Zak Mir talks to Steve Brown, CEO of Orcadian Energy (AIM: ORCA), as the company announces it has commenced the Assessment Phase for the Earlham and Orwell gas fields, with a preferred development concept involving an offshore power station with carbon capture to fuel a co-located data centre, creating an "Earlham Gigagrid."

This project aims to monetize the gas resource, estimated at 114 billion cubic feet for Earlham and 31 billion cubic feet for Orwell, by generating approximately 200 MW of low-carbon power for a data centre, with captured carbon dioxide reinjected into the Earlham reservoir.

The company has also agreed to a deferred repayment schedule for approximately £1.34 million in loans from The Independent Power Corporation Limited, now due by December 31, 2027, with interest fixed at 8.5% per annum.

Orcadian Begins Assessment Phase for Offshore Gas-to-Data Centre Project

Orcadian Energy has commenced the Assessment Phase for the development of the Earlham and Orwell gas fields on its 100%-owned licence P2680.

The company’s preferred development concept is an offshore power station with integrated carbon capture, fuelled by gas from Earlham and Orwell, to supply a co-located offshore data centre. Orcadian said the project could form the first phase of an islanded, low-carbon offshore grid, branded the Earlham Gigagrid.

The concept is designed to monetise Earlham gas, which has a high carbon dioxide content, by generating power at the field, capturing the carbon dioxide and reinjecting it into the reservoir.

The company said a power station at Earlham could supply around 200MW of electrical power, or IT load, to an offshore data centre.

Orcadian and its consultants have conceived a platform complex capable of supporting a 200MW offshore data centre hall and providing the energy for that facility.

The group is establishing a new company, Earlham Gigagrid Ltd, to incubate the project and enable potential direct investment from third parties.

Orcadian estimates Earlham contains 114bcf of methane resources, while the previously depleted Orwell field could produce a further 31bcf.

The company said the proposed scheme could reduce pressure on the national grid while supporting rising demand for compute power driven by artificial intelligence.

Chief executive Steve Brown said the concept could be transformational for the value of licence P2680 and may ultimately attract interest from hyperscalers and specialist AI cloud infrastructure providers. He added that Orcadian will engage with the NSTA and other relevant regulators as part of the concept select process.

The project remains subject to NSTA approval, a Letter of No Objection for the selected concept, regulatory consents, commercial agreements and financing.

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announces it has entered into a binding preliminary agreement to exchange its Puna Metals portfolio, including the Eureka Project, for the Rachaite Prospect and El Salto Project in Argentina, with no immediate cash consideration.

This strategic move aims to consolidate Ajax’s land position in a prospective copper-silver district, immediately adjoining its flagship Macacha Copper-Silver Project with the El Salto acquisition, and provides an alternative route to acquire the Rachaite polymetallic project.

The transaction is subject to a 90-day mutual due diligence period and a 120-day exclusivity period, with the final structure to be determined during due diligence.

Highlights

· Binding preliminary agreement executed with MMSA in respect of the proposed acquisition of the Rachaite/Chocaya and El Salto mining projects.

· 90-day mutual due diligence period covering technical, legal, environmental, corporate, financial and commercial matters.

· 120-day binding exclusivity period, extendable by mutual agreement.

· El Salto is located immediately adjacent to Ajax’s flagship Macacha Copper-Silver Project and would materially strengthen the Company’s strategic land position, providing the opportunity to evaluate the broader geological potential of the district.

· Rachaite/Chocaya comprises the Rachaite Prospect and the Mina Chocaya exploration licence in Jujuy Province and has previously been announced by the Company as a highly prospective polymetallic exploration project.

· The Company is evaluating the optimal transaction structure, including whether the consideration will entail the transfer of the shares of Puna or, alternatively, the transfer of the underlying mining rights comprising the Puna portfolio, with the final structure to be determined during the due diligence process and reflected in the definitive transaction documentation.

· The Proposed Transaction would provide an alternative mechanism to complete the previously announced acquisition of Rachaite while simultaneously acquiring El Salto.

· The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company’s capital for exploration, resource definition and project advancement.

· Completion of the Proposed Transaction remains subject to the satisfactory completion of due diligence, execution of definitive documentation and satisfaction of customary closing conditions.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc, commented:

“Since acquiring the Eureka Project and the adjoining La Escondida licences for aggregate consideration of US$250,000, Ajax has secured the environmental approvals required to commence exploration, become the first company in the project’s history to drill the property following more than 400 years of historic mining activity, expanded the licence package through the acquisition of the La Escondida 1 and La Escondida 2 exploration licences and commenced the permitting process for a proposed alluvial gold operation. These achievements have materially advanced Eureka and created the opportunity to consider how the value generated by the project can best be redeployed across the Company’s wider portfolio.

The Proposed Transaction would complete our previously announced acquisition of the Rachaite Prospect while expanding our flagship Macacha Copper-Silver Project through the acquisition of the immediately adjoining El Salto Project. We believe this would create a larger and more strategically coherent exploration position in north-west Argentina, providing the opportunity to evaluate the broader geological potential of the Macacha district.

The Proposed Transaction involves no immediate cash consideration, preserving the Company’s capital for exploration and project advancement. Our objective is to concentrate exploration expenditure on larger, district-scale opportunities that are more advanced and have greater near-term production potential. We look forward to working with Madero Minerals to complete our due diligence and negotiate the definitive transaction documentation.”

https://www.share-talk.com/zak-mir-interviews-ajax-resources-ceo-ippolito-cattaneo/