TMK Energy secures environmental approval for Mongolian CBM project
Australia’s TMK Energy has secured environmental approval from the Mongolian government for the Gurvantes XXXV CBM project, it said on June 25.
Mongolia’s ministry of environment and tourism has endorsed the Gurvantes XXXV project with the approval of the company’s detailed environmental impact assessment submission, the company said. With this approval, TMK has been granted permission to conduct drilling and appraisal activities through 2029.
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The company stated that the immediate focus remains on drilling additional production wells in 2024 to accelerate gas flow to the surface at commercial rates in the short to medium term. Drilling of the additional production wells is currently expected to commence in August 2024.
“With the drilling of a further 45 production wells approved, we have the option to accelerate a development programme in 2025 and 2026, which should see us producing and selling gas and/or power into the local area and converting some of our contingent resources to reserves,” said Brendan Stats, TMK Energy’s CEO.
In March this year, TMK announced a placement and share purchase plan aiming to raise approximately A$4mn ($2.65mn). The funds will primarily support the development of additional infill production wells at the Gurvantes project.
In October last year, TMK acquired fellow Australian energy company Talon's share in the Mongolian project, consolidating its ownership to 100%. Later in the year, Strike Energy acquired 100% of Talon.