with the manufacturer to tune that generator to run as reliably and as efficiently and as with minimal pollutants going into the air. There's -- it's amazing what these generators can do. And so I've also developed a great relationship with the Gentech guys and they've been very supportive of this project. I also think that they understand that the magnitude of this in Florence is much, much bigger than a bread box. And the other thing is that, as I mentioned earlier, we vetted Blackhart and their competency ad nauseam. And so I guess, in short, AXP's level of engagement and responsibility in the project is much more substantial and with a much better refined process.

Thanks, Tim. Now there's absolutely nothing about Blackhart Technologies available publicly. I don't want to be disrespectful, but are they a strawman company? How can investors be convinced that they are any better than your first partner, Elite Mining?

Well, I am very confident that along with this process, you are going to learn a lot more about Blackhart. The principal owners of Blackhart have a background in oil and gas, crypto mining and finance. And so they're very well equipped for this project. And as I mentioned, their level of understanding of the entire process is well advanced and it's one of the things that sold me -- if I was able to take all of our investors into a conference room and have a conversation with the guys at Blackhart, I think it would become clear in the very first 15 minutes that we've made the right choice and we're very anxious to demonstrate that through success with them in the future. We work with these guys every day and their commitment to this partnership is very evident. They're extremely well connected in the crypto community. And as I mentioned, we look forward to sharing more about them as we mature in this partnership. And again, it was pretty profound to me that we signed that JDA and 2 weeks later, we had all that equipment on our doorstep. So, Blackhart reacts very quickly, and I'm anxious to demonstrate the value of having 2 very good committed partners working on the project over time, we'll prove that to the investment community.

Thanks, Tim. Now Sam, I'll just get you on camera, if I can. I'll turn this question to you. What are the key differences in the bitcoin market today compared to 2021?

Well, the first thing would obviously be price. I don't think bitcoin was nearly at these levels in 2021, whereas it's clearly surged a lot very recently. But probably the biggest difference is in the regulatory environment where it's becoming more mainstream and accepted and regulators -- and obviously, I mean, financial regulators, the regulatory environment softened and that's facilitated a lot more retail and institutional investment. And I guess the flow-on effect of that is that it has more legitimacy and it's more accessible. So I mean, in a nutshell, I'd say the market has matured a lot since 2021.

Thanks, Sam. So, is Blackhart actually mining bitcoin now?

We spent the majority of November preparing -- I mean, as Tim has mentioned, preparing the Pathfinder site for this operation. And I mean, to be transparent, we have had a few bumps in the road, but we all expected that this first site would be a bit of a learning curve. So, we didn't set stretch targets for ourselves on the setup. But I mean, I can say that as of today, the containers are all prepped. They're fully populated with miners and they're ready to switch on. So, right now, we're currently working through a final permitting process regarding air quality with the regulatory body in Colorado. But that process is underway and we expect it to conclude shortly. And once that happens, we're live and we will be mining bitcoin.

Thanks. Tim, I'll turn back to you. I'm trying to understand where the USD 4 million that you got from the sale of the Appalachian assets, where that went. Do you need to raise capital?

Well, we haven't raised capital since 2020. And we've also got funds coming in from rebates. We have unsold oil inventory and we've also got revenue coming in from oil sales. And so we're intending to aggressively build out this site and we aren't contemplating raising capital at this time. We do have massive build-out plan for the Florence site and we anticipate that this will change the near-term landscape of AXP. And the other thing to mention is through our partnership, we have access to other forms of capital that isn't straight equity. And so you'll start to see us leveraging that and taking advantage of that as well.

Thanks, Tim. You mentioned just you plan to build out other sites. When do you expect to commence that build-out process?

Yes. So those activities, the preplanning work for those activities is well underway. Because of the nature of the process, it's important to know which generators you're going to turn up on these new sites well in advance. The air quality permits are tied to serial numbers of the generators. And so while you are going through the process of getting air quality permits, we want to have these serial numbers well in advance. And so we're working with Gentech on that right now. And those air quality permits are being prepared and everything that is required for us to do in the background is currently underway. So yes, I would say those things are happening right now, Alex.

Blackhart has around 600 Antminers in 2 containers today. How many Antminers do you expect to deploy?

Yes. As I showed on that previous slide, our 5-megawatt program will require about 2,500 miners. So beyond that, it's contingent upon more than just the number of miners. It's what kind of miners you deploy. It's what power configuration do you run them in. And so there's some other factors there that make it difficult to predict what a 25-megawatt program might look like. But using the current deployment methods, we're looking at about 2,500 miners or 5-megawatts.

So, what's the time frame to establish and connect a site?

