Tamaska completes takeover of Mongolian CBM project
Sydney-listed Tamaska Oil and Gas has completed the acquisition of Telmen Energy, which holds a 100% interest in the Gurvantes XXXV coalbed methane (CBM) project in Mongolia, it said on February 15.
Telmen is an unlisted Australian company that owns 100% of Telmen Resource, a Mongolian incorporated entity, which in turn holds a 100% interest in the Gurvantes project. The deal was announced in December.
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The project covers an area of 8,400 km2 and is situated around 20 km from the Chinese-Mongolian border and close to the northern China gas transmission and distribution network.
The exploration programme is majority funded via a farmout agreement between Telmen and Talon Energy, another Sydney-listed company.
In addition, Tamaska said it has completed a share placement programme to raise A$1.96mn ($1.41mn).