TMK drills 3rd well at Mongolia CBM project
Australia’s TMK Energy has started drilling the third well, Snow Leopard-3 (SL-03), of its maiden drilling programme within the Gurvantes XXXV coalbed methane (CBM) project in the South Gobi basin of Mongolia, it said on June 17.
SL-03 is planned to be drilled to a depth of approximately 650 m and is targeting the same coal formations successfully intersected in Snow Leopard-1 and Snow Leopard-2 wells. “The results from SL-03 will provide yet another important data point in the overall delineation of the resource and the gas characteristics of the coal seams,” TMK said.
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CEO Brendan Stats said the results from the first two wells Snow Leopard-1 and Snow Leopard-2 give a high degree of confidence in the geological understanding of the project.
TMK holds a 100% interest in the Gurvantes project. Fellow Australian energy company Talon Energy is earning a 33% working interest in the project under an existing $4.65mn two-stage farm-out agreement executed in February 2021.
Initial funding of $1.5mn is allocated to the current four-well drilling and testing programme. The second stage of funding, being $3.15mn, is currently budgeted towards the pilot well programme being planned for later this year, should Talon elect to proceed with the second stage of the farm-out.