TMK Energy (TMK) has completed its initial exploration drilling program at the Gurvantes XXXV coal seam gas (CSG) project within the South Gobi Basin in Mongolia.
According to the company, all five exploration wells delivered thick coal intersections with high gas contents.
The final exploration well, Snow Leopard 5R, intersected 69 metres of coal, including 41 metres in the upper coal seam and 28 metres in the lower coal seam.
TMK said preliminary results from drill stem testing completed over the upper seam of the well indicated the highest permeability recorded in the project area to date.
It has now begun pilot well program planning and the initial contingent resourceassessment, targeted for completion by the end of this month.
CEO Brendan Stats said the company had acquired new data to progress these activities.
“The project is gaining significant momentum and we are working hard to expedite the next stages, being to produce gas to surface and begin to prove up the vast area we have under license,” Mr Stats said.
“In conjunction with operations, we look forward to progressing commercial arrangements with our partner (Talon) and further delineating a commercial agreement with PetroChina pursuant to our existing MOU.”
Shares in TMK Energy were trading 5.88 per cent higher to 1.8 cents at 11:57 am AEDT.
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