Jade Gas Holdings (ASX:JGH) completed two horizontal coal bed methane production wells at the Red Lake gas field in Mongolia, according to a Monday Australian bourse filing.
The dewatering process will begin imminently once the firm receives approval from the regulator. Initial gas breakthrough is expected in the coming weeks as water is pumped from coal seam III b from both horizontal wells.
Small volumes of gas are expected initially, and gas flow rates are expected to build progressively as reservoir pressure decreases over time.
The firm's drilling contractor, DWK, is preparing its in-country team to initiate the pumping and monitoring process.
The firm is in talks with partners on near-term commercialization opportunities, focusing on liquefied natural gas and compressed natural gas capabilities.
Its shares jumped 18% in recent trading on Monday.
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