RE: Data Centres10 Jan 2026 10:21
Thanks Hedgeman.
For those who haven't seen this rns:
Bitcoin Mining Evaluation
Rathlin has been evaluating ways of generating additional value through early production schemes ahead of the planned longer term full field development at West Newton. In particular, Rathlin has been looking at development concepts that would co-locate gas-powered generators and crypto mining equipment at the West Newton A and West Newton B sites, which would be fuelled by the natural gas produced from the existing wells at those sites, namely; West Newton A-2 (WNA-2), West Newton A-1 (WNA-1) and West Newton B-1z (WNB-1z).
Reabold is pleased to announce that Rathlin has entered a non-binding Letter of Intent ("LOI") with 360 Energy, Inc. ("360 Energy"), a natural gas offtake and monetisation solutions provider, headquartered in Austin, TX. Under the terms of the LOI, Rathlin will work with 360 Energy to scope, design, and subject to regulatory and third party approvals, deploy 360 Energy's proven In-Field Computing ("IFC") technology, which is a natural gas offtake solution, designed to convert produced natural gas directly into electricity to power 360 Energy's on-site data centres, generating revenues from bitcoin production. While this engagement is at an early stage, this relationship has the potential to enable Rathlin to realise significant returns from natural gas volumes from wells that would not otherwise contribute to either the early production scheme or the full field development, and Rathlin's preliminary economic estimates indicate that cryptocurrency mining could deliver very attractive returns.
The LOI envisages the IFC initially being deployed at the West Newton A site, converting produced natural gas from the WNA-2 well into bitcoin, and subsequently being rolled out for the WNA-1 and WNB-1z wells.
As such, bitcoin mining development plans will compliment both the early production scheme and the full field development. As announced on 13 June 2024, the pre-tax NPV(10) of the West Newton project was calculated to be US$179 million net to Reabold under the full field development plan.
Rathlin intends to incorporate IFC technology into its existing operations, as well as in its asset evaluation processes and capital allocation strategy moving forward. The parties are working towards entering a binding, definitive agreement that is expected to be based on the terms outlined in the LOI.
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