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.
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.