TMK Energy (TMK) has added the Snow Leopard-5 (SL-05) well to its exploration drilling program at the Gurvantes XXXV CSG project in the South Gobi Basin in Mongolia.
The company reportedly decided to add SL-05 to its program after the efficient drilling of SL-04. TMK also said the added well will provide further information on the upper and lower coal seams at a relatively low cost.
The well, which lies between SL-02 and SL-04, is expected to be drilled to a depth of around 650 metres.
TMK CEO Brendan Stats said the company had committed to the well following discussions with project partner, Talon Energy (TPD) who is earning a 33 per cent working interest under a two-stage agreement.
“With the excellent results achieved to date and the much-improved performance of our new drilling contractor, we have taken the opportunity to add a fifth exploration well which will complete a successful 2022 exploration drilling program.
“The results will feed directly into our maiden contingent resource estimate and the planning of the pilot well program which is currently underway.”
At SL-03R, drilling is continuing following the restart of operations and is expected to take approximately two more weeks to drill and test.
The results from all five exploration wells will be incorporated into the dataset to determine the company’s maiden contingent resource assessment expected to be completed in October.
Shares in TMK Energy were up 20 per cent to end the day at 1.2 cents. TPD shares ended the day 3.23 per cent in the red at 15 cents.
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