TMK Energy (TMK) has released a maiden 2C contingent gas resource of 1.2 trillion cubic feet for the Gurvantes XXXV Coal Seam Gas Project in Mongolia.
The resource was independently assessed by international petroleum consultants Netherland, Sewell & Associates (NSAI).
The contingent resource was estimated for the upper coal seam package and the lower seam package, with both being the focus of TMK’s 2022 exploration drilling program.
Further, the 2U prospective resource was updated for the Nariin Sukhait prospect, with an unrisked gross prospective gas resource of 774 billion cubic feet and a risked gross prospective gas resource of 697 billion cubic feet.
Overall, the combined 2C contingent and 2U prospective resources have increased by nine per cent over the entire Gurvantes project, which covers 8400 square kilometres.
CEO Brendan Stats called the contingent resource a “fantastic” result for TMK.
“The ability to define such a material maiden contingent resource after only commencing our first and relatively-small drilling program in March this year demonstrates the quality of the asset and the ability to advance the project quickly, adding significant value for a relatively modest expenditure,” he said.
“The contingent resource estimate has significantly exceeded our expectations and obviously provides us with huge confidence in the scale and future potential commerciality of the project going forward.”
TMK is now planning a 2023 exploration program to convert more of the prospective resources into contingent resources.
Shares in TMK have spiked 15 per cent to 2.3 cents per share at 10:57 am AEDT.
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