Well, I think our ultimate goal -- and as we've mentioned a couple of times, this is our first site. And so the things that we've learned from the setup of this site, we're applying to future sites. And our ultimate goal from start to finish is 90 days. And I do believe that we can meet that.

Thanks, Tim. Sam, what is behind the decision to appoint Dan Lanskey?

Just making sure I wasn't muted. Well, yes, I acknowledge Dan's -- this morning's announcement on the appointment of Dan Lanskey as a Non-Executive Director. We've been actually in discussions with Dan for some months. He brings a lot of hands-on oil and gas -- U.S. -- sorry, oil and gas experience to AXP. He had particular success in Oklahoma. But he's also Australian. He splits his time between the U.S. and Australia. So, he's got the insight to see things through the lens of the Australian investor community. But he's very capable. He's got some great ideas on strategy. He's a hands-on operator. We're a hands-on board. So, he brings a lot to AXP and we're really looking forward to working with him. And I welcome him to the Board.

Thanks, Sam. Now back to you, Tim. As the first site start to produce gas, will this increase oil production?

Yes. Yes. There's a direct relationship between how much gas we can move and how much oil we produce. It's not linear because it's also related to downhole pressures and the lower the pressure or the higher the pressure, the more you kind of push back on the formation to retard the oil production. But absolutely, in general, the more gas we can flow, the more oil we can produce.

So Tim, how are you going to ensure these bitcoin miners and your generators stay connected? Who do you have here to ensure the operation is safe and reliable?

Well, one of the things that I guess I haven't mentioned on this call that we put those generators in place back in June. And the reason we did that is because we wanted to start reliability testing. And so we had a 90-day period where we ran those 2 generators to ensure that we had good uptime. And we also learned several things through that process. But at the end of the day, the data looked very good. We had extremely good uptime with those generators and we're anxious to even better that test as we turn them on to power these containers. The other thing is that we've hired a full-time resource to look after the site. And this is a very competent person who's got an oil and gas background, but also a technology background who understands crypto mining and oil and gas and it has an engineering mind. And so they're working very closely with Gentech to make sure that we understand how to get the maximum reliability out of those generators. And so he's directly responsible for the reliability and the safety and the security of the site.

Thanks, Tim. A couple of more questions to finish. Can you just talk us through your time line to deliver 25-megawatts of power? And how are you going to do it?

Yes. So, we kind of touched on this in the slide deck, too. But in general, we're intending to deepen the existing Pierre wells in order to bring on the additional gas to support the 25-megawatt installation. It's a little more simple to go into an existing well. I mean there are some complexities attached to it. But from a permitting standpoint, it's more simple to put a rig over an existing well and deepen it than it is to completely permit a new site. And so we believe this is the quickest way and the most sure way to be able to reach those goals, reach that 25-megawatt goal.

Now turning to you, Sam. Can you just tell us how this agreement differs from the agreement you had with Elite Mining?

Well, I think Tim has touched on that. But if you talk about the agreement itself that we have with Blackhart, meaning the JDA, it's really been the result of very deep collaboration that we've had with Blackhart over a substantial period of time, whereas the agreement with Elite didn't really have any of that sort of foundation, if you like. And we really work together with Blackhart from the get-go to focus on what each party brings to the table, what are each party's technical strengths and how we can marry those together for success. And the result is really an agreement that's designed for success at Pathfinder, but with the overriding goal being to build this into something much, much larger.

Thanks, Sam. And just, Tim, to finish, are you assessing more sites?

Yes. we've got our short-term and medium-term goals, but we are absolutely committed to taking full advantage of the macro environment and the need for additional power in the U.S. And so we are absolutely looking at additional sites and assessing them as we go. And this is -- I mean, it's a critical piece to being able to fully realize the value of Florence and beyond.

Fantastic. Well, that's all the time we have today. Thank you all for joining me. And I'd like to thank Sam and Tim for presenting and taking the time to answer some questions. As I mentioned before, a recording of the webinar will be on AXP's website and social media platforms later today. Tim, before I let you go, do you have any final comments to leave with us today?

Yes, a couple of things. I appreciate our supportive investors. I think that with the Florence field, it's been a long time coming, but everything is lining up right now for us to fully take advantage of this. And so we're anxious to prove that to the investors. The other thing is I'd like to thank the partners that we have, the Blackhart guys, folks at Gentech. It's really been a very collaborative effort and those guys have become like my family over the last 7 months. And I'm anxious to demonstrate to our investment community just how good of an opportunity this is for all of us.

Sam, did you have anything to add?

Only to reiterate what Tim said that we've had -- as Tim says, we've had deep engagement. I've been to the U.S. a couple of times this year. Yes, and to thank the shareholders for their patience, I guess, and we're looking forward to pushing on with this.

Fantastic. That wraps it up for us here. Thank you, everyone. Have a great day.

Thank you.