Jade Gas to start on Mongolian CBM project
Australia’s Jade Gas Holdings on October 4 said it will shortly begin fieldwork at its coalbed methane (CBM) project in Mongolia. The company started trading on the Australian Securities Exchange earlier in the day after successfully raising A$7.5mn ($5.4mn) at A$0.03/share.
The Melbourne-based company will be focusing on its key project in the South Gobi basin in Mongolia, under the production sharing agreement (PSA) covering the Tavantolgoi XXXIII (TT CBM project) basin. Jade will operate and manage the project through its subsidiary Methane Gas Resource (MGR). “The project is fully permitted with fieldwork expected to commence shortly,” it said.
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Jade Gas' executive director, Joseph Burke, said the company was also aligned with Mongolia’s and global trends toward decarbonisation of the planet.
“The company, along with Erdenes Methane LLC (EM), our partner and representative of the Mongolian government, see enormous potential for our TT CBM project with respect to Mongolia’s clean energy transition, ultimately contributing to reducing air pollution in the capital city of Ulaanbaatar,” he said.
Jade’s joint venture partner, EM, was awarded the PSA over the TT CBM project area in April 2020. Following approval of the cabinet of Mongolia in October 2020, the PSA rights and obligations were fully transferred to the joint venture company MGR.